Gibson Technical Services acquires engineering firm Immco

HOUSTON – Orbital Energy Group, Inc. (NASDAQ: OEG) ("OEG") today announced its telecommunications subsidiary, Gibson Technical Services, Inc. ("GTS"), has entered into a definitive Stock Purchase Agreement ("SPA") to acquire 100% of IMMCO, Inc. ("IMMCO"), an Atlanta-based, privately-owned full-service telecom engineering and network design company providing diversified engineering services and customized software solutions to a global customer base since 1992.

The acquisition will immediately add revenues and earnings to GTS and to OEG. IMMCO will become a wholly-owned subsidiary of GTS, significantly expanding GTS's product portfolio and services it can provide to its customers. IMMCO's senior management team, including CEO and 40-year industry veteran, Keith R. Hayes, will remain with the company. Neither OEG nor GTS expects organizational changes to IMMCO's successful, long-term operations.

IMMCO is a leading provider of enterprise solutions to the cable and telecommunications industries. It is ISO Certified (27001 & 9001) and specializes in 5G and fiber optic network design, geospatial data services, and software development. The company has approximately 400 employees across four offices in the United States, India, Australia, and Europe. For 2021, IMMCO expects to generate revenues of approximately $10.6 million.

This acquisition, combined with GTS's Master Services Agreements, capabilities, reputation, and extensive contacts throughout the telecommunications industry, is another of several acquisitions the Company plans to execute upon this year, as OEG implements its strategy to transform into a full-service electrical, telecommunications, renewable infrastructure services platform.

Orbital Energy Group