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Aviat Networks to Delay Form 10-K Filing for Fiscal Year 2024

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AUSTIN, Texas, Sept. 11, 2024 /PRNewswire/ — Aviat Networks, Inc. (NASDAQ: AVNW), (“Aviat” or the “Company”) the leading expert in wireless transport and access solutions, announced today that it has filed a Notification of Late Filing on Form 12b-25 with respect to the Annual Report on Form 10-K for the fiscal year ended June 28, 2024.

Aviat has determined that it is unable to file, without unreasonable effort or expense, its Annual Report on Form 10-K for the fiscal year ended June 28, 2024 by the prescribed filing due date because the Company requires additional time to finalize its assessment of internal control over financial reporting and to complete certain closing processes and procedures. The Company is working diligently and expects to file the Form 10-K on or before the expiration of the fifteen calendar day extension period.

Management has identified certain material weaknesses in its preliminary assessment of internal control over financial reporting for the fiscal year ended June 28, 2024. The Company has initiated and will continue to implement measures designed to improve its internal control over financial reporting to remediate these material weaknesses with oversight from the Audit Committee of the Board of Directors and assistance from its external advisors.

In connection with the preparation of the Company’s annual financial statements for the fiscal year ended June 28, 2024, the Company identified certain errors impacting previously reported financial information for the fiscal years 2024 and 2023. While the Company currently believes the effects are not material to the previously issued consolidated financial statements for any of its prior reporting periods, it continues to evaluate to determine whether revision or restatement of prior periods is required.

The Company estimates the following results for the fiscal year ended June 28, 2024:

Revenues

The Company estimates revenues for the year ended June 28, 2024 between $400 million and $409 million, compared to revenues of $347 million reported in the prior year ended June 30, 2023.

Operating income

The Company estimates operating income for the year ended June 28, 2024 between $15 million and $20 million, compared to operating income of $26 million reported in the prior year ended June 30, 2023.

Net income

The Company estimates net income for the year ended June 28, 2024 between $8 million and $12 million, compared to net income of $12 million reported in the prior year ended June 30, 2023.

Cash and cash equivalents

The Company estimates cash and cash equivalents for the year ended June 28, 2024 of approximately $65 million compared to cash and cash equivalents of $22 million reported in the prior year ended June 30, 2023.

Debt

The Company estimates total outstanding debt for the year ended June 28, 2024 of approximately $48 million. The company had no debt outstanding in the prior year ended June 30, 2023.

These figures are preliminary, unaudited and subject to change pending the filing of the 2024 Form 10-K.

Forward-Looking Statements
Certain matters discussed constitute forward-looking statements within the meaning of the federal securities laws. All statements contained in this notification that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding the potential revision or restatement of certain historical financial statements, the material weaknesses in the Company’s internal control over financial reporting as of June 28, 2024, and the Company’s expectations regarding the timing of the filing of the Form 10-K. These forward-looking statements are based on management’s current expectations.

These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause the Company’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Important factors that could cause actual results to differ materially from expectations include, but are not limited to the effectiveness of the Company’s internal control over financial reporting and disclosure controls and procedures; the potential for additional material weaknesses in the Company’s internal controls over financial reporting or other potential control deficiencies of which the Company is not currently aware or which have not been detected; the risk that the completion and filing of the Form 10-K will take longer than expected; additional information that may arise during the finalization of the Form 10-K; and the risks discussed in detail in “Item 1A. Risk Factors” of the Company’s most recent Annual Report on Form 10-K, as updated by its other filings with the SEC. The Company undertakes no obligation to update publicly any forward-looking statements, whether as a result of future events, new information or otherwise, except as required by law.

About Aviat Networks, Inc.
Aviat Networks, Inc. is the leading expert in wireless transport and access solutions and works to provide dependable products, services and support to its customers. With more than one million systems sold into 170 countries worldwide, communications service providers and private network operators including state/local government, utility, federal government and defense organizations trust Aviat with their critical applications. Coupled with a long history of microwave innovations, Aviat provides a comprehensive suite of localized professional and support services enabling customers to drastically simplify both their networks and their lives. For more than 70 years, the experts at Aviat have delivered high performance products, simplified operations, and the best overall customer experience. Aviat is headquartered in Austin, Texas. For more information, visit www.aviatnetworks.com or connect with Aviat Networks on Facebook and LinkedIn.

Investor Contact
Andrew Fredrickson
Corporate Development and Investor Relations
(512) 582-4626
andrew.fredrickson@aviatnet.com 

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SOURCE Aviat Networks, Inc.

