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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.
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.
High Wire Networks Inc (OTCQB: SGSI) announced a new contract for a next-generation fiber network deployment valued between $4.8 million and $7 million for the first year. The project begins immediately, ramping to full production within eight weeks, aiming to extend the fiber network to hundreds of thousands of locations across the U.S. President Mark Porter emphasized the company's commitment to profitable growth and enhancing service delivery in technology and cybersecurity.
High Wire Networks (OTCQB: SGSI) has launched the Overwatch Ransomware Kill Switch, a cybersecurity solution aimed at managing ransomware threats. This agentless tool enhances protection for managed service provider (MSP) partners by enabling rapid detection and response to ransomware attacks. With 24/7 monitoring, the Kill Switch can lockdown networks to prevent lateral movement of ransomware. The global ransomware damage is projected to reach $265 billion by 2031, highlighting the urgency for robust cybersecurity measures. The service is available through subscription, offering various management options.
High Wire Networks has appointed Chris Sorensen as the Executive Vice President of Finance, enhancing its financial controls and compliance. Sorensen, with 13 years at Treehouse Foods, is tasked with implementing Sarbanes-Oxley Act compliance and preparing for the company’s uplisting to a national exchange. Previously known as Spectrum Global Systems, High Wire has successfully changed its name and is awaiting a ticker symbol update. The leadership change aims to support the company's growth trajectory amidst ongoing industry demands.
Spectrum Global Solutions (OTCQB: SGSI) reported significant growth in its Overwatch Managed Security division. Month-over-month figures show a 22% increase in monthly recurring revenue (MRR) and a 41% rise in total contract value (TCV) from June to July 2021. Year-over-year, new managed services provider (MSP) partner acquisitions soared 418%, bolstered by a 2,700% increase in business customers in July alone. This reflects the growing demand for effective cybersecurity solutions amid escalating cyber threats.
Spectrum Global Solutions (OTCQB: SGSI) announced impressive second-quarter earnings for 2021, reflecting the success of its merger with High Wire Networks, Inc. Shareholder net equity surged to $11.174 million from $1 million year-over-year. The company reported $10.8 million in pro forma revenue and $1.161 million in net income. Key metrics in their Overwatch Managed Cybersecurity marketplace showed significant growth. The outlook remains positive with expected revenue increases and cash flow improvements as operations are streamlined.
Spectrum Global Solutions (SGSI) has successfully completed its merger with High Wire Networks, enhancing its service offerings in telecommunications. The merger's closing was delayed due to pending SBA forgiveness for approximately $2.7 million in debt, which will positively impact upcoming financial statements. The company plans to rebrand under the High Wire name and prepare for a NASDAQ up-listing, pending compliance with listing requirements. CEO Mark Porter emphasized the importance of leveraging synergies and future growth opportunities resulting from the merger.
Spectrum Global Solutions (OTCQB: SGSI) announced that its subsidiary, High Wire Networks, will host a virtual cybersecurity conference on June 16, 2021. The event aims to address rising ransomware threats and how businesses can enhance cybersecurity without excessive spending. Attendees will hear from cybersecurity experts, including former CIA CISO Robert Bigman, and participate in breakout sessions. Additionally, the merger between High Wire and Spectrum is progressing, with the completion expected soon, pending certain conditions.
Spectrum Global Solutions (OTCQB: SGSI) announced that High Wire Networks secured a $1.28M electrical contract for a 170,000-square-foot facility in Wisconsin. This contract includes installation of light fixtures, electrical services, and fire alarm systems. Proceeds from this contract will benefit Spectrum's financial reporting as part of their management agreement with High Wire. Although the merger with High Wire is delayed pending PPP loan forgiveness, both companies report increased sales momentum as pandemic restrictions ease.
