AVCT Announces Closing of Divestiture of Computex Technology Solutions to Calian Group Ltd.
16 March 2022 - 9:30PM
American Virtual Cloud Technologies, Inc. (the “Company”)
(Nasdaq:AVCT), a trusted partner providing best-in-class
cloud-based solutions to global enterprise customers, today
announced it has successfully closed the sale of its Computex
Technology Group (Computex) business to Calian Group Ltd. (Calian)
(TSX: CGY), completing AVCT’s transition to a pure-play cloud
communications and collaboration company, centered on its premium
Kandy platform. The proceeds from the sale leave AVCtechnologies
debt-free.
AVCT’s Kandy platform, which it acquired in December 2020, is
one of the largest pure-play providers of cloud communications
services (e.g., UCaaS) for enterprise customers and has
consistently generated above-market revenue growth rates. Darrell
J. Mays, CEO of AVCT, said “Our white-label relationships with key
telecommunication companies and technology vendors, global
carrier-grade connectivity, and proven SD-WAN integration position
AVCT as a premier cloud communications provider poised to gain
market share.”
AVCT acquired Computex, an award-winning IT solutions provider
specializing in data centers, enterprise networking, cloud,
cybersecurity, and managed services, in April 2020.
“We are pleased to have found an excellent home for Computex and
are confident that it will thrive under Calian’s ownership,” said
Mays.
Truist Securities, Inc. served as sole financial advisor and
Greenberg Traurig LLP served as legal counsel to AVCT in connection
with the transaction.
About American Virtual Cloud Technologies,
Inc.American Virtual Cloud Technologies, Inc. is a premier
global cloud communications offering proprietary UCaaS, CPaaS, and
CCaaS capabilities. Our mission is to provide global technology
solutions with a superior customer experience. For more
information, visit https://www.avctechnologies.com.
About KandyKandy, an AVCtechnologies company,
is a cloud-based, real-time communications platform offering
proprietary UCaaS, CPaaS, CCaaS, Microsoft Teams Direct Routing as
a Service, and SIP Trunking as a Service capabilities. Kandy
enables service providers, enterprises, software vendors, systems
integrators, partners, and developers to enrich their applications
and services with real-time contextual communications, providing a
more engaging user experience. With Kandy, companies of all sizes
and types can quickly embed real-time communications capabilities
into their existing applications and business processes. For more
information visit kandy.io
About Computex Technology SolutionsComputex
Technology Solutions is an award-winning solutions provider that
enables its clients to grow, differentiate and evolve their
business via innovative and proven technology. An American Virtual
Cloud Technologies IT service management company (AVCtechnologies),
Computex combines its over 30 years of hands-on experience with its
unparalleled processes to deliver enterprise networking, cloud and
cybersecurity data center solutions, as well as managed services,
that meet each of its customers’ unique IT, business and budgetary
goals. To learn more, please visit: https://computex.net/ or call
888-335-2789.
Cautionary Note Regarding Forward-Looking
StatementsThis press release includes certain statements
that are not historical facts but are forward-looking statements
for purposes of the safe harbor provisions under the United States
Private Securities Litigation Reform Act of 1995. Forward-looking
statements generally are accompanied by words such as “believe,”
“may,” “will,” “estimate,” “continue,” “anticipate,” “intend,”
“expect,” “should,” “would,” “plan,” “predict,” “potential,”
“seem,” “seek,” “future,” “outlook,” and similar expressions that
predict or indicate future events or trends or that are not
statements of historical matters. These forward-looking statements
include, but are not limited to, the Company’s projections,
estimates and forecasts of revenue and other financial and
performance metrics and planned future growth. The Company’s actual
results or outcomes and the timing of certain events may differ
significantly from those discussed in any forward-looking
statements, including as a result of the uncertainty associated
with the impact of the Computex sale on the Company’s business,
including its financial and operating results and its employees and
clients. These statements are based on various assumptions and on
the current expectations of the Company’s management and are not
predictions of actual performance. These forward-looking statements
are provided for illustrative purposes only and are not intended to
serve as, and must not be relied on by any investor as, a
guarantee, an assurance, a prediction or a definitive statement of
fact or probability.
Actual events and circumstances are difficult or impossible to
predict and will differ from assumptions. Many actual events and
circumstances are beyond the control of the Company. These
forward-looking statements are subject to a number of risks and
uncertainties, including changes in the Company’s clients’
preferences, prospects and the competitive conditions prevailing in
the industries in which the Company operates; risks associated with
the potential effects of COVID-19 on the Company’s business;
ability to maintain the Company’s listing on the Nasdaq Capital
Market; ability to retain key personnel; the potential impact of
consummation of the disposition of the Company’s Computex business
on relationships with third parties, including customers, employees
and competitors; conditions in the capital markets; and those
factors discussed in the Company’s amended annual report
on Form 10-K filed with the SEC on May 14, 2021 under the
heading “Risk Factors,” and other documents of the Company filed,
or to be filed, with the SEC. If the risks materialize or
assumptions prove incorrect, actual results could differ materially
from the results implied by these forward-looking statements. There
may be additional risks that the Company presently does not know or
that the Company currently believes are immaterial that could also
cause actual results to differ from those contained in the
forward-looking statements. In addition, forward-looking statements
reflect the Company’s expectations, plans or forecasts of future
events and views as of the date of this report. The Company
anticipates that subsequent events and developments will cause its
assessments to change. However, while the Company may elect to
update these forward-looking statements at some point in the
future, the Company specifically disclaims any obligation to do so.
These forward-looking statements should not be relied upon as
representing the Company’s assessments as of any date subsequent to
the date of this document. Accordingly, undue reliance should not
be placed upon the forward-looking statements.
Contact:Info@avctechnologies.com
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