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PDRL Secures Order for 500 AeroGCS Software Licenses from AVPL International, Signalling Major Growth in India’s Drone Ecosystem

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November 13, 2024

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NASHIK, India, Nov. 13, 2024 /PRNewswire/ — PDRL, an innovative drone technology leader based in Nashik, Maharashtra, is thrilled to announce a landmark order of 500 AeroGCS software licenses from AVPL International (AITMC Ventures Ltd.). AVPL International, a key player in Aerial Innovative Technology for Mapping and Conservation (AITMC), has partnered with PDRL in a move that underscores both organizations’ commitment to advancing India’s drone industry and its application in agriculture and mapping.

Empowering the Indian Drone and Agriculture Sectors

AVPL International’s operations extend across 12 states and encompass an extensive network of 50 Global Incubation and Skill hubs (GISH), with an additional 20 World Incubation and Skill Hubs (WISH) focused on the drone and agriculture sectors. These hubs play a critical role in fostering technological innovation, building workforce skills, and creating opportunities in India’s expanding drone landscape. The substantial order of drone software licenses from PDRL will empower AVPL International’s mission to integrate cutting-edge drone technology into precision agriculture, environmental conservation, and resource mapping.

AeroGCS GREEN: The Backbone of Indian Agriculture Drone Operations

AeroGCS GREEN, a software developed by PDRL, has quickly gained recognition as India’s premier, made-in-India Ground Control Station (GCS) software suite tailored specifically for agriculture drone operations. From precision flying to agriculture spraying and comprehensive drone analytics, AeroGCS offers a robust solution for every aspect of drone usage in agriculture. This product has become indispensable in the Indian drone industry, driving efficiency and data-driven insights that are essential for sustainable farming practices.

Strategic Partnership for Technological Advancement and Rural Empowerment

This collaboration marks a significant milestone in AVPL International’s vision to transform agriculture and environmental conservation through drone technology. By deploying PDRL’s advanced technology, AVPL International aims to optimize resource use in agriculture, and support conservation projects across India.

PDRL and AVPL International have expressed excitement about the potential this collaboration holds for the future. “Partnering with AVPL International represents a significant milestone for PDRL, allowing us to contribute meaningfully to India’s agricultural and environmental sectors,” said Mr. Anil Chandaliya, CEO of PDRL. Further, Himanshu Sharma, CEO at AVPL International stated “We’re enthusiastic about a collaborative future that drives sustainable growth and technological advancement, fostering progress in precision agriculture and beyond.”

A Milestone for India’s Drone Ecosystem

The collaboration promises to catalyse transformative progress in drone technology and its applications in agriculture, positioning India as a global leader in drone innovation.

About PDRL:

Established in 2018, PDRL has swiftly risen as a dominant force in the Drone Technology, commanding a market share exceeding 50%. With three patents secured and three more in the pipeline, PDRL is committed to pioneering advancements that Create More Time to Live.

Central to PDRL’s mission is the development of cutting-edge drone technologies that streamline operations, boost efficiencies, and create more time to live.

At the heart of PDRL’s innovation is AeroMegh, a revolutionary drone SaaS solution integrating flight management, data capture, processing, and analytics. AeroMegh consists of: AeroGCS: Ensures seamless flight operations, AeroMegh GeoAI platform Delivers precise photogrammetry solutions and provides advanced GeoAI data analytics. Together, these products empower users with actionable insights, simplifying drone operations and enhancing overall efficiency.

PDRL remains steadfast in its commitment to sustainability and responsible innovation. By leveraging eco-friendly drone solutions, PDRL aims to mitigate carbon footprints and promote environmentally conscious practices across various sectors.

Through continuous research and development, strategic partnerships, and unwavering customer focus, PDRL envisions leadership in the market and also a future defined by efficiency, sustainability, and enduring societal impact.

Contact Details:
Marketing@pdrl.in, +91 7770013322

 

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AU10TIX Expands Global Presence in Bengaluru to Support India’s Digital Identity Transformation

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November 13, 2024

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Dedicated Presence to Empower Local Businesses with AI-Driven Identity Verification Solutions, Enabling Seamless Global Expansion

BENGALURU, India and TEL AVIV, Israel, Nov. 12, 2024 /PRNewswire/ — AU10TIX, a global leader in identity verification and management, today announced a significant expansion of its operations in India with the establishment of a dedicated presence in Bengaluru. This strategic move makes AU10TIX’s advanced identity verification solutions even more accessible to the world’s largest democracy, enhancing the company’s ability to serve the nation’s 1.4 billion citizens and support its rapidly growing digital economy with cutting-edge AI-powered technology.

With security embedded in its DNA for over two decades since inception, AU10TIX’s advanced smart capture technology and sophisticated LLM-powered verification systems can process over 3,000 ID types across more than 150 countries. This uniquely positions AU10TIX to help Indian businesses scale globally with seamless cross-border operations.

