Business
IQST - iQSTEL Announces MOU To Acquire Telecom Company Supporting $75.5 Million Initial 2022 Annual Revenue Forecast for Telecom Business Line
NEW YORK, Nov. 18, 2021 /PRNewswire/ -- iQSTEL, Inc. (OTCQX: IQST) today announced entering to a memorandum of understanding (MOU) to acquire a
About this update from Iqstel Inc.
[{"type":"text","content":"NEW YORK, Nov. 18, 2021 /PRNewswire/ -- iQSTEL, Inc. (OTCQX: IQST) today announced entering to a memorandum of understanding (MOU) to acquire a telecommunications company in the VoIP and SMS space. The target acquisition, Smartbiz Telecom LLC, has an estimated $15 million in annual revenue, with positive Net Income. Subject to completing this acquisition, iQSTEL is setting an initial forecast of $75.5 million annual revenue in Telecom Business Line for FY 2022. This initial Telecom forecast does not include an estimate of the additional sales anticipated from cross selling iQSTEL's existing services into the Smartbiz Telecom, LLC customer base.\nThe terms of the MOU outline iQSTEL acquiring a 51% controlling interest in Smartbiz Telecom LLC for a sales price of $1 million paid in iQSTEL restricted stock over a period of six months.\nPreliminary due diligence has already been conducted.\nThe acquisition is anticipated to close in early January, 2022.\nThe iQSTEL Board of Directors has already approved the acquisition.\nMr. Iglesias commented: \"We are very excited about having Smartbiz Telecom LLC join us as a IQSTelecom B2B Division subsidiary. This acquisition will set a minimum Telecom Business forecast of $75.5 Million for FY-2022, and will add positive net income. We are working on the forecast for the Internet of Things, Blockchain Platforms, EV Motorcycles, EV Batteries, and Fintech Ecosystem, and we plan to announce this consolidated Forecast before the end of FY-2021, once we get the Independent Board of Directors approval\".\niQSTEL 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 Blockchain platforms services, the target market for the B2B division is Global Markets. The B2C division, Brand EVOSS offering EV Electric Motorcycles, Fintech Ecosystem, the target market for this business division is Latin America, and the Spanish speakers in the USA. The company has presence in 15 countries, and its products and services are used in several industries as Telecommunications, Electric Vehicle (EV), Financial Services, Chemic...