Business
IQST – iQSTEL Announces Acquisition of US Based Whisl Telecom Adding Estimated $5.6 Million In Annual Revenue
New York, NY, May 09, 2022 (GLOBE NEWSWIRE) -- iQSTEL, Inc. (OTCQX: IQST) today announced the acquisition of Whisl Telecom (www.whisl.com), a U.S. based
About this update from Iqstel Inc.
[{"type":"text","content":"New York, NY, May 09, 2022 (GLOBE NEWSWIRE) -- iQSTEL, Inc. (OTCQX: IQST) today announced the acquisition of Whisl Telecom (www.whisl.com), a U.S. based telecommunications operator located in Houston, Texas. Whisl provides Voice/SMS services to U.S. corporate customers and operators and expects to generate $5.6 million in revenue over the next 12 months with a net income of $0.83 million. The acquisition of Whisl Telecom broadens iQSTEL’s core IQSTelecom operation adding to the recent acquisition of Smartbiz and the rest of the IQSTelecom portfolio including Etelix, SwissLink, QGlobal, and IoTLabs. “Whisl is iQSTEL’s sixth telecommunications acquisition,” said Leandro Iglesias, iQSTEL CEO. “Whisl and Smartbiz, the acquisition we announced in April, combined add $11.6 million in additional annual revenue and $1.34 million in annual net income. iQSTEL is well on its way to achieving its $90 million revenue and reaching positive net income in FY-2022 and building a foundation for ongoing growth in 2023.” IQSTEL acquired 51% control of Whisl Telecom for $1.25 Million in cash and $550,000 in IQST restricted common shares, with a holding period of 6 months. iQSTEL continues to expand its commercial operations adding new products and services to include its recently launched MasterCard fintech ecosystem, EVOSS Electric Motorcycles, IoTSmartTank and IoTSmartGas in addition to the company’s Blockchain Platform, MNPA. “We are expanding our operating margins with the new products and services we are building on top of our telecommunications foundation that include Fintech, Electric Vehicles, Internet of Things, and Blockchain Platforms,” added Mr. Iglesias. iQSTelecom is currently attending International Telecoms Week in Washington D.C. introducing the company’s new IQSTelecom strategy. Management expects to conduce approximately 180 meetings this week at the conference. IQSTelecom the Telecom Division of IQSTEL keeps reporting to CEO Leandro Iglesias and CFO Alvaro Quintana. iQSTEL Inc. (OTCQX: IQST) (www.iQSTEL.com) is a US-based publicly-listed company holding an Independent Board of Directors and Independent Audit Committee offering leading-edge services through its two business divisions and each of them with independent brands. The B2B division, Brand IQSTelecom offering Telecommunications, Internet of Things, Technology and Blockcha...