WaveTech Global Announces Filing of Lawsuit Against Wavetech GmbH in its merger with Spectrum Global Solutions, Inc.
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HOBOKEN, N.J., July 19, 2019 (GLOBE NEWSWIRE) — WaveTech Global, Inc., a global next generation technology platform company that specializes in power management and efficiency, asset lifecycle extension, data-analytics, and intellectual property development, and its majority shareholder BV Advisory Partners, LLC announced today the filing of a lawsuit in the United States District Court for the Southern District of New York for an injunction against Wavetech GmbH in its announced acquisition by Spectrum Global Solutions, Inc. “SGSI”. The Company has filed this action in response to SGSI’s recently filed 8-K and signed definitive agreement regarding the acquisition of Wavetech GmbH for a total deal value of $120 million, on July 18, 2019. In the lawsuit, WaveTech Global, Inc and BV Advisory Partners, LLC are seeking return of capital advanced to SGSI as well as additional damages and relief.
About WaveTech Global
WaveTech is a global next generation energy management company that specializes in asset lifecycle extension, intellectual property development, and implementation services. The Company offers a global portfolio of end-to-end energy optimization and lifecycle management solutions developed from proprietary intellectual property, engineered systems, and operational expertise. WaveTech’s extensive suite of products include power asset life extension, operational servicing and automation, lifetime cost reduction, and real-time heterogeneous power source switching. Additional information regarding WaveTech may be found on WaveTech’s website at http://www.wavetechglobal.com
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.
WaveTech Global, Inc.