Wireless Telecom Group Provides Business Update at 2022 Annual Shareholders Meeting

Experienced investment bank engaged to help evaluate a full range of strategic alternatives

Strong expected July contract signatures and bookings follows lower first half revenue performance

Management believes recent wins, strong backlog support revenue growth in the second half of 2022

Management and the Board focused on creating value for shareholders

Parsippany, New Jersey, USA, July 29, 2022 (GLOBE NEWSWIRE) -- Wireless Telecom Group, Inc. (NYSE American: WTT), today announced that management will provide shareholders an update on the Company’s financial results, capital allocation priorities, and strategies to create value for shareholders at Wireless Telecom Group’s annual shareholder meeting on Friday, July 29, 2022 at 8:00 am ET. The shareholder meeting will be webcast live at www.virtualshareholdermeeting.com/WTT2022. Shareholders of record may vote their shares and submit questions by using the 16-digit control number provided in their proxy materials. Management’s presentation has also been uploaded to https://wirelesstelecomgroup.com/Investor-Relations/Events-Presentatio ... .

As part of Wireless Telecom Group’s strategic update, the Company has engaged an investment banking firm to explore a full range of strategic alternatives for the Company. This process is focused on enhancing value for stockholders, including, but not limited to, a transaction that sells the whole company, or separate transactions that sell each of the Company’s two segments separately to realize sum-of-parts valuation. CDX Advisors, an investment bank with deep domain expertise across the technology, media, and telecom (TMT) sectors, has been engaged to assist in the strategic alternatives process.

Tim Whelan, CEO of Wireless Telecom Group, Inc. stated, "Over the past five years, we have refocused our business to take advantage of emerging opportunities underway within the Test & Measurement markets, and private network markets which include compelling growth opportunities in satellite communications, 5G investments, semiconductor investments and quantum computing growth. As a result, we have transformed our leadership team, realigned our business, and expanded our R&D and sales focus. Today’s announcement is the progression of our long-term strategic growth plan. While we remain confident in the direction we are headed and our future opportunities, we have decided to conduct a strategic review and explore options to accelerate the realization of value for our shareholders."