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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.
Spectrum Global Solutions (OTCQB: SGSI) announced that High Wire Networks has achieved SOC 2 Type 1 certification, validating its data security measures. This certification enhances trust among clients regarding cloud data management and security. High Wire plans to pursue SOC 2 Type 2 certification to evaluate the effectiveness of their controls over time. Additionally, High Wire is set to go public through a merger with Spectrum, pending closing conditions expected to be resolved shortly.
Spectrum Global Solutions announces the divestiture of its subsidiaries, WaveTech GmbH and TNS, to a firm controlled by former Board members. This strategic move eliminates the company’s Series C Convertible Preferred Stock, retiring over $1.7M in convertible debt and improving the balance sheet. CEO Roger Ponder states this will streamline operations and remove overhead for both Spectrum and the divested subsidiaries, allowing them to pursue independent objectives. The company focuses on telecommunications services across various regions.
