Spectrum Global Solutions Announces Definitive Agreement with WaveTech Global
LONGWOOD, FL, Feb. 07, 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 entry into a definitive agreement of merger (the “Agreement”) with WaveTech Global Inc. (“WaveTech”). WaveTech is a global next-generation technology platform company specializing in mobile network microservices, critical power management and efficiency, asset lifecycle extension, data-analytics, intellectual property development and implementation services. For purposes of the Agreement the proposed transaction, and upon the completion of the merger and acquisition of WaveTech and all of its assets and subsidiaries, the consolidated merged entity shall have an enterprise value of $130 million. The merger shall be effected through a sale and exchange of shares and cash. Pursuant to this transaction, WaveTech Global, Inc will become the majority controlling shareholder of Spectrum.
Spectrum intends to rebrand itself under the WaveTech Global name but operate under its current leadership in the interim. The current Spectrum board will expand to include three new board members from WaveTech Global. The new Board of Directors will initially consist of Keith Barksdale, Michael Kotlarz, Dag Valand, Roger Ponder and Keith Hayter.
Spectrum intends to file for a name change to WaveTech Global, Inc and an application for up-listing to the NASDAQ exchange under the ticker “WAVE” (subject to filing and approval by NASDAQ and FINRA)...