AmpliTech To Acquire Initial Stake In SN2N; Joint Venture To Collaborate For Stronger Communication Secur

RF semiconductors manufacturer AmpliTech Group Inc (NASDAQ:AMPG) collaborated with SN2N LLC to develop commercial-grade solutions based on proprietary chipsets to provide highly secure data transfer to any cell phone, computer, server, router, PDA for more robust communications security solutions.
AmpliTech has committed up to $350,000 to acquire an initial equity stake in SN2N. The total funding of the investment is contingent on three additional development milestones, including a secure device coding test, code optimization test, and FPGA design & production test.
AmpliTech will serve as an exclusive manufacturer for the LNA product line used with the encryption technology upon accomplishing the milestones.
Currently, amplifiers used by companies in data and content distribution, Internet-of-Things (IoT) solutions, autonomous vehicles, quantum computing, deep space exploration are not themselves encrypted at the hardware. The collaboration's communications solution will offer greater bandwidth, data transfer speeds, and integrated hardware security for such companies.
AmpliTech held $9.9 million in cash and equivalents as of Mar. 31, 2021.
Price action: AMPG shares traded lower by 12.40% at $5.28 on the last check Wednesday.

To add Benzinga News as your preferred source on Google, click here.

Benzinga