BLUE BELL, Pa., Oct. 15, 2021 /PRNewswire/ -- QualTek, LLC,
a leading provider of both turnkey infrastructure services to the
North American 5G wireless, telecom, and renewable energy sectors,
and recovery logistics services, announced today that it has
acquired Urban Cable Technology ("Urban Cable" or the "Company"). Terms of the
transaction were not disclosed.
Urban Cable, established in 1996
and based in West Chester, PA, is
a regional telecom company in the Northeast region of the United States. The Company specializes in
providing a range of services including aerial and underground
construction, engineering, multiple dwelling unit (MDU) wiring and
rewiring, and fiber placement to broadband and telecom cable
operators.
"We are pleased Urban Cable is
joining our team at QualTek. Their vast experience and range of
services make them an ideal partner for QualTek, "said Scott Hisey, CEO of QualTek. "Urban Cable has long-term partnerships with some
of the nation's top cable providers and a strong reputation in the
industry for great performance. The addition of Urban Cable greatly supports our organic growth
strategy in the Northeast region."
"QualTek presents a fantastic opportunity for Urban Cable to continue its growth. We look
forward to working with Scott and his knowledgeable team as they
continue to expand their geographic footprint," said Philip DiGiore, CEO of Urban Cable. "Leveraging our combined experience
in the industry will allow us to expand our suite of turnkey
services and grow our workforce and geographic footprint."
About QualTek: Founded in 2012, QualTek is a
world-class, technology driven provider of infrastructure services
to the 5G wireless, telecom, and renewable energy sectors across
North America, and a recovery
logistics services provider. QualTek has a national footprint with
more than 85 operation centers across the U.S. and a
workforce of over 5,000 people. The company is also a leader in
providing disaster recovery logistics services for electric
utilities.
As announced on June 16, 2021,
QualTek has entered into a definitive agreement for a business
combination with Roth CH Acquisition III Co. (NASDAQ: ROCR)
("ROCR"), a publicly traded special purpose acquisition company
(SPAC), that would result in QualTek becoming a publicly listed
company. Completion of the proposed transaction is subject to
customary closing conditions and is expected to occur in the fourth
quarter of 2021.
About Urban Cable:
Urban Cable, established in 1996 and
based in West Chester, PA, is a
regional telecom company in the Northeast region of the United States. They specialize in a range
of services including aerial and underground construction,
engineering, multiple dwelling unit (MDU) wiring and rewiring, and
fiber placement to broadband and telecom cable operators.
Additional Information and Where to Find It
In connection with the proposed business combination between
QualTek and ROCR, ROCR has filed a preliminary proxy statement with
the Securities and Exchange Commission's ("SEC") (as amended or
supplemented from time to time, the "proxy statement") to be
distributed to holders of ROCR's common stock in connection with
ROCR's solicitation of proxies for the vote by ROCR's stockholders
with respect to the proposed business combination and other matters
as described in the proxy statement. ROCR urges investors,
stockholders, and other interested persons to read the proxy
statement as well as other documents filed with the SEC because
these documents contain important information about ROCR, QualTek
and the proposed business combination. A definitive proxy statement
will be mailed to stockholders of ROCR as of a record date to be
established for voting on the proposed business combination and
related matters.
Stockholders will also be able to obtain a copy of the
definitive proxy statement, without charge by directing a request
to: Roth CH Acquisition III Co., 888 San Clemente Drive, Suite 400,
Newport Beach, CA 92660. The
preliminary and definitive proxy statement, once available, can
also be obtained, without charge, at the SEC's website
(www.sec.gov).
Participants in the Solicitation
ROCR, QualTek, their affiliates and their respective directors
and executive officers may be considered participants in the
solicitation of proxies with respect to the proposals under the
rules of the SEC. Information about the directors and executive
officers of ROCR and their ownership is set forth in ROCR's filings
with the SEC, including the proxy statement. Additional information
regarding the persons who may, under the rules of the SEC, be
deemed participants in the solicitation of the stockholders of ROCR
in connection with the proposals are set forth in the proxy
statement. These documents can be obtained free of charge from the
sources indicated above.
