High Wire Networks Arranges $2.5 Million Financing to Facilitate SVC Closing
High Wire Networks (OTCQB: SGSI) announced the acquisition of Secure Voice Corp. (SVC), a wholesale network services provider. The deal includes a $2.5M secured convertible note, carrying a 9.9% interest rate and convertible at $0.50 per share. The acquisition aims to enhance High Wire's service offerings while utilizing SVC's revenue to manage the note's amortization schedule. The private placement is not registered under the Securities Act of 1933, limiting its sale in the U.S. without registration or exemption.
- Acquisition of Secure Voice Corp. enhances service offerings.
- Projected revenue from SVC expected to service the amortization of the note.
- Issuance of a $2.5M secured convertible note increases financial leverage.
- The note's high interest rate of 9.9% adds financial burden.
Revenue and Income of Secure Voice Corp. Will Service Finance Facility
BATAVIA, Ill., Nov. 05, 2021 (GLOBE NEWSWIRE) -- High Wire Networks Inc. (the “Company” or "High Wire") (OTCQB: SGSI), a global provider of technical, professional, electrical and cybersecurity services, announced yesterday that the Company had finalized its agreement to acquire the business of Secure Voice Corp. (SVC), a wholesale network services provider with facilities in the Northeast and carrying traffic across the United States.
The acquisition was facilitated through the issuance of a
The convertible note (and shares of common stock underlying the convertible note) are being offered in a private placement and have not been registered under the Securities Act of 1933, as amended, or state securities laws and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission (SEC) or an applicable exemption from such registration requirements.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful.
About High Wire Networks
For 20 years, High Wire Networks Inc. (OTCQB: SGSI) 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 Overwatch Managed Security Marketplace 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 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
High Wire Networks Inc.
http://www.highwirenetworks.com/investors
Media Contact:
Susanna Song
Vice President of Marketing and Communications
High Wire Networks
630-635-6717
susanna.song@highwirenetworks.com
FAQ
What is the purpose of High Wire Networks' acquisition of Secure Voice Corp. (SGSI)?
How much is the convertible note issued by High Wire Networks (SGSI) for the acquisition?
What is the interest rate on the secured convertible note related to High Wire Networks (SGSI)?
When will the amortization schedule for the convertible note begin for High Wire Networks (SGSI)?
Is the convertible note issued by High Wire Networks (SGSI) registered with the SEC?
