Company Receives Arizona Commerce Authority Hiring and Training Grant Valued at $590,519
DALLAS and TUCSON, Ariz.-- COMSovereign Holding Corp. (OTCQB: COMS) ("COMSovereign" or the "Company"), a U.S.-based developer of 4G LTE and 5G connectivity and infrastructures, has announced that it signed an agreement to acquire a 140,000-square-foot building on 12.7 acres at 5120 S. Julian Drive in Tucson for its U.S.-based manufacturing, creating 300 jobs and a total economic impact of $438 million.
Closing on the new manufacturing facility is expected in late September at which time the Company will begin the required improvements, retrofits, assembly lines and tooling to commence immediate limited manufacturing operations. The Company anticipates utilizing the new facility to produce the majority of its wireless radio products, as well as serve as the primary manufacturing site for its power supply and drone business units. Full-scale production at the facility is expected to commence by the end of the first quarter of 2021.
Steve Cohen with Cushman & Wakefield | Picor is handling the sale.
Additionally, the Company applied for, and received, a job training grant from the Arizona Commerce Authority valued at $590,519 for the hiring and training of more than 300 new employees which it intends to eventually employ at its new manufacturing facility.
"With the signing of this purchase agreement, COMSovereign continues to fulfill its 'made in the USA' promise with a new central manufacturing hub for products from across our portfolio including from our wireless radio subsidiaries as well as power supplies from InduraPower and tethered lighter-than-air and rotor platforms from Drone Aviation," stated Dan Hodges, Chairman and CEO of COMSovereign Holding Corp. "We look forward to commencing full-scale operations in Tucson and drawing upon the deep talent in the local community that will play an important part in helping COMSovereign bring technology leadership in telecommunications back to the United States."
For more information about COMSovereign, please visit www.COMSovereign.com and connect with us on Facebook and Twitter.