- Spectrum
Global Solutions is an end-to-end market solutions provider for
communications networks, providing and maintaining infrastructure for
wireless and wired-in products
- The
rush by major carriers to secure enhanced-speed 5G wireless network space
is creating a boom in opportunity for infrastructure builders, and
Spectrum Global is increasingly competitive in the industry
- Spectrum
Global’s just-released financial results for the third quarter show the
company’s portfolio growing with the addition of German energy system
crystal tech developer WaveTech GmbH
- The
addition of millions of dollars in new and renewed contracts, including
tier 1 carriers, demonstrates the level of confidence and attention
focused on Spectrum Global’s services
A recently released third quarter financial report is
sending strong signals about telecommunications network infrastructure
builder Spectrum Global Solutions Inc. (OTCQB: SGSI) following
months of new contract and portfolio-building activity that has allowed the
company to simultaneously eliminate $4.7 million in both debt and accrued
interest, strengthening its balance sheet.
“We expect to see encouraging growth through the remainder
of the fourth quarter and into 2020, chiefly driven by growing investments in
5G networks across the United States by all major carriers,” Spectrum Global
CEO Roger Ponder stated in a company news release announcing the quarterly
results (http://ibn.fm/9GUIk).
Gross profits during the third quarter rose to 18 percent of
revenues from 16.6 percent the year previous, as a result of “minor
fluctuations of margins” in existing contracts.
“We are better positioned to seize the immense opportunities
facing us today than at any time in our history now that we have closed on the
acquisition of WaveTech and their incredible technology,” Ponder added. “I look
forward to continuing operational execution and creating long-term value for
our shareholders.”
WaveTech GmbH is a multinational technology company based in
Germany that provides energy management, data analytics and monitoring services
to other businesses. WaveTech’s patented Crystal Control Technology
(registered) uses electrodynamic fields to stimulate the growth of beneficial
crystals or to prevent undesirable crystal formation build-up, specifically
within lead-acid batteries used in a variety of energy storage applications
whose lifespan may be affected by such crystals, including batteries used in
telecommunications networks and data centers (http://ibn.fm/y3xqj).
Spectrum Global’s excitement over the acquisition stems from
expectations the CCT technology will help the company make energy supply much
more cost-efficient, reliable and eco-friendly by protecting the energy
infrastructure for telecommunications networks. That will in turn deliver a
significant decrease in costly backup energy requirements for these critical energy
assets (http://ibn.fm/l36XN).
The end-to-end telecommunications network service provider
is increasingly competitive to provide needed construction and maintenance as
carriers large and small prepare to build or adopt enhanced-speed 5G wireless
networks worldwide. During the year thus far, SGSI has renewed a three-year
contract with a tier 1 infrastructure aggregator for professional engineering
and design services related to a new 5G network in a major metropolitan area,
and received a total of $6.9 million in new contract awards across all its
subsidiaries for new and existing clients in addition to revenues from ongoing
service agreements with tier 1 carriers and infrastructure aggregators.
“Our recent expansion into the Canadian market alongside
tier-1 clients is particularly exciting as well, further expanding our reach
and allowing us to better service our multinational clients across borders,”
Ponder stated. “The Canadian expansion of our ADEX Subsidiary presents exciting
cross selling opportunities across our various businesses as well.”
Spectrum Global fulfills both wireless and wireline projects
for carriers, aggregators, enterprise services, project management offices
(PMOs) and original equipment manufacturers (OEMs) of all sizes, including
well-known names such as Ericsson, Nokia, Sprint, AT&T and Verizon.
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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