- On
February 7, Spectrum Global Solutions announced its entry into a
definitive agreement of merger with WaveTech Global Inc.
- Upon
completion of the merger, WaveTech will become the majority-controlling
shareholder of Spectrum Global Solutions
- Representatives
of the two companies announced that the merger will provide unique growth
opportunities and tremendous value for shareholders
Spectrum Global Solutions Inc. (OTCQB: SGSI), a
multi-national single-source provider of next-generation communications network
professional services and software solutions to telecommunications and
enterprise markets, recently announced its entry into a definitive agreement of
merger with WaveTech Global Inc. Upon completion of the merger and acquisition,
the consolidated merged entity will have an enterprise value of $130 million,
according to a company press release issued on February 7 (http://ibn.fm/RbYGj).
WaveTech Global is a next-generation technology platform
that specializes in the provision of mobile network microservices, critical
power management, asset lifecycle extension, data analytics and intellectual
property development, among other offerings.
The merger will be completed through a sale and exchange of
shares and cash. Upon finalization of the transaction, WaveTech will become the
majority-controlling shareholder of Spectrum Global Solutions.
According to the official announcement, Spectrum will
rebrand itself under the WaveTech Global name. The company’s current leadership
team will remain operational in the interim. Spectrum’s board is anticipated to
expand and include three new members from WaveTech. Spectrum intends to file
for a name change to WaveTech Global. It will also submit an application for
uplisting to a Nasdaq exchange under the ticker ‘WAVE’.
“We believe the combination with WaveTech presents a unique
growth opportunity for the Company and provides tremendous value for our
shareholders,” Spectrum Global Solutions CEO Roger Ponder said in a news
release.
“We are excited to join forces with Roger and his team to
enable WaveTech and Spectrum to leap forward together. WaveTech is excited to
harness the scale and expertise that Spectrum has developed, offering true
synergy for Spectrum stakeholders and new WaveTech stakeholders alike. The
opportunity ahead of us is massive, and together the new WaveTech team has
dramatically improved its sustainable competitive advantage,” WaveTech’s
Michael Kotlarz added.
WaveTech’s platform of products features a number of highlights.
The company’s Power-Control network architecture is patent pending. It has AI
capabilities for the creation of an automated intelligent network from a
customer’s power storage and generation assets. The aim of the network is to
complete a wide range of customer-specific goals. WaveTech is also known for
its patented approach to crystal control, which can dramatically reduce the
need for backup energy capital expenditure and the linked costs for
environmental control and maintenance to protect critical energy assets.
Spectrum Global Solutions is a leading single-source
provider of end-to-end, next generation wireless and wireline network
infrastructure. The company offers professional solutions to the service
provider and corporate enterprise markets across the U.S., Canada, Guam, Puerto
Rico and the Caribbean region.
The company provides services directly to carriers,
aggregators, project management organizations, utilities, original equipment
manufacturers (“OEMS”) and others. It operates through various subsidiaries,
including AW Solutions, TNS Inc., ADEX Corp and Tropical Communications Inc.
Currently, the company lists approximately 200 clients that
range from multinational telecommunications giants AT&T and Verizon to
infrastructure aggregators like ExteNet and Crown Castle.
For more information, visit the company’s website at www.SpectrumGlobalSolutions.com
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