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Spectrum Global Solutions Secures $5 Million Revolving Credit Facility from Heritage Bank of Commerce

/EIN News/ -- LONGWOOD, Fla., Oct. 12, 2018 (GLOBE NEWSWIRE) -- Spectrum Global Solutions, Inc., (OTC:SGSI) (the “Company”), a single-source provider of end-to-end next-generation wireless and wireline network services and staffing solutions to the service provider (carrier) and corporate enterprise markets, has entered into a $5 Million revolving asset based line of credit with Heritage Bank of Commerce.  This facility is an accounts receivable line of credit that will support the growth of our ADEX Corporation subsidiary.

Roger Ponder, CEO said, “Adding a revolving bank credit facility to our financial structure is another tangible sign of our growth as a company and a third-party vote of confidence in our future. Access to reasonable bank interest rates and commercial paper insures our ability to maintain our growth, at a reduced cost and without interruption”.

Mike Hansen, Senior Vice President and Manager of Heritage Corporate Finance stated: “Heritage Bank of Commerce is pleased to be a financial partner with Spectrum Global Solutions helping them with their future growth. We are looking forward to continue working with their management team, and establishing a successful, long-term partnership.”

ThinkEquity, A division of Fordham Financial Management, Inc., acted as exclusive advisor to the company on the financing. 

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 and solutions 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.

About Heritage Bank of Commerce:

Founded in 1994, Heritage Bank of Commerce is the premier local community business bank based in the heart of the Silicon Valley, with multiple locations throughout the Greater Bay Area. We offer a full range of banking services to all sized businesses using a “Consultative” relationship banking approach, a bank by business people for business people. Over the years, our proven team of professional bankers have put our experience and commitment to work, offering premier, high-touch service, and innovative, targeted solutions to build long-term relationships with our clients.   

Our service offering covers a wide range of specialties, including Construction Lending, Factoring, and Cash Management. We are a Preferred Lender with SBA.  In addition, we offer guaranteed loans through the USDA B&I program and State of California. 

To learn more about Heritage of Commerce, call us at 888-494-4599 or go to our web site www.heritagebankofcommerce.bank

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

CONTACT:
Investor Relations
Spectrum Global Solutions
561-672-7068

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Distribution channels: Energy Industry