HOUSTON, August 2, 2021 / PRNewswire / – Orbital Energy Group, Inc. (NASDAQ: OEG) (âOEGâ) today announced that its telecommunications subsidiary, Gibson Technical Services, Inc. (âGTSâ), has entered into an agreement to definitive share purchase (“SPA”) to acquire 100% of IMMCO, Inc. (“IMMCO”), a AtlantaA private full-service telecommunications network engineering and design company offering diversified engineering services and customized software solutions to a global customer base since 1992.
The acquisition will immediately add revenue and profits to GTS and OEG. IMMCO will become a wholly owned subsidiary of GTS, significantly expanding GTS ‘product portfolio and services that it can provide to its customers. IMMCO’s management team, including the CEO and a 40-year industry veteran, Keith R. Hayes, will remain in the company. Neither OEG nor GTS expects organizational changes for the successful and long-term operations of IMMCO.
IMMCO is a leading provider of business solutions for the cable and telecommunications industries. It is ISO (27001 and 9001) certified and specializes in the design of 5G and fiber optic networks, geospatial data services and software development. The company has around 400 employees in four offices in United States, India, Australia, and Europeans. For 2021, IMMCO expects to generate revenues of approximately $ 10.6 million.
âIMMCO is recognized in the telecommunications industry for its expertise in engineering, software development and enterprise solutions. This transaction is in line with OEG’s integrated acquisition strategy. More specifically, it will provide significant synergies to our telecommunications platform, GTS, by broadening the depth and breadth of the customer solutions we offer in a market with significant multi-year momentum driven by the deployment of 5G spectrum. The increase in bandwidth requirements in areas such as healthcare, entertainment and other public places, will require a new level of technical expertise, which is now reinforced by the acquisition of IMMCO and positions OEG and GTS to take advantage of future RDOF (Rural Digital Opportunity Fund) project awards. $ 20.4 billion towards the RDOF program â, declared Jim o’neil, Managing Director and Vice-President of OEG.
This acquisition, combined with GTS ‘service framework agreements, capabilities, reputation and extensive contacts across the telecommunications industry, is another of many acquisitions the Company plans to make this year, so that OEG implements its strategy of transformation into a complete electricity service, telecommunications, renewable infrastructure service platform.
“This transaction is exactly why the entire GTS management team was so excited to join OEG earlier this year,” said the CEO of GTS, Mike McCracken. “Our talented technical employees and world-class service team, combined with our reputation in the telecommunications industry and OEG’s resources, have enabled us to make this accretive acquisition which, in turn, will allow us to time to further penetrate the telecommunications market. IMMCO’s established network, skilled workforce, technique, expertise and global reach will enhance GTS’s ability to grow both organically and through through additional acquisitions Enabling GTS to market its broad portfolio of technical services to a much larger customer base and geographic footprint. “
“This is an important milestone for IMMCO”, said the CEO of IMMCO, Keith Hayes. âWith the combination of GTS and IMMCO, we will be able to extend our programs and services to our existing customer base, as well as pursue growth opportunities in a much larger market. We look forward to a long and profitable partnership with OEG and its portfolio of companies. “
Orbital Energy Group, Inc. (Nasdaq: OEG) creates a diversified energy services platform through the acquisition and development of innovative companies. Orbital Energy’s business group includes Orbital Power Services, Orbital Solar Services, Orbital Telecom Services and Orbital Gas Systems.
Orbital Power Services provides engineering, construction, maintenance and emergency response solutions to the electricity, utility and intermediary markets.
Orbital Solar Services provides engineering, procurement and construction (âEPCâ) expertise in the renewable energy sector and has established relationships with solar developers and panel manufacturers in the large-scale solar market.
Orbital Telecom Services, operating as Gibson Technical Services, has nationwide sites equipped to effectively support multi-vendor OEM technology environments and off-site facility construction operations as needed with services specializing in broadband, wireless, outdoor facility and building technologies, including healthcare. Orbital Gas Systems has been a leader for 30 years in innovative gas solutions, serving the energy, electricity and processing markets through the design, installation and commissioning of sampling systems, measurement and distribution of industrial gases.
As a publicly traded company, Orbital Energy is dedicated to maximizing shareholder value. Most importantly, our commitment to conducting our business with a high level of integrity, respect and philanthropic dedication enables the organization to make a difference in the lives of its customers, employees, investors and the global community.
For more information, please visit: www.orbitalenergygroup.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 the Private Securities Litigation Reform Act, as amended, including those relating to the intended use of the product. These statements can be identified by the use of forward-looking phrases, including, but not limited to, “expect”, “anticipate”, “intend”, “plan”, “believe” , “Estimate”, “” predict “,” project “,” should “,” would “and similar expressions and negative aspects of these terms. These statements relate to future events and involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to differ materially from the results, performance or achievements expressed or implied by forward-looking statements. These factors include the risk factors set forth in documents filed by the Company with the Company. of the SEC, including, without limitation, its annual report on Form 10-K for the year ended December 31, 2020, its periodic reports on Form 10-Q and its current reports on Form 8-K filed in 2020 and 2021, as well as the risks identified in the prior registration statement and prospectus supplement relating to the offering. Prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Orbital does not undertake to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.
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SOURCE Orbital Energy Group, Inc.