Spectrum Global Solutions (OTCQB: SGSI), a single-source provider of next-generation communications network and professional services to telecommunications and enterprise markets, today announced the company’s divestiture of its WaveTech GmbH and TNS subsidiaries to a company controlled by three former members of its board of directors. Spectrum’s Series C Convertible Preferred Stock has, in effect, been eliminated in connection with the divestiture and will retire more than $1.7M in convertible debt and other balance sheet liabilities. “The divestiture of these companies will allow Spectrum to proceed in a more streamlined and focused direction with a stronger balance sheet and without an overhang on its cap-table,” Spectrum CEO Roger Ponder said in the news release. “WaveTech GmbH and TNS will now be free to pursue their objectives separately and without public company overhead and oversight.”
To view the full press release, visit https://ibn.fm/Q6hp3
About Spectrum Global Solutions
Spectrum operates through its subsidiaries, AW Solutions and ADEX Corp. The company is a 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 its public filings at www.SEC.gov or its 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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