AmpliTech Group's AGTGSS Division Signs Memorandum Of Understanding For Initial Domestic Private 5G Network Deployment

HAUPPAUGE, N.Y., Aug. 20, 2024 (GLOBE NEWSWIRE) -- AmpliTech Group, Inc. (NASDAQ:AMPG, AMPGW))), a designer, developer, and manufacturer of state-of-the-art signal processing components for satellite, Public and Private 5G, and other communications networks, including the design of complete 5G/6G systems and a global distributor of packages and lids for integrated circuits assembly, today announced the signing of a Memorandum of Understanding (MOU) with a USA based IP Data Networking company to deploy a Private 5G Network in the state of California.

AGTGSS, a provider of advanced 5G telecommunications solutions, is pleased to announce this MOU which aims to initiate our first Private 5G Network deployment within the continental United States. This would mark a significant milestone in AGTGSS's commitment to delivering cutting-edge 5G telecommunications infrastructure solutions across the United States and globally.

The MOU outlines the deployment of a complete Private 5G Network tailored to meet the specific needs of the customer, aiming to enhance connectivity to thousands of users while also providing signal reliability and security. AGTGSS's advanced technology solutions are poised to transform the customer's operations, to enable seamless connectivity for its users across the deployed sectors. Subject to entering into a definitive agreement, this MOU provides for an end-to-end solution deployment of ORAN P5G radio networks, Central and Distribution Units, software services and CPE hardware products to be installed externally and inside of end customer's homes. AmpliTech will also provide network planning and optimization services.

"We are thrilled our Private 5G solutions have been selected to enter this MOU, which could lead to more of this type of projects across locations in the US." said Fawad Maqbool, CEO of AGTGSS. "Once a definitive agreement is reached for this deployment, it will underscore our expertise in delivering scalable, secure, and high-performance 5G networks that empower businesses to achieve their digital transformation goals." Furthermore, Mr. Maqbool stated that "Securing our Private 5G product licensing was key and participation in an inaugural Private 5G deployment, could signify a pivotal milestone in our growth strategy and validate our efforts to enter both the Public and Private 5G markets, which collectively represent a multi-million-dollar addressable market."

This domestic Private 5G Network deployment is expected to commence within the current fiscal year, could be valued in excess of $1M and can be finalized within 3 months after receipt of a final definitive contract agreement. AGTGSS anticipates being able to expand its footprint across multiple cities in the USA and Europe in the coming months, following this initial trial deployment.

AGTGSS remains committed to driving innovation in telecommunications, leveraging its deep industry knowledge and technical prowess to deliver superior connectivity solutions that empower businesses to thrive in a digital-first world.

About AmpliTech Group

AmpliTech Group, Inc., comprising five divisions—AmpliTech Inc., Specialty Microwave, Spectrum Semiconductors Materials, AmpliTech Group Microwave Design Center, and AmpliTech Group True G Speed Services—is a leading designer, developer, manufacturer, and distributor of cutting-edge radio frequency (RF) microwave components and 5G network solutions. Serving global markets including satellite communications, telecommunications (5G & IoT), space exploration, defense, and quantum computing, AmpliTech Group is committed to advancing technology and innovation. For more information, please visit www.amplitechgroup.com.

Safe Harbor Statement

This release contains statements that constitute forward-looking statements. These statements appear in several places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of the Company, its directors or its officers with respect to, among other things, that the MOU will lead to a definitive agreement to deploy a Private 5G Network in furtherance of the Company's initiatives. The words "may" "would" "will" "expect" "estimate" "anticipate" "believe" "intend" and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company's ability to control, and that actual results may differ materially from those projected in the forward-looking statements because of various factors. Other risks are identified and described in more detail in the "Risk Factors" section of the Company's filings with the SEC, which are available on our website. We undertake no obligation to update, and we do not have a policy of updating or revising these forward-looking statements, except as required by applicable law.

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