TESSCO Technologies Announces New $75 Million ABL Facility, Extending Maturity to 2024

HUNT VALLEY, Md.–(BUSINESS WIRE)–TESSCO Applied sciences Integrated (NASDAQ: TESS), a number one value-added distributor and options supplier for the wi-fi {industry}, as we speak introduced that it has entered into a brand new asset-based revolving credit score facility (“ABL Facility”). The brand new facility gives TESSCO with as much as $75 million in revolving credit score, maturing in January 2024. This replaces the present ABL facility, which was set to mature on October 19, 2021.

“This new ABL facility gives us with strong monetary flexibility to execute on our strategic initiatives and capitalize on thrilling development alternatives within the wi-fi {industry},” mentioned Chief Monetary Officer Aric Spitulnik. “Our capacity to accumulate a brand new and prolonged credit score facility throughout this difficult time within the credit score markets speaks properly to the boldness our collectors have in our administration workforce and development technique.”

About TESSCO Applied sciences Integrated (NASDAQ: TESS)

TESSCO Applied sciences, Inc. (NASDAQ: TESS) is a value-added expertise distributor, producer, and options supplier serving industrial clients within the wi-fi infrastructure ecosystem. The Firm was based greater than 30 years in the past with a dedication to ship industry-leading merchandise, information, options, and customer support. Tessco provides greater than 46,000 merchandise from 350 of the {industry}’s prime producers in cellular communications, Wi-Fi, Web of Issues (“IoT”), wi-fi backhaul, and extra. Tessco is a single supply for excellent buyer expertise, professional information, and full end-to-end options for the wi-fi {industry}. For extra data, go to www.tessco.com.

Ahead-Wanting Statements

This press launch incorporates sure forward-looking statements inside the which means of Part 27A of the Securities Act of 1933, as amended, and Part 21E of the Securities Change Act of 1934, as amended. All statements aside from statements of historic info contained herein, together with statements relating to our future outcomes of operations and monetary place, technique and plans and future prospects, and our expectations for future operations, are forward-looking statements. These forward-looking statements are primarily based on present expectations and evaluation, and precise outcomes might differ materially from these projected. These forward-looking statements might usually be recognized by means of the phrases “might,” “will,” “expects,” “anticipates,” “targets,” “objectives,” “initiatives,” “intends,” “plans,” “seeks,” “believes,” “estimates,” and comparable expressions, however the absence of those phrases or phrases doesn’t essentially imply {that a} assertion just isn’t forward-looking. These forward-looking statements are solely predictions and contain plenty of dangers, uncertainties and assumptions, a lot of that are outdoors of our management. Our precise outcomes might differ materially and adversely from these described in or contemplated by any such forward-looking assertion for a wide range of causes, together with these dangers recognized in our most up-to-date Annual Report on Kind 10-Okay and different periodic reviews filed with the Securities and Change Fee (the “SEC”), beneath the heading “Threat Components” and in any other case. Consequently, the reader is cautioned to contemplate all forward-looking statements in mild of the dangers to which they’re topic. For added data with respect to dangers and different components which may happen, see Tessco’s Annual Report on Kind 10-Okay for the yr ended March 31, 2019, together with Half I, Merchandise 1A, “Threat Components” therein, Quarterly Reviews on Kind 10-Q, Present Reviews on Kind 8-Okay and different securities filings with the SEC which might be accessible on the SEC’s web site at www.sec.gov and different securities regulators.

We aren’t in a position to determine or management all circumstances that might happen sooner or later which will materially and adversely have an effect on our enterprise and working outcomes. With out limiting the dangers that we describe in our periodic reviews and elsewhere, among the many dangers that might result in a materially adversarial affect on our enterprise or working outcomes are the next: the affect and outcomes of the consent solicitation and different activism actions by Robert B. Barnhill, Jr. and sure different members in his consent solicitation and/or different activist buyers, termination or non-renewal of restricted length agreements or preparations with our distributors and affinity companions which might be sometimes terminable by both social gathering upon a number of months or in any other case comparatively brief discover; lack of vital clients or relationships, together with affinity relationships; lack of clients both immediately or not directly because of consolidation amongst giant wi-fi providers carriers and others inside the wi-fi communications {industry}; the energy of our clients’, distributors’ and affinity companions’ enterprise; detrimental or adversarial financial situations, together with these adversely affecting shopper confidence or shopper or enterprise spending or in any other case adversely impacting our distributors or clients, together with their entry to capital or liquidity, or our clients’ demand for, or capacity to fund or pay for, the acquisition of our services and products; our dependence on a comparatively small variety of suppliers and distributors, which may hamper our capacity to take care of applicable stock ranges and meet buyer demand; adjustments in buyer and product combine that have an effect on gross margin; impact of “battle minerals” laws on the availability and price of sure of our merchandise; failure of our data expertise system or distribution system; system safety or knowledge safety breaches; expertise adjustments within the wi-fi communications {industry} or technological failures, which may result in vital stock obsolescence and/or our lack of ability to supply key merchandise that our clients demand; third-party freight provider interruption; elevated competitors from rivals, together with producers or nationwide and regional distributors of the merchandise we promote and the absence of serious limitations to entry which may lead to pricing and different pressures on profitability and market share; our relative bargaining energy and lack of ability to barter favorable phrases with our distributors and clients; our lack of ability to entry capital and procure financing as and when wanted; transitional and different dangers related to acquisitions of firms that we might undertake in an effort to increase our enterprise; claims in opposition to us for breach of the mental property rights of third events; product legal responsibility claims; our lack of ability to guard sure mental property, together with methods and applied sciences on which we rely; our lack of ability to rent or retain for any cause our key professionals, administration and workers; well being epidemics or pandemics or different outbreaks or occasions, or nationwide or world occasions or disasters past our management; and the chance that, for unexpected or different causes, we could also be delayed in getting into into or performing, or might fail to enter into or carry out, anticipated contracts or might in any other case be delayed in realizing or fail to understand anticipated revenues or anticipated financial savings.

The above record shouldn’t be construed as exhaustive and ought to be learn at the side of our different disclosures, together with however not restricted to the danger components described in our most up-to-date Annual Report on Kind 10-Okay and different periodic reviews filed with the Securities and Change Fee (the “SEC”), beneath the heading “Threat Components” and in any other case. Different dangers could also be described now and again in our filings made beneath the securities legal guidelines. New dangers emerge now and again. It isn’t attainable for our administration to foretell all dangers.

Though we imagine that the expectations mirrored within the forward-looking statements are affordable, we can’t assure future outcomes, stage of exercise, efficiency or achievements. As well as, neither we nor another particular person assumes duty for the accuracy and completeness of any of those forward-looking statements. Any forward-looking assertion made by us on this press launch speaks solely as of the date on which it’s made. We disclaim any obligation to replace any of those forward-looking statements after the date of this press launch to verify these statements to precise outcomes or revised expectations.

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