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IMMCO expands broadband engineering and design staff and reaches hiring milestone
HOUSTON, November 29, 2022 /PRNewswire/ — Orbital Infrastructure Group, Inc. (NASDAQ: OIG) (“OIG”) announced today that IMMCO, Inc., a subsidiary of OIG’s Telecom Platform, GTS, achieved record sales through 3rd Quarter 2022. IMMCO, headquartered in Canton, Georgiawith offices in India, Europe and Australiaalso announced the acquisition of new office space and employment of 60 new employees in Kochi, Indiaincreasing their technical engineering staff to more than 800.
Through the September 30, 2022, GTS sales exceeded the same period in 2021 by 119% – setting the company’s all-time record for the first three quarters of this year. A significant catalyst for this growth was the increasing demand for IMMCO’s broadband engineering and design services. To facilitate this increase in revenue and further capacity, IMMCO is undertaking its fourth office expansion in 2022, opening a new 9,500 SF office in January 2023. The recent addition of 60 new employees brings IMMCO’s headcount to over 800, and the new business the space will enable the expansion of staff to around 1,200.
“IMMCO has responded to the needs of the telecommunications industry as investments in Fiber to the Home (“FTTH”) are growing rapidly worldwide. Our manufacturing activity is growing in several areas, including FTTH design – most of which in the US is tied to funding from RDOF and state broadband initiatives – HFC split nodes and upstream bandwidth expansion to support growth in broadband consumption, including right-of-way licenses passes that support the expansion of broadband access to underserved areas,” it said Keith R. HayesCEO of IMMCO.
Hayes continued, “IMMCO’s existing and new clients regularly add new projects that require the support of our services – we are making the necessary investments to stay ahead of the broadband growth curve that is expected to accelerate in 2023 as broadband capital, access, and funding from the Deployment Program (“BEAD”) is reaching network operators.”
general director of GTS, Mike McCracken explained, “The acquisition of IMMCO in 2021 achieved fantastic synergy with the OIG Telecom platform led by GTS. Not only has the growth of IMMCO’s client activity been very strong, but their expertise in automation and software development has led to many efficiency in our portfolio of telecommunications companies.”
“OIG acquired GTS last year as a platform company of our Telecommunications Infrastructure segment. IMMCO and its GTS-owned peers, Full Moon Communications and Coak Fiber Solutions, are helping GTS provide a broader range of solutions for our customers resulting in record growth in what we believe are the early stages of significant investment in broadband development by government agencies and network operators that will continue for many years to come,” concluded the OIG Executive Director and Vice President, Jim O’Neill.
About Orbital
Orbital Infrastructure Group, Inc. is a platform of various infrastructure services, which provides engineering, design, construction and maintenance services to users in three operational segments: electricity, telecommunications and renewable energy sources.
Beginning in April 2021, Orbital Infrastructure Group transformed its infrastructure strategy with the acquisition of GTS and Front Line Power Construction, the company’s telecommunications platforms and power segments, as well as three synergistic “bundled” acquisitions (IMMCO, Inc, Full Moon Telecom and Coak Fiber Solutions). and discontinuing 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 market drivers in the industries we serve.
For more information visit: http://www.orbitalinfrastructuregroup.com
Forward-looking statements
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, with amendments, including those related to the expected use of income. 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 negatives of those terms. These statements relate to future events and involve known and unknown risks, uncertainties and other factors that could cause actual results, performance or achievements to differ materially from any results, performance or achievements expressed or implied by the forward-looking statements. Such factors include risk factors disclosed in the Company’s filings with the SEC, including, without limitation, its Annual Report on Form 10-K for the years then ended December 31, 2021, its periodic reports on Form 10-K and its current reports on Form 8-K filed in 2021 and 2022, and the risks identified in the shelf registration statement and prospectus supplement related 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.
Investor Relations:
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Kevin McGrath\
+1 (646) 418-7002
kevin@tradigitalir.com
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SOURCE Orbital Infrastructure Group, Inc.
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