- CONX acquires a controlling interest in RED Technologies, uniquely positioned to facilitate shared spectrum and the nascent private networking industry.
- CONX appoints Mark Rouen to the board of RED Technologies
LITTLETON, Colorado., December 5, 2024 /PRNewswire/ — Company CONX CORP. (OTC: CNXX) (“CONX“) today announced the acquisition of a controlling stake in Red Technologies SAS (“RED Technologies”) through its wholly-owned subsidiary, RED Tech US, LLCfor a maximum purchase price of approximately €18.6 million in cash, subject to certain adjustments. CONX acquired approximately 68% of the equity capital of RED Technologies at closing, with the remainder of the shares planned to be acquired in future tranches subject to the achievement of certain milestones.
The executive team at RED Technologies, Pierre-Jean Muller (Co-founder and CEO) and Mikhail Abitbol (Co-Founder and Chief Operating Officer), will continue to lead RED Technologies’ efforts to establish the company as a viable alternative in the CBRS market.
“The company’s acquisition of RED Technologies CONX is a key milestone on our journey to serve as a viable alternative to the current duopoly in the SAS space,” said the CEO of RED Technologies. PJ Muller. “This partnership strengthens our ability to innovate and improve the CBRS ecosystem for the benefit of all operators and stakeholders. With support and investment from CONXwe are ready to accelerate the development of advanced features such as GAA coexistence, Network Planner and AI-powered CBRS analytics that are in line with our mission to support FCC (BME:)visioning and empowering rural broadband and the nascent private network industry.”
“CONX was created to invest in next-generation connectivity and supporting infrastructure assets,” he said CONX General director Jason Kaiser. “Thanks to RED’s unique capability as a technological spectrum allocation mechanism, we have positioned CONX to create long-term value across multiple sectors. We look forward to RED becoming a best-in-class Spectrum Access System (SAS) operator with growth potential USA and internationally.”
CONX also announced Mark Rouen to join the board of RED Technologies. Mark is the co-founder, chairman and CTO of Edgescale AI, a SaaS developer focused on connecting advanced AI with data and devices in physical systems. Most recently, he was the chief network officer DISH Wireless is responsible for designing the 5G DISH network. In addition, Mark has over 20 years of international management experience in the telecommunications industry, holding senior roles in research and development, customer relations and product management in USA, France and Finlandincluding as president of mobile networks at Nokia (HE:) and chairman of the company’s board Alcatel-Lucent (EPA:).
About CONX Corporation (OTC: CNXX)
CONX is a diversified operations organization looking for opportunities to attract the next generation of innovators in communications and communications. CONX The mission is to partner with new companies with quality management and strong and differentiated business models with the ability to scale quickly.
About RED Technologies
Established in 2012 with headquarters in Paris, FranceRED Technologies SAS (“RED Technologies”) specializes in spectrum sharing technologies and services. The company offers scalable cloud solutions for civil broadband radio (CBRS) and television broadcasting (TVWS), serving operators in various sectors, and provides managed 5G connectivity solutions that democratize access to 5G technology for companies seeking to modernize their communications infrastructure in both Art USA and European markets.
RED Technologies has pioneered spectrum sharing technologies and has been actively involved in CBRS regulatory and standard development. The RED Technologies team consists of top-notch engineers from leading telecom providers and operators.
An important note
The description contained herein is neither an offer to buy nor a solicitation of an offer to sell securities CONX.
Forward-looking statements
This press release contains certain statements that may constitute “forward-looking statements.” Actual results may differ materially from those projected or projected in the forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, the following: the possibility that the parties will not be able to achieve the expected synergies and operational efficiencies under the transaction on the expected timelines or at all and to successfully integrate the operations of Red Technologies in the company’s activities CONX ; such integration may be more complex, time-consuming or expensive than anticipated; revenues after the transaction may be lower than expected; operating expenses, loss of customers and business disruptions (including, without limitation, difficulties in maintaining relationships with employees, customers, clients or suppliers) may be greater than anticipated following the transaction; the retention of certain key employees at Red Technologies; the ability of the parties to meet expectations regarding the accounting and tax treatment of the transaction; CONX and Red Technologies are subject to fierce competition; Red Technologies products must remain interoperable, and product development depends on access to changing operating environments; we may become dependent on large transactions; customer decisions are influenced by general economic conditions; third parties may claim that RED Technologies products infringe their intellectual property rights; fluctuations in non-USA currencies may result in transaction losses; hostilities and terrorism can have a negative impact CONX and the RED Technologies business; volatility of the international market; and other factors discussed in the Risk Factors section. CONX Registration Statement on Form S-1 filed with Securities and Exchange Commission (“SEC“) on May 29, 2024 (as amended), and in other reports that we file with SECwhich are available on http://www.sec.gov. CONX expressly disclaims any duty or obligation to post publicly any updates or revisions to any forward-looking statements contained herein to reflect any changes in CONX expectations with respect to them or any changes in the events, conditions or circumstances on which any statement is based. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof.
