Spectrum Global Solutions Announces Definitive Agreement to Merge with High Wire Networks

Merger Unveils Transformative Plan for The Company

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 the Company’s entry into a definitive agreement of merger (the “Agreement”) with High Wire Networks Inc. (“High Wire”).  The closing of the transaction is subject to certain closing conditions set forth in the Agreement.

High Wire is a global provider of managed security, professional services and commercial/industrial electrical solutions delivered exclusively through a channel sales model. High Wire’s Overwatch managed security platform-as-a-service offers organizations end-to-end protection for networks, data, endpoints and users via multiyear recurring revenue contracts in this fast-growing technology segment. In 2020, a year impacted by the COVID pandemic, High Wire produced more than $18 Million in gross revenue and an operating profit.

Spectrum intends to rebrand itself with the High Wire Network name, and High Wire’s management team will assume a leadership role in the rebranded organization and its subsidiaries, including ADEX Corp., an international service organization that provides turnkey services and project staffing solutions to the telecommunications and technology industry.

The merger will be accomplished through an exchange of stock and cash.  Spectrum intends to file for a name change to High Wire Networks, as it continues to work towards its goal of up-listing to the NASDAQ, subject to satisfaction of the listing qualifications.

“We are excited about the opportunity in front of us,” said Mark Porter, CEO of High Wire. “2021 promises to be a pivotal year. ADEX and High Wire both have world-class customer bases and great people. Together, they can leverage the systems and technology High Wire brings to create new value propositions for our customers and shareholders. We will quickly streamline the combined organization to capture significant cost savings, and more importantly, leverage all of our assets to ignite our sales and accelerate our upward trajectory.”

“We believe the merger with High Wire presents a unique transformative growth opportunity for the Company and a natural opportunity for us to transition to the next generation of leadership that will take the organization in a new direction,” said Roger Ponder, CEO of Spectrum.

Source: Spectrum Global media announcement