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Comtech Group, Inc. Announces $10 Million Contract with Huawei for PSTN and Broadband Solutions19 October 2005
Comtech Group, Inc.
(Nasdaq: COGO), a leading provider of customized module design solutions,
today announced that it has further expanded its existing relationship with
Huawei, where Comtech has received new orders to supply PSTN and Broadband
solutions to Huawei. This contract provides Comtech with approximately USD$10
million in revenue which will represent only a portion of the business and
service Comtech provides for Huawei. This new contract consists of 15 months
worth of orders which will begin this month and continue until December 2006.
"We are pleased to expand upon our already long-term and mutually
beneficial relationship with Huawei and this order will ensure our revenues in
2006 from this important customer shall increase significantly compared to
2005," commented Jeffrey Kang, Chairman and Chief Executive Officer of
Comtech. "This $10 million order is only related to PSTN and Broadband
products as we also have business and receive revenue from Huawei in several
other areas such as datacom and wireless which are incremental to this order.
In particular, datacom and wireless are targeted growth areas for Huawei and
subsequently we expect our business in these areas will continue to grow as
well. The structure of this contract provides management with enhanced
visibility into 2006 and ensures Comtech will have access to the fastest
growing telecommunications markets. We have become a trusted supplier to
Huawei and we anticipate further growth in our business as we look to leverage
the relationship."
Huawei is among more than 200 customers Comtech has served and has
historically been a meaningful customer, utilizing the company's technology in
a variety of applications including several of Huawei's 3G and next generation
network initiatives. Huawei is one of the world's leading networking and
telecommunications equipment suppliers, and is the largest telecom equipment
vendor in China.
About Comtech
Comtech Group is a leading provider of customized module design solutions
in China and serves as a gateway to leading electronics manufacturers in
China. Comtech Group has historically focused on the mobile handset and
telecom equipment end-markets, but has recently expanded its addressable
market to include the consumer electronics end-markets. Over the last three
years, Comtech has worked with over 200 customers. Comtech's customer base
includes most of the largest and best-known manufacturers in the mobile
handset, telecom equipment and digital consumer electronics end-markets in
China.
Safe Harbor Statement
This press release includes certain statements that are not descriptions
of historical facts, but are forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the Securities
and Exchange Act of 1934. These forward-looking statements may include
statements about our plans and objectives for future expansion, including into
Comtech business with Huawei, 3G and NGN market; expectations for Comtech
business with Huawei, 3G and NGN markets; and other statements containing
forward looking terminology such as "may," "expects," "believes,"
"anticipates," "intends," "expects," "projects," "looking forward" or similar
terms, variations of such terms or the negative of such terms. Such
information is based upon expectations of our management that were reasonable
when made but may prove to be incorrect. All of such assumptions are
inherently subject to uncertainties and contingencies beyond our control and
upon assumptions with respect to future business decisions which are subject
to change. For a further description of other risks and uncertainties, see our
most recent Annual Report filed with the Securities and Exchange Commission
(SEC) on Form 10-K, and our subsequent SEC filings. Copies of filings made
with the SEC are available through the SEC's electronic data gathering
analysis retrieval system (EDGAR) at http://www.sec.gov.
Source: PR Newswire
All trademarks and copyrighted information contained herein are the property of their respective owners.
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