Bohemia, July 15, 2014 (GLOBE NEWSWIRE) -- AmpliTech Group, Inc. (OTCQB: AMPG) ("AmpliTech" or the "Company"), a trusted provider of RF/microwave, and low noise amplifiers for critical and high-reliability, wireless and commercial applications, today announced that it entered into a Stock Purchase Agreement with Microphase Corporation ("Microphase") for a $300,000 private placement of common stock. Microphase is a leading microwave products supplier for over 60 years and their products are synergistic and complementary with AmpliTech's product line.
Fawad Maqbool, CEO stated "This strategic investment demonstrates Microphase's confidence in AmpliTech's capabilities and growth potential. It also now eliminates the continuing need to finance the Company with expensive convertible debt as planned, allowing AmpliTech to finance the development of planned new products with traditional equity financing. We look forward to benefiting from Microphase's experience and management philosophy, which is well aligned with our own."
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About AmpliTech Group, Inc.
AmpliTech Group, Inc. designs, develops, and manufactures custom and standard state-of-the-art RF components 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 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
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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.