LONGWOOD, Fla., July 10, 2018 (GLOBE NEWSWIRE) -- Spectrum Global Solutions, Inc., (OTC:SGSI) (“Spectrum” or the “Company”), a single-source provider of end-to-end next-generation wireless and wireline network services and staffing solutions to the service provider (carrier) and corporate enterprise markets, is thrilled to announce that it has received over $2.3 Million in new contract awards set to be realized during Q3 and Q4 2018 reporting periods.
Roger Ponder, CEO, commented, "Our customers continue to deploy new network services and expand their coverage and offerings. Spectrum is able to support these deployments through our full suite of services across the nation. We are now targeting a pipeline of new opportunities with a revenue potential in excess of $135 million.”
The newest contract awards include network audit, fiber deployment, structured cabling, fiber and small cell design services, and staffing solutions to support next generation wireless and wireline services across the United States. Management notes that this new work has already commenced through the Company’s AW Solutions and ADEX subsidiaries.
This announcement follows a number of significant positive steps for the company over recent months, including nearly $8.8 million in new contract awards since April 1, approval by a Tier 1 wireless carrier for implementation of proprietary drone-based structural mapping technology services, and a major streamlining of the mechanical structure of the company’s issued equity through a reduction in outstanding common stock by over 216 million shares.
Mr. Ponder added: “We continue to track extremely favorably as we head into what is shaping up to be a strong back half of the year, with our gross revenue run rate topping $30 million on an annual basis for 2018 on average profit margins exceeding 25%. We will continue to aggressively seek to deliver income, value, and growth to our shareholders both organically and through strategic acquisitions and partnerships.”
About Spectrum Global Solutions, Inc.:
Spectrum Global Solutions operates through its subsidiaries AW Solutions and ADEX Corp. The Company is a leading provider of telecommunications engineering and infrastructure services across the United States, Canada, Puerto Rico, Guam and Caribbean. For more information about the Company and its technologies visit the Company’s public filings at SEC.gov.
The above news release contains forward-looking statements. The statements contained in this document 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," "likely," "may," "might," "plan," "potential," "project," "seek," "should," "will," "would," and other variations or negative expressions of these terms, including statements related to expected market trends and the Company's performance, 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 assumptions that management believes are reasonable based on currently available information, and include statements regarding the intent, belief or current expectations of the Company and its management. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performances and are subject to a wide range of external factors, uncertainties, business risks, and other risks identified in filings made by the company with the Securities and Exchange Commission. Actual results may differ materially from those indicated by such forward-looking statements. The Company expressly disclaims any obligation or undertaking to update or revise any forward-looking statement contained herein to reflect any change in the company's expectations with regard thereto or any change in events, conditions or circumstances upon which any statement is based except as required by applicable law and regulations.
CONTACT: Investor Relations Spectrum Global Solutions 561-672-7068