BOHEMIA, N.Y., April 4, 2014 (GLOBE NEWSWIRE) -- AmpliTech Group, Inc. (OTCQB:AMPG) ("AmpliTech" or the "Company"), a provider of RF/microwave, microelectronic, and low noise amplifiers for critical and high-reliability, wireless and commercial applications, announced today the results of Fiscal Year 2013. Although AmpliTech Inc. (the only wholly owned subsidiary of AmpliTech Group, Inc.) reported increased profits, revenue, and growth, the consolidated results of AmpliTech showed a net loss for the year ended December 31, 2013. The loss was primarily due to non-recurring parent company expenses, non-cash charges related to shares issued for debt and accrued liabilities as well as depreciation and amortization. Fawad Maqbool, CEO, stated "We want to make sure our shareholders are aware that the Fiscal 2013 loss was primarily related to non-recurring parent company expenses and non-cash charges. Despite this, the Company continues making progress towards the strategic goals identified in earlier press releases. It is important to note that the Company's main objectives are to increase market share as well as obtain financing with more favorable terms to fund organic and inorganic growth (targeted acquisitions). This will fuel internal R&D, product expansion, and sustainable growth. If sufficient investment funding is obtained, AmpliTech will convert its core technology into an impressive lineup of products in emerging wireless, communication, and medical technologies."
Fiscal 2013 Key Highlights
- 23% increase in Sales for 2013 compared to 2012
- 13% increase in Gross Profit to 53% in 2013
- Strong Q4; Sales of $463,000, Gross Profit of 44% and Consolidated Income from Operations, before Depreciation and Amortization, of $39,000
Fawad Maqbool, CEO further added, "We are actively seeking alternative financing to re-structure our current debt under more favorable terms in order to facilitate a stronger foundation for future growth."
About AmpliTech Group, Inc.
AmpliTech Group, Inc. designs, develops, and manufactures custom and standard state-of-the-art RF components for the International Commercial, 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 10+ 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. Website: http://www.amplitechinc.com
This release contains statements that constitute forward-looking statements. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of the Company, its directors or its officers with respect to, among other things: (i) the Company's financing plans; (ii) trends affecting the Company's financial condition or results of operations; (iii) the Company's growth strategy and operating strategy. The words "may," "would," "will," "expect," "estimate," "anticipate," "believe," "intend," and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company's ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors.