LONGWOOD, FL, July 10, 2019 (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 decision to terminate their definitive share purchase agreement (the “Agreement”) with WaveTech Global, Inc. The merger was to be affected through a sale and exchange of shares and cash. The Company elected to terminate the Agreement due to a failure of certain representations, warranties and conditions set forth in the Agreement.
Roger Ponder, CEO of Spectrum stated, “Attempting to be a disciplined acquirer and having already completed a number of successful acquisitions, with the failure of certain material representations and conditions we simply felt it was in the best interest of our shareholders to not move forward with the Agreement at the present time.”
Mr. Ponder further stated: “In light of the termination of the Agreement, the Board of Directors has reconsidered the Company’s recapitalization intensions and plan to only process a reverse split as reasonably necessary to facilitate an up list to a national exchange.”
About Spectrum Global Solutions
Spectrum Global Solutions operates through its subsidiaries, AW Solutions, ADEX Corp and TNS. 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 www.SEC.gov or the Company’s website at https://SpectrumGlobalSolutions.com/
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.
Spectrum Global Solutions