High Wire Networks Closes Acquisition of Wholesale Voice and Data Network Services Provider

Rhea-AI Summary

High Wire Networks (SGSI) has acquired Secure Voice Corp., expanding its revenue with a strategic purchase valued between $6.5 million and $9 million. Secure Voice, specializing in VoIP and data services across the U.S., brings nearly 200 channel partners and a history of profitability to High Wire's Overwatch service line. The acquisition is expected to provide immediate accretive benefits, contributing to the company's growth trajectory while bolstering shareholder value in the long run.

Positive

• Acquisition expected to be immediately accretive.
• Adds nearly 200 channel partners to High Wire's portfolio.
• Strong recurring revenue and significant profitability from Secure Voice.

Negative

• None.

Acquisition of Secure Voice Corp. Provides Additional Recurring Revenue Stream and Nearly 200 Channel Partners.

BATAVIA, Ill., Nov. 04, 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 today the Company has 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.

SVC’s network carries voice over IP (VoIP) and data traffic for service providers. The purchase was accomplished through a combination of cash, assumption of debt, and stock valued between $6.5 million and $9 million.

This transaction is expected to be accretive to High Wire immediately. The acquired assets provide strong recurring revenue and a history of significant profitability with unlimited potential for scale and future add-on acquisitions. The new assets and nearly 200 channel partners will become part of High Wire’s Overwatch recurring revenue services line of business.

“We are extremely pleased to close this transaction and accelerate our growth trajectory by adding another key piece of our overall strategy to be a leading provider of technology services to our clients,” said Mark Porter, CEO of High Wire. “As we grow the portfolio and execute on our strategy, we continue to build shareholder value for the long term, while driving growth in the short term.”

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 acquisition value of Secure Voice Corp. by High Wire Networks (SGSI)?

The acquisition value ranges between $6.5 million and $9 million.

What services does Secure Voice Corp. provide?

Secure Voice Corp. specializes in wholesale network services, including VoIP and data traffic.

How many channel partners does the acquisition add to High Wire Networks?

The acquisition adds nearly 200 channel partners.

When was the acquisition of Secure Voice Corp. finalized?

The acquisition was announced on November 4, 2021.

How will the acquisition impact High Wire Networks' revenue?

The acquisition is expected to provide an additional recurring revenue stream and strengthen profitability.