High Wire Networks Inc (HWNI)

[drugmanrx]

Spectrum Global Solutions Acquires $20 Million ADEX Corporation

http://www.globenewswire.com/news-release/2018/03/01/1402095/0/en/Spectrum-Global-Solutions-Acquires-20-Million-ADEX-Corporation.html

LONGWOOD, Fla., March 01, 2018 (GLOBE NEWSWIRE) -- Spectrum Global Solutions, Inc., (f/k/a Mantra Venture Group, Ltd), (OTC:SGSI) (the “Company”), announces today the closing of the previously announced acquisition of ADEX Corporation, an Alpharetta, Georgia-based company and ADEX Puerto Rico LLC. offering turnkey wireless and wireline telecom services and project staffing. ADEX with operations nationwide and in the Caribbean, has supported telecommunications companies for the last 25 years throughout the project life cycle of existing and next generation network deployments nationally and internationally.

Separately the Company announces Closing on a revolving $5 Million credit facility.

Roger Ponder, CEO, stated, "We are very excited to close on this acquisition. ADEX annual revenue for 2017 was over $20 Million; producing more than $1M of adjusted EBITDA.” We were able to accomplish this acquisition using commercial paper, and without any dilution to our shareholders. Our new financing facility will allow us to support the anticipated growth of this operation in 2018. ADEX brings new clients and capabilities to the Company and provides a wide range of engineering, installation and diversified managed solutions that will enhance our existing portfolio and be accretive to earnings.”