Cirtek Holdings Philippines Corporation Announces Disposition of Quintel Business

​Cirtek Holdings Philippines Corporation (“CHPC” or the “Company”), announced the execution of an Asset Purchase Agreement for the sale of substantially all operating assets of its antenna solutions business conducted through Quintel USA, Inc. ("Quintel"), a wholly owned subsidiary of the Cirtek Group, to John Mezzalingua Associates, LLC ("JMA"), a recognized provider of wireless infrastructure solutions in North America.

Under the terms of the agreement, JMA will acquire Quintel’s assets, including customer contracts, intellectual property, inventory, accounts receivable, product-related records, and other operating assets associated with Quintel's antenna business while JMA will assume certain liabilities associated with the business.

The transaction reflects CHPC’s ongoing portfolio optimization and resource alignment. Proceeds are expected to support initiatives that improve financial flexibility, reduce obligations, and reinforce shareholder value over time.

The financial consideration for the transaction is subject to the deduction of assumed and other agreed liabilities, the final amount of which will be confirmed following the completion of the liability resolution process. An initial payment of US$3.3 million will be payable within fourteen (14) days after Closing, with the remaining balance of approximately US$2.0 million payable after the final determination of deductible liabilities, currently targeted within approximately four (4) months thereafter.

The sale of Quintel is an important step in streamlining our operations and focusing on businesses with the greatest potential for long-term growth and profitability. This transaction enables us to concentrate our resources on areas where we see the strongest opportunities ahead," said Antonio Callueng, President of Cirtek Holdings Philippines Corporation. " We are confident that this transaction will allow us to redirect our efforts toward areas where we can achieve sustainable growth.”

The transaction transfers the Quintel business operations and related assets to JMA, which intends to continue serving customers in the wireless communications infrastructure market. CHPC and JMA will work together to facilitate an orderly transition of the business, customers, intellectual property, and other transferred assets.

Following completion of the transaction, CHPC will continue to evaluate opportunities to enhance operational efficiency, strengthen liquidity, and maximize value for shareholders across its remaining business segments.

The closing of the transaction is subject to customary conditions and obligations to be finalized in accordance with the agreement.