- Spectrum
Global Solutions reports third quarter 2019 financial results
- Closes
acquisition of global battery technology company WaveTech GmbH
- Receives
$6.9 million in new contract awards
With the recent acquisition of WaveTech GmbH, Spectrum
Global Solutions Inc. (OTCQB: SGSI) has strengthened its support
capabilities for telecommunications companies building the new 5G
infrastructure. The acquisition has also opened the door to new markets for
Spectrum’s core business, particularly in Europe, Asia and Africa, where the
acquired entity maintains several key relationships. Spectrum expects to
benefit from substantial economies of scale by capitalizing on the
cross-selling opportunities now made possible. The company announced the
acquisition and several other positive developments in its release of financial
results for Q3 2019, including close to $7 million in new contracts and
establishment of a Canadian subsidiary (http://ibn.fm/oQkVm).
The WaveTech GmbH acquisition marks a new chapter in
Spectrum’s remarkable success story (http://ibn.fm/qm0aZ). Since starting operations over three
decades ago, the company has successfully executed over 150,000 projects.
Spectrum has delivered cost-effective, scalable, robust solutions for
communication carriers, utilities, enterprise companies, OEMs and others. As 5G
rollout accelerates, the company’s opportunity pipeline has swelled to around
$137 million. The WaveTech GmbH add-on is expected to turn many of those
opportunities into positive outcomes.
WaveTech GmbH is a global German technology company,
currently working with a Fortune 1000 client base, that provides energy
management, data analytics and monitoring services extending the useful life of
battery systems. The company’s patented Crystal Control
Technology (CCT) (registered), the product of over a decade of R&D
efforts in Norway and Germany, prevents the buildup of non-soluble lead
sulphate crystals in lead-acid batteries. CCT also prevents the degradation of
the active materials microstructure, the primary cause of failure for over 80
percent of batteries. The CCT technology is expected to ensure significantly
longer lifespans for batteries used in telecommunications networks, data
centers and similar applications.
The services offered by WaveTech GmbH complement Spectrum’s
core communications network infrastructure and maintenance solutions. The union
of the two companies will allow the marketing of WaveTech’s GmbH’s globally
patented CCT technology to Spectrum’s existing customer base, thus helping
clients reduce the capital expenditures required for power supply systems, as
well as improving the reliability of their battery back-up systems.
Consequently, the merged entity is expected to benefit from considerable
economies of scale.
Spectrum is now operating in Canada. The company has
established a subsidiary – ADEX Canada – to address network infrastructure
services opportunities with both new and existing tier-1 clients in the
Canadian market. ADEX Canada will offer turnkey project staffing solutions that
include engineering, furnishing, installation, testing and integration services
for wireline, wireless, broadband, VoIP, 4G/5G and public safety communications
networks.
Moreover, Spectrum has signed a total of $6.9 million in new
contracts, composed of work orders from both new and existing clients. These
new contract awards are in addition to any revenue derived from existing master
services agreements already in place with tier-1 carriers and infrastructure
aggregators. They include a 3-year, nationwide contract renewal with tier-1
U.S. telecommunications company for outside plant labor, construction and
maintenance services through the Company’s ADEX subsidiary, as well as a new
contract, through the company’s AW Solutions subsidiary, with a tier-1
infrastructure aggregator in support of 5G network deployment in a major U.S.
metropolitan area.
For more information, visit the company’s website at 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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