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Spectrum Global Solutions Inc. (OTCQB: SGSI) has announced a significant $1.3 million annual contract with High Wire Networks Inc. to centralize network and desktop support at 1,240 sites across North America. This contract includes on-demand logistics management and a four-hour SLA for emergency network outages. High Wire previously completed a similar engagement covering over 800 locations, showcasing their operational capacity. Both companies observe increasing sales momentum as pandemic restrictions ease, with High Wire set to go public through a merger with Spectrum.
Spectrum Global Solutions (SGSI) reported Q1 2021 financial results, revealing a narrowed operating loss of $559k compared to over $900k in Q1 2020. Revenues reached $4.07 million, down from $5.22 million, reflecting COVID-19's impact. Net loss per share improved to $0.53 from $4.89. Management changes have led to streamlined operations, while opportunities are increasing across business segments. The company aims to capitalize on improving customer sentiment and expedite growth as pandemic challenges ease.
Spectrum Global Solutions Inc. (OTCQB: SGSI) has entered into a Transition Services Agreement with High Wire Networks Inc. to facilitate their merger. This agreement allows Spectrum to record High Wire's EBITDA as its own revenue, enhancing its financial position. During the past year, the combined entities generated over $40 million in revenue despite COVID-19 challenges. The management is optimistic about leveraging synergies to drive growth while awaiting PPP loan forgiveness from the SBA.
Spectrum Global Solutions (OTCQB: SGSI) announced a $1.6 million electrical contract awarded to High Wire Networks for a new distribution center in Indianapolis. This follows a previous nearly $3 million contract in Chicago. The project includes installation of significant electrical infrastructure to support robotic operations and LED lighting systems. High Wire’s CEO noted a growing demand for such facilities as pandemic restrictions ease. The merger between High Wire and Spectrum is also progressing, pending certain closing conditions.
Spectrum Global Solutions has announced the acquisition of Telecom Assets Corp. (TAC) for approximately $9 million, aimed at enhancing its recurring revenue stream and expanding its network in the Northeast, Texas, and Southeast regions. This transaction is projected to yield an annual run rate of $8 million and increase profitability. The acquisition will be managed by a new subsidiary, SVC, Inc., under a transition services agreement. The deal's closure is contingent on financing and other conditions.
Spectrum Global Solutions has appointed Mark Porter as its new CEO, aiming to enhance shareholder value through a strategic merger with High Wire Networks. With over 30 years of experience, the merger is expected to drive significant revenue growth and provide a comprehensive suite of infrastructure solutions, particularly in Networking and Cybersecurity. Porter emphasizes the importance of developing sustainable, recurring revenue and earnings while planning to eliminate unprofitable segments. The company's goal is to pursue aggressive growth strategies and potentially up-list to a national exchange within the next year.
Spectrum Global Solutions has appointed Mark Porter as its new CEO amid the nearing completion of its merger with High Wire Networks. All but one closing condition of the merger has been met, pending the forgiveness of a Paycheck Protection Program Loan application by a subsidiary. This forgiveness is crucial to avoid a change of control event under SBA rules, which could affect the company's 2021 P&L. The company expects forgiveness soon, allowing it to proceed with the merger and enhance its market presence.
Spectrum Global Solutions (OTCQB: SGSI) announced a partnership between High Wire Networks and ExtraHop to offer Reveal(x) 360 as a managed service through its Overwatch Managed Security. This exclusive collaboration aims to enhance cybersecurity, providing organizations with advanced threat detection capabilities and 24/7 monitoring. The partnership is expected to increase monthly recurring revenue soon. The service will help organizations react 84% faster to threats, utilizing cloud-native NDR technology. Additionally, a merger between High Wire and Spectrum is anticipated to close in the upcoming weeks.
Spectrum Global Solutions (OTCQB: SGSI) announced a $2.8 million contract with High Wire Networks for electrical services at a new 150,000-square-foot distribution center in Winfield, Illinois. This project involves the installation of a 2,500 amps electrical service, powering robotic charging stations and a conveyance system, along with services for LED lighting and a fire alarm system. The merger between High Wire and Spectrum is pending finalization, anticipated within weeks.
Spectrum Global Solutions (OTCQB: SGSI) announced an expansion of its advisory services by collaborating with High Wire Networks and BKD Cyber. This partnership will distribute the Overwatch 24/7 managed security services, combining advanced X Detection & Response (XDR) technology with expert cybersecurity support. BKD Cyber recently onboarded a financial institution as its first client for this service. The merger between High Wire and Spectrum is pending and expected to close in a few weeks, aiming to enhance overall cybersecurity service offerings.
