BOHEMIA, N.Y., April 2, 2015 (GLOBE NEWSWIRE) -- AmpliTech Group, Inc. (OTCQB:AMPG) announced today its consolidated results of operations for 2014 reflected profitability in its AmpliTech, Inc. division, but with limited increase in revenue compared to revenue for 2013. CEO Fawad Maqbool commented, "Our recently filed 10-K has all the details of AmpliTech's 2014 financials, and revenue increased but the amount of increase was limited primarily due to the management focus on and preoccupation with activities related to maintaining public company presence and associated logistics. These activities further imposed serious constraints on our ability to allocate resources and investment required to support our engineering and production activities and to accept new bookings despite increased demand for our products. Now that we have streamlined our public expenses and eliminated the bad debt, we are in a better position to effectively distribute and leverage our available resources as well as increasing utilization of our manufacturing capabilities to support our high priority strategic growth plan objectives." The company has already taken the necessary steps to increase its bookings and shift available resources to support its plan for maximizing booking to delivery volume that will lead to substantial increase in revenues and profitability in 2015. Based on the new groundwork being laid to support AmpliTech's growth in diverse markets, the Company is facing countless opportunities for growth in 2015 and beyond. Mr. Maqbool further added: "The 10-K is positive since it shows that AmpliTech, Inc. was profitable again, despite significant increases in our expenses incurred by the parent company (AMPG) due to non-recurring public company related expenses that are generally unavoidable during initial years for a new public company. This means that our 2015 outlook is very optimistic since these large expenses will not be there. We thank our Shareholders, Customers, Strategic Partners, Suppliers, and Co-Workers for their continued support, confidence in, and commitment to AmpliTech."
Highlights Summary:
- AMPG Public expenses (IR/PR, Legal, Accounting, Interest expense from notes, and non-cash stock options) reduced by over $750,000 in 2015
- Most of the expenses are NOT operational expenses so net operating loss is only approximately $68,000
- Increased bookings in 1Q 2015 expected to overcome and eliminate losses
- All convertible debt eliminated
- Stronger Balance sheet
About AmpliTech Group, Inc.
AmpliTech Group, Inc. is an innovative provider of advanced radio frequency technology solutions serving applications from 50 kHz to 100 GHz across a diverse mix of markets. AmpliTech designs, develops, and manufactures custom and standard state-of-the-art RF and microwave and millimeter-wave components and integrated modules for the Domestic and International, SATCOM, Space, wireless infrastructure, test & measurement, and Military markets. In addition to our product offerings we leverage our design and product development expertise and core competencies to provide consulting and manufacturing services to our customers helping them reduce design cycle time and cost, achieve faster time to market, and lower manufacturing costs. Our steady growth over the past 13+ years has been the result of our commitment to not only meet, but to exceed the rigorous performance, quality, and reliability requirements of our diverse mix of customers. Click here to view AmpliTech video. Website: http://www.AmpliTechinc.com
Forward-looking Statements
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.