29 May Communications Systems, Inc. Makes Minority Investment in Quortus
MINNETONKA, Minn.–(BUSINESS WIRE)–Communications Systems, Inc. (NASDAQ: JCS) (“CSI” or the “Company”), an IoT intelligent edge products and services company, today announced that in collaboration with cellXion Ltd., a UK based provider of specialist telecoms solutions, it has made a minority investment in Quortus, a UK based company that creates agile and feature-rich private wireless networks for enterprises across a wide variety of vertical sectors including healthcare, retail and utilities.
Roger Lacey, CEO of CSI noted, “This strategic partnership with Quortus and cellXion will provide our mutual clients with a range of comprehensive solutions designed to help build their mobile edge capabilities and support a wide array of industrial IoT initiatives.”
Mr. Lacey continued, “This investment and the recently announced acquisition of Ecessa reflect our transformational business strategy and commitment to long-term value creation. We are endeavouring to build an ecosystem of partnerships that can broaden CSI’s technical capabilities, scale market share and geographic reach, and increase our “software-as-a-service” revenue which is recurring, highly predictable and generates attractive margins. We will continue to explore similar investment and acquisition opportunities around the globe and focus on technologies that can offer cost synergies and complement our existing network of products and services.”
About Communications Systems
Communications Systems, Inc., an IoT intelligent edge products and services company, provides connectivity infrastructure and services for global deployments of broadband networks. Focusing on innovative, cost-effective solutions, CSI provides customers the ability to deliver, manage, and optimize their broadband network services and architecture. From the integration of fiber optics in any application and environment to efficient home voice and data deployments to optimization of data and application access, CSI provides tools for maximum utilization of the network from the edge to the user. With partners and customers in over 50 countries, CSI has built a reputation as a reliable global innovator focusing on quality and customer service. CSI operates three business units: Transition Networks, Net2Edge and JDL Technologies. For more information visit: commsysinc.com.
Forward Looking Statement
This press release includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding future financial performance, future growth and future acquisitions or partnerships. These statements are based on Communications Systems’ current expectations or beliefs and are subject to uncertainty and changes in circumstances. Actual results may vary materially from those expressed or implied by the statements here due to changes in economic, business, competitive or regulatory factors, and other risks and uncertainties affecting the operation of Communications Systems’ business. These risks, uncertainties and contingencies are presented in the Company’s Annual Report on Form 10-K and, from time to time, in the Company’s other filings with the Securities and Exchange Commission. The information set forth herein should be read in light of these risks. Further, investors should keep in mind that the Company’s financial results in any particular period may not be indicative of future results. Communications Systems is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements, whether as a result of new information, future events, changes in assumptions or otherwise.
Communications Systems, Inc.
Mark D. Fandrich
Chief Financial Officer
Roger H. D. Lacey
Chief Executive Officer
The Equity Group Inc.Lena Cati
Senior Vice President