Spectrum Global Solutions: Spectrum Global Solutions Announces Transition Services Agreement with High Wire Networks

BOCA RATON, Fla., and BATAVIA, Ill, May 12, 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 the Company's entry into a Transition Services Agreement (the "Agreement" or "TSA") with High Wire Networks Inc. ("High Wire"). This Agreement will help govern the relationship between the Company and High Wire as the parties await satisfaction of certain closing conditions set forth in their previously announced Merger 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. Going forward, as part of the TSA, Spectrum will be able record the EBITDA of High Wire as revenue on its own financial statements. "As we await PPP forgiveness from the SBA, we are moving forward with our transformation of Spectrum, said Mark Porter, CEO of High Wire. "While the SBA might have delayed our Closing, there is much work that can be done to leverage the synergies of our two companies, ignite our respective sales and accelerate our upward trajectory. During the trailing 12 months, the combined ...Full story available on Benzinga.com