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Technology Stocks : Comtech Group, Inc. (COGO)

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From: JakeStraw	9/6/2006 8:57:09 AM
	of 55

Comtech Group, Inc. Announces $3 Million USD in Contracts From a New Engineering Services Joint Venture in Malaysia biz.yahoo.com Wednesday September 6, 8:18 am ET Securing New Customer in Addition to Huawei for Engineering Service Business SHENZHEN, China, Sept. 6 /PRNewswire-FirstCall/ -- Comtech Group, Inc. (Nasdaq: COGO), a leading provider of customized module design solutions as well as other engineering and business services for more than 200 domestic and international technology product manufacturing companies based in China, today announced that it has completed the formation of a new subsidiary in Malaysia and it is ready for operation. The operation will be called COGO Engineering Services Malaysia Sdn Bhd, with Comtech holding controlling majority interest. As part of Comtech's growth strategy the Company is expanding the scope of its engineering business service offerings to address the strong demand trends in under penetrated emerging growth regions outside of the Company's core China market. The $3 million in contracts is for various maintenance and installation projects including a five year Celcom 3G maintenance contract and additional wireless and broadband equipment installation and maintenance contracts at new customer sites. Comtech also anticipates the signing of several other new contracts beginning in the fourth quarter of this year. The joint venture is expected to be complementary to both company's core assets where Comtech will provide its engineering expertise and extensive base of relationships including Huawei and Silver Ridge will provide critical local knowledge and network of telecom operators to solicit future business. "We are pleased to announce the expansion of our engineering services operations into Malaysia," commented Jeffrey Kang, Chairman and Chief Executive Officer of Comtech. "This decision represents an important strategic step for the Company as we believe there is a significant opportunity to capture new high margin and recurring revenue service business. Additionally, having operations in Malaysia gives us a presence in close proximity to Huawei's Asia Pacific headquarters and puts Comtech in a very good position to win future contracts. The expansion also diversifies the Company's customer base as Comtech has gained access to new telecommunication operators that are customers of Huawei which Comtech has begun service for while also having the opportunity to extend its service offerings to future carriers that are not only customers of Huawei but also other vendors' equipment."

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