Large second quarter gains form the basis of long-term success
BOCA RATON, Fla., August 27, 2021 (GLOBE NEWSWIRE) – Spectrum Global Solutions Inc. (the “Company” or “Spectrum”) (OTCQB: SGSI), today announced its second quarter results. The auditors informed the company that they viewed High Wire Networks, Inc. as the acquiring entity in the previously announced merger. Accordingly, the financial statements reflect the full second quarter of High Wire and the last two weeks of the SGSI quarter.
Highlights of the second quarter of 2021:
- Shareholders’ net worth, including Series D preferred shares, increased to $ 11.174 million from $ 1 million for the same period ending June 30, 2020
- $ 10.8 million in pro forma sales
- Pro forma net income of $ 1.161 million
- High Wire’s industry-leading Overwatch managed cybersecurity market has seen tremendous growth in every key metric
- The sales and marketing organization has been consolidated and expanded, and growth is expected to continue
- Operations have been streamlined across all business units, reducing overall costs and increasing operational efficiency
- Revenue and EBITDA trends are expected to continue in a positive direction, building on the second quarter
- The evolution of the costs of SGSI’s historical activities continues to decline
- Company liquidity is expected to continue through year end and lead to improved cash flow
- The Secure Voice Corp. transaction previously announced is expected to close before the end of the third quarter
“We are very pleased with the improvements made during the second quarter. Our team continues to do the little things that lean on themselves to do big things, ”said Mark Porter, President and CEO of High Wire. “We laser focus building the foundation for long-term sequential success through lasting partnership relationships, profitable recurring revenues in high growth industries and by putting the absolute best players in the field at all times. growth and “go faster”.
|As reported||Spectrum for the period before reverse acquisitions||With spectrum effect for the whole quarter|
|Returned||$||7 794 068||$||3,029,879||$||10 823 947|
|Net income (loss)||$||(1,591,590||)||$||2 752 779||$||1,161,189|
|Balance sheet data||30-June-21||31-Dec-20|
|Cash and Restricted Cash (a)||$||4,195,227||$||436,448|
|Total current assets||11 787 222||3 185 127|
|Total assets||38 295 925||8 978 444|
|Total responsibilities||27 120 986||5 195 894|
|Total equity and mezzanine equity||$||11,174,939||$||3,782,550|
(a) As of June 30, 2021, the Company had $ 2 million in restricted cash under the terms of a CARES Act loan. On July 26, 2021, the cash was no longer allocated and was transferred to the Company’s operating account.
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 in the United States, Canada, Puerto Rico and the Caribbean. For more information about the Company and its technologies, visit the Company’s public documents at www.SEC.gov or on the Company’s website at https://SpectrumGlobalSolutions.com
About high intensity networks
For 20 years, High Wire Networks has been a trusted partner of VARs, MSPs, Distributors, Integrators, Manufacturers and Telecommunications Suppliers, enabling them to minimize overhead costs while expanding delivery capabilities worldwide. Our flexible workforce provides vendor-independent technical, 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 Overwatch Managed Security Platform as a Service enables our partners to deliver comprehensive cybersecurity that’s easy to sell and 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 on-site fault repair and remote technical support. With High Wire Networks, partners are doing work. Learn more at http://www.highwirenetworks.com/
The above press release contains forward-looking statements. Statements contained herein 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”, “probably”, “may”, “could”, “plan”, “potential” , “Plan”, “seek”, “should”, “will,” “” would “and other variations or negative expressions of these terms, including statements relating to expected market trends and the performance of the Company, 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 what management considers reasonable based on information currently available, and include statements regarding intention, l a belief or current expectations of the Company and its management. Potential investors are cautioned that these forward-looking statements are not guarantees of future performance and are subject to a wide range of external factors, uncertainties, business risks and other risks identified in documents filed by the company with the Securities and Exchange Commission. Actual results may differ materially from those indicated by these forward-looking statements. The Company expressly disclaims any obligation or commitment to update or revise any forward-looking statement contained herein to reflect any change in the Company’s expectations in this regard or any change in the events, conditions or circumstances on which a statement is made. is based, unless required by law and regulations.
Global spectrum solutions
Vice President of Communications