Merger Unveils Transformative Plan for The Company
BOCA RATON, Fla., and BATAVIA, Ill. , Jan. 28, 2021 (GLOBE NEWSWIRE) -- Spectrum Global Solutions Inc. (the "Company" or "Spectrum") (OTCQB: SGSI), a single-source provider of next-generation communications network and professional services to telecommunications and enterprise markets, announces today the Company’s entry into a definitive agreement of merger (the “Agreement”) with High Wire Networks Inc. (“High Wire”). The closing of the transaction is subject to certain closing conditions set forth in the Agreement.
High Wire is a global provider of managed security, professional services and commercial/industrial electrical solutions delivered exclusively through a channel sales model. High Wire’s Overwatch managed security platform-as-a-service offers organizations end-to-end protection for networks, data, endpoints and users via multiyear recurring revenue contracts in this fast-growing technology segment. In 2020, a year impacted by the COVID pandemic, High Wire produced more than $18 Million in gross revenue and an operating profit.
Spectrum intends to rebrand itself with the High Wire Network name, and High Wire’s management team will assume a leadership role in the rebranded organization and its subsidiaries, including ADEX Corp., an international service organization that provides turnkey services and project staffing solutions to the telecommunications and technology industry.
The merger will be accomplished through an exchange of stock and cash. Spectrum intends to file for a name change to High Wire Networks, as it continues to work towards its goal of up-listing to the NASDAQ, subject to satisfaction of the listing qualifications.
“We are excited about the opportunity in front of us,” said Mark Porter, CEO of High Wire. “2021 promises to be a pivotal year. ADEX and High Wire both have world-class customer bases and great people. Together, they can leverage the systems and technology High Wire brings to create new value propositions for our customers and shareholders. We will quickly streamline the combined organization to capture significant cost savings, and more importantly, leverage all of our assets to ignite our sales and accelerate our upward trajectory.”
“We believe the merger with High Wire presents a unique transformative growth opportunity for the Company and a natural opportunity for us to transition to the next generation of leadership that will take the organization in a new direction,” said Roger Ponder, CEO of Spectrum.
About Spectrum Global Solutions
Spectrum Global Solutions Inc. operates through its subsidiaries ADEX Corp., Tropical Communications Inc. and AW Solutions Puerto Rico LLC. The Company is a leading provider of telecommunications engineering and infrastructure services across the United States, Canada, Puerto Rico and Caribbean. For more information about the Company and its technologies visit the Company’s public filings at www.SEC.gov or the Company’s website at https://SpectrumGlobalSolutions.com/
About High Wire Networks
For 20 years, High Wire Networks has been a trusted partner to VARs, MSPs, distributors, integrators, manufacturers, and telecom providers by enabling them to minimize overhead while extending delivery capabilities around the world. Our flexible workforce delivers vendor-agnostic technical field, professional and security services in more than 180 countries. Our services include design, installation, configuration, and support for unified communications, wired and wireless networks, cabling and infrastructure, and electrical systems. Our new Overwatch Managed Security Platform-as-a-Service enables our partners to deliver comprehensive cybersecurity that’s easy to sell and easy to buy for an affordable subscription. We also offer a variety of on-demand, rapid-response solutions with service levels ranging from two hours to the next business day for onsite break-fix and remote technical support. With High Wire Networks, partners Get Work Done. Learn more at http://www.highwirenetworks.com
Forward-Looking Statements:
The above news release contains forward-looking statements. The statements contained in this document that are not statements of historical fact, including but not limited to, statements identified by the use of terms such as "anticipate," "appear," "believe," "could," "estimate," "expect," "hope," "indicate," "intend," "likely," "may," "might," "plan," "potential," "project," "seek," "should," "will," "would," and other variations or negative expressions of these terms, including statements related to expected market trends and the Company's performance, are all "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and involve a number of risks and uncertainties. These statements are based on assumptions that management believes are reasonable based on currently available information, and include statements regarding the intent, belief or current expectations of the Company and its management. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performances and are subject to a wide range of external factors, uncertainties, business risks, and other risks identified in filings made by the company with the Securities and Exchange Commission. Actual results may differ materially from those indicated by such forward-looking statements. The Company expressly disclaims any obligation or undertaking to update or revise any forward-looking statement contained herein to reflect any change in the company's expectations with regard thereto or any change in events, conditions or circumstances upon which any statement is based except as required by applicable law and regulations.
Investor Relations
Spectrum Global Solutions
www.SpectrumGlobalSolutions.com/
561-672-7068
Media Relations
Susanna Song
Director of Marketing and Communications
High Wire Networks
630-635-6717
susanna.song@highwirenetworks.com