~ Expected to Add $20+ Million in Revenue in Next Twelve Months ~

~ Completed MSA and Pipeline of MSAs Unique to ConnectM's Growth Strategy, Offers Topline Growth and Profitability at an Accelerated Pace ~

MARLBOROUGH, Mass., Oct. 01, 2024 (GLOBE NEWSWIRE) -- ConnectM Technology Solutions, Inc. (NASDAQ:CNTM) ("ConnectM" or the "Company"), a technology company focused on the electrification economy, today announced it has entered into a Master Services Agreement (the "MSA") with Devlin Contracting and Maintenance, Inc. doing business as Devlin Energy, a business dedicated to renewable energy and solar installations within New England. This arrangement materially expands ConnectM's business portfolio mix and revenue generation with an array of residential and commercial solar installation and battery storage capabilities.

Under the terms of the MSA, on or before September 30, 2025, ConnectM has the option to acquire Devlin Energy at a valuation of $39.0 million based upon Devlin Energy attaining certain Revenue and Net Income thresholds as outlined below:

• October 1, 2024 – September 30, 2025: Revenue $21 million, Net Income: $3.0 million
• October 1, 2025 – September 30, 2026: Revenue $45 million, Net Income: $6.6 million
• October 1, 2026 – September 30, 2027: Revenue $63 million, Net Income: $11.5 million
• October 1, 2027 – September 30, 2028: Revenue $82 million, Net Income: $16.2 million
  • October 1, 2028 – September 30, 2029: Revenue $108 million, Net Income: $22.5 million