Orbital Infrastructure Group/GTS Subsidiary, IMMCO, Inc. Announces Office Expansion in Kochi, India
IMMCO expands broadband engineering & design staff, and reaches employment milestone
HOUSTON, Nov. 29, 2022 /PRNewswire/ -- Orbital Infrastructure Group, Inc. (NASDAQ:OIG) ("OIG") announced today that IMMCO, Inc, a subsidiary of OIG's Telecom Platform, GTS, has achieved record sales through 3rd Quarter 2022. IMMCO, based in Canton, GA, with offices in India, Europe and Australia, also reported the acquisition of new office space and the hiring of 60 new employees in Kochi, India, increasing their technical engineering staff to more than 800.
Through September 30, 2022, GTS sales exceeded the same period of 2021 by 119% – setting an all-time company record for the first three quarters of this year. A significant catalyst to this growth has been the increasing demand for IMMCO's broadband engineering and design services. To facilitate this revenue increase and further capacity, IMMCO is undertaking its fourth office expansion in 2022, opening a new 9,500 sf facility in January of 2023. The recent addition of 60 new employees takes IMMCO's staff to over 800, and the new office space will enable staffing expansion to around 1,200.
"IMMCO has responded to the needs of the telecommunications industry as Fiber to the Home ("FTTH") investment is growing quickly around the world. Our production activity is growing in several areas, including FTTH Design – much of which in the US is tied to funding from RDOF and state broadband initiatives – HFC Node Splits, and Upstream Bandwidth Expansions to support broadband consumption growth, including Right-of-Way Permits supporting the expansion of broadband into unserved areas," stated Keith R. Hayes, IMMCO's CEO.
Hayes continued, "IMMCO's existing and new customers are regularly adding new projects that require our services to support – we are making the necessary investments to stay ahead of the growth curve of broadband which is expected to accelerate in 2023 as the Broadband Equity, Access, and Deployment Program ("BEAD") act funding reaches the network operators."
GTS's CEO, Mike McCracken explained, "The acquisition of IMMCO in 2021 has achieved fantastic synergies with the OIG Telecom Platform led by GTS. Not only has IMMCO's customer activity growth been very strong, their expertise in automation and software development has driven many efficiencies in our portfolio of telecommunications businesses."
"OIG acquired GTS last year as the platform company of our Telecommunications Infrastructure segment. IMMCO and its fellow GTS-owned businesses, Full Moon Communications and Coax Fiber Solutions, are helping GTS provide a broader range of solutions to our customers resulting in record growth in what we believe is the early stages of significant broadband deployment investments by both governmental agencies and network operators that will continue for many years to come.," concluded OIG's CEO and Vice-Chairman, Jim O'Neil.
Orbital Infrastructure Group, Inc. is a diversified infrastructure services platform, providing engineering, design, construction, and maintenance services to customers in three operating segments: electric power, telecommunications, and renewables.
Beginning in April 2021, Orbital Infrastructure Group transformed its infrastructure strategy with the acquisitions of GTS and Front Line Power Construction, the company's telecommunications, and electric power segment platforms, as well as three synergistic "tuck in" acquisitions (IMMCO, Inc, Full Moon Telecom, and Coax Fiber Solutions) and the divestiture of its legacy Orbital Gas Systems business. The Company is now positioned to profitably grow its infrastructure services platform for years to come, organically and through synergistic acquisitions to capitalize on strong multi-year end market drivers in the industries we serve.
For more information please visit: http://www.orbitalinfrastructuregroup.com
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and Private Securities Litigation Reform Act, as amended, including those relating to the expected use of proceeds. These statements may be identified by the use of forward-looking expressions, including, but not limited to, "expect," "anticipate," "intend," "plan," "believe," "estimate," "potential," "predict," "project," "should," "would" and similar expressions and the negatives of those terms. These statements relate to future events and involve known and unknown risks, uncertainties and other factors which may cause actual results, performance, or achievements to be materially different from any results, performance or achievements expressed or implied by the forward-looking statements. Such factors include the risk factors set forth in the Company's filings with the SEC, including, without limitation, its Annual Report on Form 10-K for the years ended December 31, 2021, its periodic reports on Form 10-Q, and its Current Reports on Form 8-K filed in 2021 and 2022, as well as the risks identified in the shelf registration statement and the prospectus supplement relating to the offering. Prospective investors are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date of this press release. Orbital undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.
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SOURCE Orbital Infrastructure Group, Inc.