IQST - iQSTEL CEO Highlights Progress Since QXTEL Acquisition Announcement

Rhea-AI Summary

iQSTEL Inc. CEO Leandro Iglesias updates shareholders on the progress after acquiring QXTEL, reaching $17 million in revenue in January. The combined management teams are working together efficiently, identifying new business opportunities. The company is securing bridge financing for the acquisition and planning further strategic growth through an S-1 Registration Statement and stock options for potential acquisitions in 2024.

NEW YORK, Feb. 13, 2024 /PRNewswire/ -- iQSTEL Inc. (OTC-QX: IQST) today published a letter form the CEO Leandro Iglesias with the latest updates on the company's progress since announcing the acquisition of QXTEL. The letter is included in its entirety below.

 

 

Dear Shareholders:

Since announcing the acquisition of QXTEL taking iQSTEL to a quarter billion in revenue on an annual basis, and subsequently publishing the Pro Forma financial statement combing QXTEL's financials with iQSTEL, our two management teams have already made progress on streamlining operations and taking advantage of our respective customer base synergies.

The extraordinary month of January is now in the iQSTEL record books, with $17 million in revenue before the execution of the QXTEL purchase agreement. The QXTEL management team and the iQSTEL management team are acting as one with the combined management of each meeting weekly to review and coordinate sales and operations. 

I am delighted by how well the two management teams have come together and convinced more now than ever that the combined whole is greater than the sum of its parts. We have already identified new business opportunities that separately would not have been possible.

In addition to the previous disclosures already published in conjunction with the QXTEL acquisition, we are publishing an S-1 Registration Statement in accordance with the terms of the bridge financing agreement funding the QXTEL acquisition.

The bridge financing is a loan secured by a 12 month convertible note. As suggested by the term "bridge," the loan is intended to serve as a temporary vehicle while iQSTEL works to secure more comprehensive strategic financing that will both payoff the bridge loan and fund further strategic growth. The S-1 Registration Statement also includes a separate stock option intended to fund additional potential acquisitions under iQSTEL's ongoing M&A Campaign in 2024.

Standing on iQSTEL's tremendous results for January, the 2024 horizon for iQSTEL truly looks to be heading toward the best year ever.

Sincerely,
Leandro Iglesias
CEO iQSTEL, Inc.

About IQSTEL:

iQSTEL Inc. (OTC-QX: IQST) (www.iQSTEL.com) is a US-based, multinational publicly listed company preparing for a Nasdaq up-listing with an FY2023 $140 million revenue based on preliminary accounting. iQSTEL's mission is to serve basic human needs in today's modern world by making the necessary tools accessible regardless of race, ethnicity, religion, socioeconomic status, or identity. iQSTEL recognizes that in today's modern world, the pursuit of the human hierarchy of needs (physiological, safety, relationship, esteem and self-actualization) is marginalized without access to ubiquitous communications, the freedom of virtual banking, clean affordable mobility and information and content. iQSTEL has 4 Business Divisions delivering accessibly to the necessary tools in today's pursuit of basic human needs: Telecommunications, Fintech, Electric Vehicles and Metaverse.

• The Enhanced Telecommunications Services Division (Communications) includes VoIP, SMS, International Fiber-Optic, Proprietary Internet of Things (IoT), and a Proprietary Mobile Portability Blockchain Platform.
• The Fintech Division (Financial Freedom) includes remittances services, top up services, Master Card Debit Card, a US Bank Account (No SSN required), and a Mobile App.
• The Electric Vehicles (EV) Division (Mobility) offers Electric Motorcycles and plans to launch a Mid Speed Cars.
• The Artificial Intelligence (AI)-Enhanced Metaverse Division (information and content) includes an enriched and immersive white label proprietary AI-Enhanced Metaverse platform to access products, services, content, entertainment, information, customer support, and more in a virtual 3D interface.

The company continues to grow and expand its suite of products and services both organically and through mergers and acquisitions. iQSTEL has completed 10 acquisitions since June 2018 and continues to develop an active pipeline of potential future acquisitions.

Safe Harbor Statement: Statements in this news release may be "forward-looking statements." Forward-looking statements include, but are not limited to, statements that express our intentions, beliefs, expectations, strategies, predictions, or any other information relating to our future activities or other future events or conditions. These statements are based on current expectations, estimates, and projections about our business based partly on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties, and assumptions that are difficult to predict. Therefore, actual outcomes and results may and are likely to differ materially from what is expressed or forecasted in forward-looking statements due to numerous factors. Any forward-looking statements speak only as of the date of this news release, and iQSTEL Inc. undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this news release. This press release does not constitute a public offer of any securities for sale. Any securities offered privately will not be or have not been registered under the Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

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iQSTEL Inc.
IR US Phone: 646-740-0907
IR Email: investors@iqstel.com

Contact Details
iQSTEL Inc.
+1 646-740-0907
investors@iqstel.com

Company Website
www.iqstel.com

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SOURCE iQSTEL Inc.

FAQ

What was iQSTEL's revenue before executing the QXTEL purchase agreement in January?

iQSTEL's revenue before executing the QXTEL purchase agreement was $17 million in January.

What type of financing is iQSTEL securing for the QXTEL acquisition?

iQSTEL is securing bridge financing, which is a loan secured by a 12-month convertible note.

What is the purpose of the bridge financing for the QXTEL acquisition?

The bridge financing serves as a temporary vehicle while iQSTEL works to secure more comprehensive strategic financing to payoff the bridge loan and fund further strategic growth.

What does the S-1 Registration Statement include?

The S-1 Registration Statement includes a separate stock option intended to fund additional potential acquisitions under iQSTEL's ongoing M&A Campaign in 2024.

Who is the CEO of iQSTEL, Inc.?

The CEO of iQSTEL, Inc. is Leandro Iglesias.