High Wire Networks, Inc. (OTCQB:HWNI), a provider of telecommunications services, announced Monday the appointment of Edward Vasko as Chief Operations Officer, effective immediately. Vasko, who will also continue his role as CEO of the company's Overwatch managed cybersecurity services division, brings over three decades of experience in the cybersecurity industry.
The appointment follows the resignation of Stephen LaMarche from the COO position on September 19, 2024. LaMarche will, however, maintain his role on the company's Board of Directors.
Vasko's extensive background includes business formation, strategic mergers, and acquisitions, as well as addressing national cybersecurity workforce development. His previous positions include Director of Boise State University’s Institute of Pervasive Cybersecurity and Senior Vice President at Avertium, a cybersecurity firm.
Under the terms of his existing offer letter with the company, Vasko will receive an annual base salary of $260,000 and a one-time equity award valued at $40,000. He is also eligible for quarterly cash bonuses based on revenue targets, with up to $45,000 for existing revenue and up to $81,250 for incremental net new revenue.
There is no indication of any family relationships between Vasko and any other directors or executive officers of High Wire Networks, nor does he have any material interest in transactions that would necessitate disclosure under SEC regulations.
In other recent news, High Wire Networks Inc. has made notable changes to its business strategy, focusing solely on its managed cybersecurity division, Overwatch. The company recently sold its technology enablement services business to ServicePoint for $11.2 million, a move aimed to reduce its debt by approximately $5 million and increase its net shareholders' equity to over $6 million. Additionally, the sale of its subsidiary, Secure Voice Corporation, has been approved and is expected to be finalized soon.
High Wire's Overwatch division has seen substantial growth, with its total contract value (TCV) reaching a record $10.4 million in Q1 2024, a 104% increase from the previous year. This growth is attributed to the division's renewing contracts, which provide a stable revenue stream. The company anticipates achieving breakeven in the latter half of the year due to expected revenue growth and reduced corporate overhead.
Furthermore, High Wire has secured a significant contract to provide Overwatch OT/IoT Security™ for a U.S. health system with over 25 hospitals and clinics.
The company is also expanding its managed cybersecurity services, recently launching Firewall as a Service (FWaaS) through a partnership with a global OEM. Lastly, the appointment of Edward Vasko, CISSP, as a strategic advisor is expected to further accelerate the growth of Overwatch.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.