SOURCE: AmpliTech Group, Inc.

November 14, 2017 01:59 ET

AmpliTech Group, Inc. Files 10-Q for 3Q 2017

BOHEMIA, NY--(Marketwired - Nov 14, 2017) - Amplitech Group, Inc. (OTCQB: AMPG), a leader in state-of-the-art RF Low Noise Amplifiers (LNA) and Power Amplifiers (PA) for the Domestic and International, SATCOM, Space, and Military markets, today announced filing of their 10-Q for 3Q 2017.

The Company reported a decline in gross revenues of 24% when compared to the same period last year and experienced its second consecutive quarter with reduced revenue. Nevertheless, the Company continued its path towards enhancing and expanding its niche product line and technology by investing in research and development in higher margin products for commercial applications. The Company has also invested considerably more into advertising and marketing than any other year in its history. This was done to expand customer base and penetrate new markets that need a "best in class" amplifier product. CEO Fawad Maqbool stated, "We have experienced a downturn this year due to our shift in focus to develop our Low Noise Technology to provide the absolute best performance in the industry. With commercial markets rapidly expanding in the quantum computing, Airline Wi-Fi, and high-speed SATCOM internet gateway sectors, the demand for higher performance has never been greater. We are pleased to announce that we have developed leading-edge performance products for all these sectors and our R&D efforts have already been successful in receiving initial orders from major industry leaders in each of these lucrative markets. Our technology has always been at the forefront and we have continued to do what we do best. In doing so, our success will become more evident next year as our new products will garner more interest and market penetration as a direct result of superior performance and increased marketing efforts. This year, our focus on R&D in these sectors has required us to use most of our resources to focus on new products and depart from our previous model of custom design of small quantity parts, which relied on many small orders that took longer to test and ship. Our shift in business model to employ the distribution network to service these customers while developing newer technologies has caused the temporary drop in our regular revenues."

CFO, Louisa Sanfratello, stated, "This strategy is critical to increase revenues in future periods in to maximize the long-term success of the Company. We are currently working on some very exciting developments. We continue to expand and invest in R&D as we believe our diversified product line is transformative and a major component to our future success." The Company has seen an increase in bookings in recent months and the backlog is steadily rising. The Company expects to have increased revenues and profitability again starting as early as the first quarter of next year. AMPG plans to announce more details on its breakthrough technology next quarter.

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About Amplitech Group, Inc.:
AmpliTech Group, Inc. designs, develops, and manufactures custom and standard state-of-the-art RF (Low Noise Amplifiers (LNA) and Power Amplifiers (PA) for the Domestic and International, SATCOM, Space, and Military markets. These designs cover the frequency range from 50 kHz to 40 GHz -- eventually offering designs up to 100 GHz. AmpliTech also provides consulting services to help with any microwave components or systems design problems. Our steady growth over the past 13+ years has come about because we can provide complex, custom solutions for nearly ANY custom requirements that are presented us. In addition, we have the best assemblers, wires, and technicians in the industry and can provide contract assembly of customers' own designs. Click here to view AmpliTech video. Website: www.AmpliTechInc.com

Safe Harbor Statement:
With the exception of historical information contained in this press release, content herein may contain "forward looking statements" that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Investors are cautioned that forward looking statements involve risks and uncertainties that could cause actual results to differ materially from the statements made. Matters that may cause actual results to differ materially from those in the forward-looking statements include, among other factors, the gain or loss of a major customer, change in environmental regulations, disruption in supply of materials, a significant change in general economic conditions in any of the regions where our customer utilities might experience significant changes in electric demand, a significant disruption in the supply of coal to our customer units, the loss of key management personnel, failure to obtain adequate working capital to execute the business plan and any major litigation regarding the Company. In addition, this release contains time-sensitive information that reflects management's best analysis only as of the date of this release. The Company does not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events, information or circumstances that arise after the date of this release. Further information concerning issues that could materially affect financial performance related to forward-looking statements contained in this release can be found in the Company's periodic filings with the Securities and Exchange Commission.

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