The company’s India operations will be led by identity verification market veteran Bhushan Sawant, who previously held sales and partnership positions with IDfy, CARD91 and Experian. He will spearhead the integration of AU10TIX’s advanced technologies within India’s unique identity ecosystem, focusing on empowering startups and established businesses in their global growth ambitions, particularly in expanding to APAC and other international markets.

“India’s digital transformation is occurring at an unprecedented scale,” said Bhushan Sawant, Regional Director, India, AU10TIX. “Our goal is to support this growth by providing identity verification solutions that are secure, scalable, and tailored to local needs, while also enabling Indian businesses to expand globally. Our deep expertise ensures the highest security standards while our smart technology delivers a smooth user experience.”

AU10TIX’s two-decade legacy in security-critical environments, combined with its advanced AI capabilities, makes it an ideal partner for India’s growing global business.

Dan Yerushalmi, CEO of AU10TIX, emphasized the company’s collaborative approach, saying, “We’re not here to compete with local solutions, but to complement them. We have the global expertise to help Indian businesses expand internationally, while we simultaneously learn from India’s impressive innovations in digital identity.”

About AU10TIX 
AU10TIX plays a pivotal role in establishing trust between individuals/companies and digital systems. Founded in 2002, it is the global leader in identity verification and management, protecting the world’s largest brands against advanced fraud. The company’s future-proof product portfolio helps businesses provide frictionless customer onboarding and verification in 4-8 seconds while staying ahead of emerging threats and evolving regulatory requirements. AU10TIX offers the world’s only 100% automated global identity management system, as well as the industry’s only solution that can detect organized mass attacks by analyzing traffic patterns and cross-checking data in a consortium of more than 60 major companies. With its deep roots in airport security, AU10TIX has authenticated billions of identities and prevented over $18 billion in identity fraud. AU10TIX is a subsidiary of ICTS International N.V. (OTCQB: ICTSF). Connect with AU10TIX on LinkedIn and on X at @AU10TIXLimited. For more information, visit AU10TIX.com. 

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COMPUTEX 2025: Seize Global Tech Opportunities – Registration Now Open!

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November 13, 2024

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TAIPEI, Nov. 13, 2024 /PRNewswire/ — COMPUTEX 2024, organized by the Taiwan External Trade Development Council (TAITRA), attracted global attention with 1,500 exhibitors and over 80,000 attendees, including tech professionals, startups, buyers, and media worldwide. As a premier platform for AI innovation, it solidified COMPUTEX’s position in the global tech scene. The upcoming COMPUTEX 2025 will be held from May 20 to May 23 at Taipei Nangang Exhibition Centers, focusing on the theme “AI Next.” Interested exhibitors are encouraged to register and take advantage of this opportunity to connect with the global tech market.

2025 Main Themes: Embracing AI and Innovation

The theme for COMPUTEX 2025, “AI Next,” focuses on the latest trends in artificial intelligence and how AI will drive industrial transformation in areas like content creation, product design, and manufacturing. By 2025, over half of global data analytics tasks will be cloud-based, with AI-related investments projected to surpass USD 300 billion by 2026. COMPUTEX 2025 will spotlight three main themes: AI Robotics, Next-Gen Tech, and Future Mobility. This focus aims to provide a robust platform for tech companies to present pioneering AI solutions and showcase advancements in robotics, next-gen tech, and mobility.

InnoVEX Pavilion: A Hub for Innovation 

The InnoVEX pavilion, renowned for supporting startups, will continue to be a highlight at COMPUTEX 2025, offering emerging companies an avenue to connect with manufacturing partners and access global distribution networks. This area will host various startup-focused activities, including competitions and product showcases, to attract interest from international venture capitalists and foster collaboration.

Diverse Events and Industry Leader Participation COMPUTEX 2024 concluded with influential keynote speakers, including leaders from AMD, Qualcomm, Intel, MediaTek, Supermicro, NXP, and Delta Research Institute. These leaders provided insights into how cutting-edge technologies can drive the future of AI, making COMPUTEX a critical forum for industry discussion. For 2025, the event will feature similar high-level talks and forums, along with theme-based tours, startup showcases, and procurement matchmaking sessions to facilitate networking and foster partnerships across borders.

Registration for COMPUTEX 2025 Open – A Premier Global Platform 

With registration now open, COMPUTEX 2025 offers a valuable platform for tech companies to enter international markets and form strategic partnerships. The event will feature keynote speeches, themed tours, and business matchmaking sessions, providing both established industry leaders and startups with valuable opportunities for exposure and growth. Don’t miss this unique chance to be part of the global tech scene; register now and visit the official website for more details.

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SOURCE TAITRA

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