BOHEMIA, N.Y., Feb. 3, 2015 (GLOBE NEWSWIRE) -- AmpliTech Group, Inc. (OTCQB:AMPG) announced it has successfully lowered its public company operating expenses by 86% compared to last year (ending 12/31/2014) in an effort to improve its balance sheet and profitability for 2015. Many of these expenses were non-recurring and non-cash expenses. CEO Fawad Maqbool stated, "We have made significant changes in order to support our shareholders and investors by accomplishing major goals in the past few months." Below are some key highlights:
- Reduction of public company expenses by 86% (convertible debt interest, legal fees, etc.)
- Satisfied our floorless convertible (toxic) debt.
- Eliminated long term debt (loans)
- No short term debt
- Minimal liabilities and payables
- Reduction of outstanding shares
- Increased revenue in last quarter of 2014
Mr. Maqbool added, "Our goal is to restructure our management and financial status to improve the company's overall performance and growth. This past year we have paid off debt and overcome the many obstacles micro-cap companies face in their infancy. We are grateful for our shareholders' support through this critical period. AMPG is poised for a breakout year in 2015 with planned acquisitions, equity investment, and disruptive technology development."
For additional investor information please contact James Moldenhauer, CEO of JP Fortune Group at 714-420-2004.
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 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: 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.
CONTACT: Fawad Maqbool, CEO, AmpliTech Group, Inc. (631) 521-7831 James Moldenhauer, CEO, JP Fortune Group (714) 420-2004Source:AmpliTech Group, Inc.