High Wire Networks Welcomes Edward Vasko as COO to Drive Growth
High Wire Networks Announces Appointment of New COO
High Wire Networks, Inc. (OTCQB:HWNI), a leading telecommunications service provider, is excited to share the appointment of Edward Vasko as its new Chief Operations Officer. This strategic move comes at a pivotal time for the company as it strengthens its focus on managed cybersecurity services, particularly through its Overwatch division.
Profile of Edward Vasko
Edward Vasko is no stranger to the cybersecurity landscape, boasting over three decades of experience. He is also the CEO of the Overwatch division, where he has demonstrated robust leadership. His impressive resume includes key roles such as Director at Boise State University's Institute of Pervasive Cybersecurity and Senior Vice President at Avertium.
Compensation Package and Responsibilities
Under the terms of his contract, Vasko will benefit from an annual base salary of $260,000, complemented by a one-time equity award valued at $40,000. Notably, he is eligible for quarterly cash bonuses linked to revenue targets, allowing him to earn up to $45,000 for existing revenue and an impressive $81,250 for net new revenue.
Strategic Realignments and Enhancements
The appointment of Vasko comes after the resignation of Stephen LaMarche from the COO position, who will remain on the Board of Directors. This transition aligns with High Wire Networks’ broader strategy of concentrating its efforts on the Overwatch cybersecurity division, a move interpreted as a commitment to long-term growth and stability.
Financial Developments and Market Adjustments
Recently, the company executed a significant strategy by divesting its technology enablement services to ServicePoint for $11.2 million. This decision not only reduces debt by approximately $5 million but is also set to improve shareholders' equity to over $6 million. Following closely, the anticipated finalization of the sale of its subsidiary, Secure Voice Corporation, is expected to further optimize financial resources.
Growth of Overwatch Division
High Wire's Overwatch division has reported remarkable growth, evidenced by its total contract value reaching an outstanding $10.4 million in Q1 2024—marking a 104% increase from the previous year. This growth is largely driven by renewed contracts that contribute to a consistent revenue flow. With projected revenue growth and a reduction in corporate overhead, the company is looking towards achieving breakeven in the later half of the year.
Major Contracts and Service Expansion
Further underscoring its commitment to cybersecurity, High Wire Networks recently secured a substantial contract to provide Overwatch OT/IoT Security™ for a healthcare system comprising over 25 hospitals and clinics. Coupled with this, the launch of Firewall as a Service (FWaaS) through a partnership with a global OEM signifies the company's intent to broaden its managed cybersecurity offerings.
Future Perspectives with Vasko
The inclusion of Edward Vasko as COO is anticipated to considerably accelerate the growth trajectory of the Overwatch division. His wealth of knowledge and strategic insight into the cybersecurity industry is expected to open new avenues for growth and innovation.
Frequently Asked Questions
Who is Edward Vasko?
Edward Vasko is the newly appointed Chief Operations Officer of High Wire Networks and continues as CEO of the Overwatch cybersecurity division.
What is Vasko's experience in cybersecurity?
Vasko brings over 30 years of experience in the cybersecurity sector, including leadership roles at renowned institutions and companies.
What are High Wire Networks' recent strategic changes?
High Wire is focusing on its Overwatch division, selling off non-core business segments to enhance growth and manage debt.
How has Overwatch performed financially?
Overwatch reported a contract value of $10.4 million in Q1 2024, a significant increase compared to the same period last year.
What services are being expanded under High Wire Networks?
The company is expanding its services through offerings like Firewall as a Service (FWaaS) and OT/IoT Security for healthcare.
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