Spectrum Global Solutions Announces Closing of Merger with High Wire Networks
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.
- Merger with High Wire Networks expected to enhance service offerings.
- Prospective NASDAQ up-listing can increase visibility and investor interest.
- Debts related to the merger are set to be forgiven, positively impacting financials.
- Merger closing was delayed due to SBA debt forgiveness issues.
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BOCA RATON, Fla., and BATAVIA, Ill. , June 16, 2021 (GLOBE NEWSWIRE) -- Spectrum Global Solutions Inc. (the "Company" or "Spectrum") (OTCQB: SGSI), a single-source provider of next-generation communications network and professional services to telecommunications and enterprise markets, announces today that it has completed its previously announced merger with High Wire Networks Inc. (“High Wire”). The closing of the transaction was delayed as the Company waited for PPP forgiveness from the SBA on nearly
Spectrum will now move forward with its plan to rebrand itself with the High Wire Networks name, and continue preparations for its intended up-listing to the NASDAQ, subject to satisfaction of the listing qualifications.
“This is very exciting news for the Company and our shareholders. While the SBA might have delayed our Closing, we have already begun to leverage the synergies of our companies and accelerate our growth trajectory. Our additional acquisition pipeline will help us build even faster” said CEO Mark Porter.
About Spectrum Global Solutions
Spectrum Global Solutions Inc. operates through its subsidiaries ADEX Corp., Tropical Communications Inc. and AW Solutions Puerto Rico LLC. The Company is a leading provider of telecommunications engineering and infrastructure services across the United States, Canada, Puerto Rico and Caribbean. For more information about the Company and its technologies visit the Company’s public filings at www.SEC.gov or the Company’s website at https://SpectrumGlobalSolutions.com/
About High Wire Networks
For 20 years, High Wire Networks 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 new Overwatch Managed Security Platform-as-a-Service 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 http://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
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
What is the significance of the merger between Spectrum Global Solutions and High Wire Networks?
How will the SBA's debt forgiveness impact Spectrum's financial statements?
What are Spectrum's future plans following the merger with High Wire Networks?
What challenges did Spectrum face related to the merger completion?
