Sonim Technologies Provides Business Update
SAN MATEO, Calif., March 20, 2020 /PRNewswire/ -- Sonim Technologies, Inc. (Nasdaq: SONM), a leading U.S. provider of ultra-rugged mobility solutions designed specifically for task workers physically engaged in their work environments, today provided an update on business operations.
"After having to shut down our manufacturing operations due to the COVID-19 disruptions in Asia early this year, Sonim is now back to full operations," said Tom Wilkinson, Chief Executive Officer. "The COVID-19 situation is far from over, and we continue to closely monitor developments around this global event. We are continuing to take orders from our carrier partners, ship inventory to fulfill these orders and manufacture new inventory units at our facilities in Asia. Our Operations team is in regular contact with our global supply chain partners, and, at this time, we do not see any constraints on our ability to deliver products in fulfillment of our customers' orders."
Wilkinson added, "The public safety market has always been a key customer segment for Sonim, and the current environment is leading to renewed emphasis on the rugged performance standards we build into our products. In particular, the chemical resistance and waterproof architecture of our devices allows them to be aggressively cleaned and disinfected, a key feature for the first responders and healthcare workers at the front lines of COVID-19. The work-from-home initiative that companies around the globe are moving to is also driving interest as companies look for ways to equip workers with the dependable devices that can make them effective wherever they are, especially in the field."
Sonim also stated that it presently has adequate liquidity and capital on-hand to fund its current operating needs and meet continued customer demand. The company has taken steps to improve working capital efficiency in the new year through improved management of inventory levels as well as other measures.
Sonim CEO Tom Wilkinson and CFO Bob Tirva will be available for virtual meetings with interested investors. Meetings can be arranged by contacting Matt Kreps of Darrow Associates, investor relations for Sonim, at firstname.lastname@example.org.
About Sonim Technologies, Inc.
Sonim Technologies is a leading U.S. provider of ultra-rugged mobility solutions designed specifically for task workers physically engaged in their work environments, often in mission-critical roles. The Sonim solution includes ultra-rugged mobile phones, a suite of industrial-grade accessories, and data and workflow applications which are collectively designed to increase worker productivity, communication and safety on the job site. For more information, visit www.sonimtech.com.
Important Cautions Regarding Forward-Looking Statements
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements relate to, among other things, future operations, ability to fulfill orders, [liquidity and capital on hand,]and continued market acceptance of the Company's products. These forward-looking statements are based on Sonim's current expectations, estimates and projections about its business and industry, management's beliefs and certain assumptions made by the Company, all of which are subject to change. Forward-looking statements generally can be identified by the use of forward-looking terminology such as, "future", "believe," "expect," "may," "will," "intend," "estimate," "continue," or similar expressions or the negative of those terms or expressions. Such statements involve risks and uncertainties, which could cause actual results to vary materially from those expressed in or indicated by the forward-looking statements. Factors that may cause actual results to differ materially include Sonim's ability to continue its Asia operations, manufacture product in response to customer orders,[ maintain its capital position and capital generating sales,] generate positive cash flow, and ability to be profitable; anticipated trends, such as the use of and demand for its products; its ability to attract and retain customers to purchase and use its products; its ability to attract wireless carriers as customers for its products; the evolution of technology affecting its products and markets; its ability to successfully address the technical issues identified with respect to its products; its ability to introduce new products and enhance existing products, as well as the other potential factors described under "Risk Factors" included in Sonim's Quarterly Report on Form 10-Q for the three months ended September 30, 2019 and other documents on file with the Securities and Exchange Commission (available at www.sec.gov). In addition, there is uncertainty about the spread of the COVID-19 virus and the impact it may have on the Company's operations, the demand for the Company's products, global supply chains and economic activity in general. Sonim cautions you not to place undue reliance on forward-looking statements, which reflect an analysis only and speak only as of the date hereof. Sonim assumes no obligation to update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release, except as required by law.
Sonim Technologies Contacts
Bob Tirva, Chief Financial Officer
Sonim Technologies, Inc.
Matt Kreps, Managing Director
Darrow Associates Investor Relations
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SOURCE Sonim Technologies, Inc.
Released March 20, 2020