ADEX Subsidiary to Provide Labor, Construction and Maintenance Services
LONGWOOD, FL, Sept. 04, 2019 (GLOBE NEWSWIRE) -- Spectrum Global Solutions, Inc. (the "Company" or "Spectrum") (OTCQB: SGSI), a leading single-source provider of next-generation communications network infrastructure and maintenance solutions, today announced that it has secured a key 3-year nationwide contract renewal with a tier-1 U.S. based telecommunications company.
The contract renewal, won through the Company’s ADEX subsidiary, is for outside plant labor, construction and maintenance services. The total value of the contract is variable, based on demand and confidential per the terms of the agreement. The revenue generated from the comparable contract with the same tier-1 telecommunications company in the prior 3-year period was in excess of $17.5 million.
“We are pleased to announce this key contract win with a tier-1 U.S. based carrier,” said Roger Ponder, Chief Executive Officer of Spectrum Global Solutions. “We believe that these types of contracts will grow to become particularly valuable as the vast investments that carriers are making into their communications infrastructure come to fruition. Contracts like this also create exciting ancillary opportunities for us to win new business for our AW Solutions and TNS subsidiaries as well.
“It is estimated that the infrastructure cost for 5G alone will exceed $1 trillion, creating an immense opportunity for us to enable carriers to provide improved data connectivity to increasingly data-hungry consumers nationwide. I look forward to working closely with this tier-1 telecommunications company, and others, to power the coming connectivity revolution,” concluded Ponder.
About Spectrum Global Solutions
Spectrum Global Solutions (OTCQB: SGSI) is a leading single-source provider of next-generation communications network infrastructure and maintenance solutions. Spectrum’s highly scalable platform model, proven out through engagements with tier-1 network operators in the United States, Canada and the Caribbean, uniquely allows for the bundling of disparate services with a single provider, simplifying network deployment and maintenance with a comprehensive, cost-competitive one-stop-shop solution. To learn more, visit 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.
Greg Falesnik or Luke Zimmerman
MZ Group – MZ North America