IQST - iQSTEL CEO Previews 2022 Annual Report Key Highlights

Rhea-AI Summary

iQSTEL Inc. (OTCQX: IQST) has announced plans to file an extension for its 2022 Annual Report and audited financial statement, allowing more time for review due to significant growth. Revenue is projected to rise from $13.7 million in 2018 to $93 million in 2022, fueled by both organic expansion and acquisitions. The report will consolidate results from nine operations, including new acquisitions. The company aims to meet Nasdaq up-listing standards by enhancing disclosure practices. CEO Leandro Iglesias reassures shareholders of the continued commitment to delivering strong results in the coming years.

Positive

• Projected revenue growth from $13.7 million in 2018 to $93 million in 2022.
• Successfully consolidated results from nine subsidiary operations, enhancing financial reporting.
• Enhanced disclosure standards in preparation for a Nasdaq up-listing.
• Strong commitment from management to deliver consistent future results.

Negative

• None.

NEW YORK, March 31, 2023 /PRNewswire/ -- iQSTEL Inc. (OTCQX: IQST) today released a letter to shareholders from CEO Leandro Iglesias addressing key highlights in the upcoming 2022 Annual Report and Audited Financial statement. Mr. Iglesias' letter is included in its entirety below:

Dear Shareholders:

Look for iQSTEL to file an extension later today to give the company and its auditors a few more days to thoroughly review all the different components of our business contributing to the exponential growth we expect to report in the soon to be released 2022 annual report and audited financial statement.

Let me highlight some key reasons why the extension is prudent.

iQSTEL has grown from $13.7 million in revenue in 2018 to the $93 million in revenue we expect to report in the 2022 audited financial statement.

This massive growth is the result of tremendous organic expansion combined with expansion resulting from multiple acquisitions.

Like many publicly traded companies, iQSTEL is a holding company for a number of subsidiary companies with independent operations. The iQSTEL financial report you will soon be able to review will reflect a consolidation of the results of 9 separate operations, some of which were not a part of iQSTEL a year ago.

In the last 4 years, iQSTEL has voluntarily increased its reporting standards going from a PINK Current Information filer to disclosing under OTCQB standards and then onto disclosing under OTCQX standards. We are now preparing our disclosure standards to meet with our Nasdaq up-listing objective. The increased disclosure standards multiplies the financial reporting consolidation complexities that accompany the exponential growth iQSTEL has experienced.

We do expect to file within the extension period and while taking a few more days to thoroughly review the consolidation work, we are confident shareholders will find the 2022 annual report and audited financial statement worth the wait.

We all here working at iQSTEL remain committed to our promise that the best is yet to come. We intend to deliver results over the next five years consistent with the extraordinary results we have delivered over the previous five years.

Sincerely,

Leandro Iglesias
CEO and Chairman iQSTEL, Inc.

About IQSTEL updated:

iQSTEL Inc. (OTC-QX: IQST) (www.iQSTEL.com) is a US-based, multinational public company preparing for a Nasdaq up-listing with an FY2023 $105 million revenue forecast. 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 Telecommunications 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 Division (Mobility) offers Electric Motorcycles and plans to launch a Mid Speed Car.
• The Metaverse Division (information and content) includes an enriched and immersive white label proprietary 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 (M&A).  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.

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
https://www.iqstel.com/

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SOURCE iQSTEL Inc.

FAQ

What is iQSTEL's projected revenue for 2022?

iQSTEL's projected revenue for 2022 is $93 million.

Why is iQSTEL filing for an extension regarding their annual report?

iQSTEL is filing for an extension to allow more time to review the financial report due to significant growth and complexity in consolidating results.

How has iQSTEL's revenue changed since 2018?

iQSTEL's revenue has increased from $13.7 million in 2018 to a projected $93 million in 2022.

What are the future plans for iQSTEL regarding Nasdaq listing?

iQSTEL is preparing its disclosure standards to meet the requirements for a Nasdaq up-listing.

How many subsidiary operations will be reflected in iQSTEL's upcoming financial report?

The upcoming financial report will reflect a consolidation of results from nine subsidiary operations.