BATAVIA, Ill., March 01, 2023 (GLOBE NEWSWIRE) -- High Wire Networks, Inc. (OTCQB: HWNI), a leading global provider of managed cybersecurity and IT enablement services, has renewed and expanded its existing $5 million credit facility to $9 million and secured more favorable terms.
The renewed facility reduces the existing fee structure and interest rate arrangement by 40 percent. It also provides High Wire greater flexibility in its financial structure which was previously unavailable to the company. “This renewed financing facility provides us increased liquidity and better enables us to address the positive trends and opportunities we’ve been seeing in the marketplace,” stated company CEO, Mark Porter. “It also helps us scale our operations to meet the growing demands of our clients for additional services.”
The renewal of the credit facility is part of a larger company initiative to strengthen its capitalization and organizational structure, eliminate high interest convertible debt, secure more favorable financing to support future growth, and prepare the company for an uplisting to a major U.S. stock exchange.
For additional details about the renewed credit facility, see High Wire Networks Form 8-K filed with the U.S. Securities and Exchange Commission at www.sec.gov. The filing is also available from the Investors section at highwirenetworks.com.
About High Wire Networks
High Wire Networks, Inc. (OTCWB: HWNI) is a fast-growing, award-winning global provider of managed cybersecurity and IT enablement services. Through more than 600 channel partners, it delivers trusted managed services for nearly 1,000 managed security customers and tens of thousands of technology customers. Its end-customers include hundreds of Fortune 500 companies and the nation’s largest government agencies.
The company’s Overwatch by High Wire Networks™ platform offers a range of subscription services for threat prevention, detection and response to meet the security and compliance requirements of organizations large and small. The company’s IT enablement services provide the foundation for growing its higher-margin Overwatch business.
High Wire has 350 employees worldwide and seven U.S. offices, including a U.S. based 24/7 Network Operations Center and Security Operations Center in Chicago, with additional regional offices in Toronto, Puerto Rico and UK.
High Wire was recently ranked by Frost & Sullivan as a Top 12 Managed Security Service Provider in the Americas. It was also recently named to CRN’s MSP 500 and Elite 150 lists of the nation’s top IT managed service providers.
Learn more at HighWireNetworks.com. Follow the company on Twitter, view its extensive video series on YouTube or connect on LinkedIn.
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.
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Mark Porter, CEO
High Wire Networks
Tel +1 (952) 974-4000
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Susanna Song
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High Wire Networks
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Tim Randall
CMA Media Relations
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Ronald Both or Grant Stude
CMA Investor Relations
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