Business
IQST – iQSTEL Announces Strategic Investment Interest and Confirms Anticipated Acquisition
New York, NY, Dec. 16, 2021 (GLOBE NEWSWIRE) -- iQSTEL, Inc. (OTCQX: IQST) today published another letter in a series of letters to the shareholders from the
About this update from Iqstel Inc.
[{"type":"text","content":"New York, NY, Dec. 16, 2021 (GLOBE NEWSWIRE) -- iQSTEL, Inc. (OTCQX: IQST) today published another letter in a series of letters to the shareholders from the CEO, Leandro Iglesias as the company continues in the execution of key steps to up-list onto a national exchange. The company is specifically targeting Nasdaq. The letter is included in its entirety below: Dear Shareholders: I am pleased to share with you today that iQSTEL has for some time now been in strategic negotiations with a notable investment firm to structure terms for a substantial investment that will both contribute to iQSTEL’s qualification for up-listing to a national exchange in addition to giving us access to funds that can significantly accelerate our growth over the next three years. iQSTEL is in receipt of an investment proposal for funding that in total exceeds $50 million. Our independent Board of Directors (BOD) has approved the general terms of the proposal and outlined conditions for management to proceed with executing an agreement with the investment firm. Even as far along as we are in the negotiations, there is no guarantee the investment agreement will come to fruition. My confidence level in finalizing the deal is high, and I currently anticipate executing the agreement before the end of the year, but again, no deal is final until it is final. I felt it was important to share the potential investment with you today for two reasons. First, because we are so far along in the negotiations, it is time to preview the potential of completing the transaction. Second, even if the deal does not come to fruition, the fact alone that iQSTEL has engaged in the negotiations at all with an investment firm of this caliber, and progressed to receiving a proposal of this magnitude, serves as a validation of iQSTEL’s overall credibility and stature as business ready for a national exchange up-listing. In addition to the anticipated closing of the strategic investment transaction before the end of the year, we remain on track to finalize the previously announced Smartbiz acquisition on schedule in January. The Smartbiz acquisition is a key component of iQSTEL’s preliminary $80 million 2022 revenue forecast. With an anticipated $63 million in revenue by year-end 2021, in combination with our positive net income trend across all our operations, and with our confide...