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/.
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Investor Relations: Greg Falesnik or Luke Zimmerman MZ Group – MZ North America Main: 949-259-4987 SGSI@mzgroup.usSpectrum Global Solutions, Inc