Non-Solicitation
This communication is not a proxy statement or solicitation of a
proxy, consent or authorization with respect to any securities or
in respect of the proposed business combination between QualTek and
ROCR and shall not constitute an offer to sell or a solicitation of
an offer to buy the securities of ROCR or QualTek, nor shall there
be any sale of any such securities in any state or jurisdiction in
which such offer, solicitation, or sale would be unlawful prior to
registration or qualification under the securities laws of such
state or jurisdiction. No offer of securities shall be made except
by means of a definitive prospectus meeting the requirements of the
Securities Act of 1933, as amended.
Forward-Looking Statements
This communication contains forward-looking
statements for purposes of the
safe harbor provisions under the United States
Private Securities
Litigation Reform Act of 1995, including statements
about the parties' ability to close the proposed business
combination and the financial condition, results
of operations, earnings outlook and prospects
of QualTek. Forward-looking statements are typically
identified by words such as "plan,"
"believe," "expect," "anticipate," "intend," "outlook,"
"estimate," "forecast," "project," "continue," "could,"
"may," "might," "possible," "potential," "predict,"
"should," "would" and other similar words and
expressions, but the absence of these words does not
mean that a statement is not forward-looking.
The forward-looking statements are based
on the current expectations of the management
of ROCR and QualTek, as applicable, and are inherently
subject to uncertainties and changes
in circumstances and their potential
effects and speak only as of the
date of such statement. There can be
no assurance that future developments will be those
that have been anticipated.
These forward-looking statements involve a number
of risks, uncertainties or other assumptions that may
cause actual results or performance to be materially
different from those expressed or implied by these
forward-looking statements. These risks and uncertainties
include, but are not limited to, those discussed and
identified in the public filings made with the SEC by ROCR and the
following:
- expectations regarding QualTek's strategies
and future financial performance, including its
future business plans or objectives, prospective
performance and opportunities and competitors,
revenues, products and services, pricing,
operating expenses, market trends, liquidity, cash flows
and uses of cash, capital expenditures, and QualTek's
ability to invest in growth initiatives and pursue
acquisition opportunities;
- the occurrence of any event, change or other circumstances that
could give rise to the termination of the business combination
agreement dated as of June 16, 2021
among ROCR, QualTek and the other parties thereto (the "Business
Combination Agreement");
- the outcome of any legal proceedings that may be instituted
against ROCR or QualTek following announcement of the Business
Combination Agreement and the transactions contemplated
therein;
- the inability to complete the proposed business combination due
to, among other things, the failure to obtain ROCR stockholder
approval or ROCR's inability to obtain the financing necessary to
consummate the business combination;
- the risk that the announcement and consummation of the proposed
business combination disrupts QualTek's current operations and
future plans;
- the ability to recognize the anticipated benefits of the
proposed business combination;
- unexpected costs related to the proposed business
combination;
- the amount of any redemptions by existing holders of ROCR's
common stock being greater than expected;
- limited liquidity and trading of ROCR's securities;
- geopolitical risk and changes in applicable laws or
regulations;
- the possibility that ROCR and/or QualTek may be
adversely affected by other economic,
business, and/or competitive factors;
- operational risk;
- the risk that the COVID-19 pandemic, and local,
state, and federal responses to addressing the
pandemic may have an adverse effect on our business
operations, as well as our
financial condition and results of operations;
and
- the risks that the consummation of the proposed business
combination is substantially delayed or does not occur.
All subsequent written and
oral forward-looking statements concerning the proposed
business combination or other matters addressed
in this communication and attributable to ROCR,
QualTek or any person acting on their
behalf are expressly qualified in their
entirety by the cautionary statements contained or
referred to in this communication. Except to the
extent required by applicable law or regulation, ROCR and
QualTek undertake no obligation to update
these forward-looking statements to reflect events or
circumstances after the date
of this communication to reflect the occurrence
of unanticipated events.
Media Contact:
Gianna Lucchesi
pr@qualtekservices.com
(484) 804-4585
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SOURCE QualTek LLC