Spectrum Global Solutions (OTCQB: SGSI), a single-source provider of next-generation communications network and professional services to telecommunications and enterprise markets, has entered into an agreement to acquire Telecom Assets Corp., (“TAC”) a wholesale network services provider with network footprint and licenses in the northeast, southeast and Texas. As part of the agreement, SGSI also formed a Delaware corporation, SVC Inc. (“SVC”), which will manage the business under an interim transition services agreement. The announcement noted that the planned transaction, which is expected to be accretive to earnings upon closing, will be made through a combination of cash and stock valued at approximately $9 million. The assets acquired through the transaction, which show a history of significant profitability, are anticipated to provide strong recurring revenues. “This transaction presents a unique growth opportunity for the company — a highly profitable recuring revenue stream at approximately $8 million run rate annually and an opportunity to provide immediate tangible value to our shareholders,” said Spectrum CEO Mark Porter in the news release. “The network assets and intellectual property we will acquire come at a very favorable valuation and add a platform for additional growth, organically and through acquisition with tremendous growth possibilities. TAC’s service provider customer base also represents an opportunity for growth within High Wire’s Overwatch Managed Security marketplace sales channel. Everything we are working on is about two things- creating lasting value and accelerating our business. We will go faster.”
To view the full press release, visit https://ibn.fm/pn8g2
About Spectrum Global Solutions Inc.
Spectrum Global Solutions 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, please visit www.SpectrumGlobalSolutions.com.
NOTE TO INVESTORS: The latest news and updates relating to SGSI are available in the company’s newsroom at http://ibn.fm/SGSI
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