Company is now tracking well over $35 million in annual revenue.
LONGWOOD, Fla., Oct. 26, 2018 (GLOBE NEWSWIRE) -- Spectrum Global Solutions, Inc. (OTC:SGSI) (“Spectrum” or “the Company”), a leading provider of telecommunications engineering and infrastructure services spanning the United States, Canada, Puerto Rico, Guam and the Caribbean, is pleased to announce it has received more than $5.7 million in new contract awards during the third quarter of 2018. These new orders include providing professional services, project management, engineering design, network auditing, construction, installation and network upgrade services for various new, state-of-the-art, next-generation communications systems. Work on these new systems commenced during the third quarter, and revenue from these orders will be realized during 2018 and into 2019.
The Company continues seeing an increase in client orders, both domestically and in the Caribbean, for preconstruction and construction services that are needed to support future small cell densification, distributed antennas systems (DAS), fiber network expansions and 5G wireless technology projects. Spectrum additionally anticipates a further increased demand for its services due to recovery efforts from recent storms.
“With new bank financing at our disposal, we can more aggressively pursue the new contract work being made available to us,” said Spectrum CEO Roger Ponder. “With these latest contract awards, we are now tracking well over $35 million in annual revenue and are moving closer to profitability.”
For more information, visit the Company’s website at spectrumglobalsolutions.com.
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.
Forward-looking statements:
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