Spectrum Appoints New CEO and Provides Outlook for 2021
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.
- Appointment of Mark Porter as CEO, bringing 20 years of relevant industry experience.
- Expected revenue growth through the merger with High Wire Networks.
- Focus on developing sustainable recurring revenues and profitable segments.
- Plans for aggressive growth strategies with potential up-listing to a national exchange.
- Previous financial results in 10K may not reflect future performance.
- Need to eliminate underperforming programs could lead to disruption during transition.
Boca Raton, Florida, April 05, 2021 (GLOBE NEWSWIRE) -- Spectrum Global Solutions, ( OTC:SGSI ) ( the “Company” ), new CEO Mark Porter, provides an update to SGSI shareholders.
I wanted to take the opportunity to formally introduce myself as the new CEO of Spectrum Global Solutions and provide our shareholders an update on the Company, our vision, strategy and exciting future that we believe will create greater shareholder value over the long term.
High Wire Networks is a Company that I joined just after inception over 20 years ago and have guided that company’s growth, twice earning a spot on Inc.’s “Fastest Growing Private Companies” list including #134 in 2006, the last year of the Inc. 500. More recently, from 2014 to 2020 we’ve experienced 5x growth, slowed only by the pandemic in 2020, and accelerating again as we see the light at the end of the tunnel. The merger with Spectrum allows us to take advantage of the synergies between the companies and the opportunities that come with being a public company.
Spectrum has over 30 years of expertise in delivering services with a special emphasis in the Service Provider sector. The combination of High Wire and Spectrum provides our customers with a broad range of additional infrastructure and engineering solutions. The combination of our entities is expected to provide solid revenue growth, a national and international footprint, and a comprehensive suite of services with an emphasis on revenue profiles that are recurring or programmatic and have scale.
The merger of High Wire with Spectrum enables this Company to take advantage of exciting new technology in the Networking, Cybersecurity, and Service Provider spaces.
Service Providers are deploying 5G technology that will reshape their networks and have far reaching impacts into Enterprise and Mobility markets. Every city bus, garbage truck, emergency vehicle, is a mobile office requiring connectivity, security, cameras using AI for advanced analytics, and all of it requires 5G, cybersecurity, and people to install, manage, and maintain it. Enterprises are undergoing digital transformations to enable employees to work from anywhere. With those changes come increased cybersecurity risks. Our Company will be positioned to work with our ever-expanding channel ecosystem to design, deliver, manage, and secure Enterprise, Service Provider, Fleet Operator, IoT, and whatever other networks the next generation of technology can bring. We are positioned to be at the forefront of digital transitions.
We will attempt to capitalize on these transformative changes in technology with strong operational execution, a focus on driving profitability through comprehensive service offerings and organic and acquisitive growth strategies. We will execute on a strategy to build, buy, partner, and integrate. We will be acquisitive where we can leverage our best in class customer base, our systems and scale, and our management expertise to benefit our shareholders, our customers, and our stakeholders.
Our recently filed 10K is a reflection of the past and not in any way indicative of our future. Our commitment is to develop sustained recurring revenues and earnings. We are looking at every segment of the business, every customer program, and all of our personnel. We will eliminate programs and segments that do not meet our profitability metrics, and reinvest in programs and sales efforts that warrant more resources. As we continue the transition and re-branding efforts, additional members of the High Wire team will join the management team and help us reshape the future until such time as the merger can be completed. At the core of all our decisions will be how we increase shareholder value over the near and long-term. Whether we are a business buyer or a seller, the bottom line is the creation of real shareholder value. Our goal is to grow this Company significantly over the next twelve months and seek up listing to a National Exchange. We appreciate the support and patience of our shareholder base and look forward to providing exciting results for the 2021 calendar year.
Mark Porter
CEO
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
FAQ
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