Business
IQST - iQSTEL Eliminates All Debt In Form Of Notes Becoming Debt Free Company
NEW YORK, Feb. 17, 2021 /PRNewswire/ -- iQSTEL, Inc. (USOTC: IQST), an international provider of Telecom, Technology, Fintech and Blockchain solutions, today
About this update from Iqstel Inc.
[{"type":"text","content":"NEW YORK, Feb. 17, 2021 /PRNewswire/ -- iQSTEL, Inc. (USOTC: IQST), an international provider of Telecom, Technology, Fintech and Blockchain solutions, today announced that it has eliminated all remaining debt from its balance sheet associated with any Promissory Note. With the exception of routine operational payables, the Company is now completely debt free with no Convertible Notes, Warrants, Promissory Notes or Settlement Agreements.\n\n \n \n \n \n \n \n\n \n\"Since the fourth quarter of 2020, we have eliminated over $3.3 million of debt from our balance sheet, which not only strengthens our financial condition, but also improves our financial performance as net income is no longer burdened with interest expense. Eliminating all debt is a key milestone as we prepare for a potential up-list onto a major stock exchange,\" commented Leandro Iglesias, iQSTEL's CEO. \n\"With our strengthened balance sheet, we can better focus on our growth strategy and the development of our Telecom (SMS, VoIP, 5G Fiber-Optic Network), Technology (IoT Smart Gas/Tank/EV Platforms & iQBatteries for EV), Fintech (Visa Debit Card & Remittances) and Blockchain Platforms (MNPA & Settlement/Payments Marketplace) segments, with a keen eye on maximizing shareholder value. We look forward to continuing to report further corporate execution, as well as our progress in the up-listing process,\" added Mr. Iglesias.\nThrough an agreement with its Promissory Note holders, IQST exchanged IQST restricted common shares to eliminate outstanding Promissory Note balances. \nUnder the agreement with the Promissory Note holders, the issued shares will be priced at $0.68 each, and will be restricted for a period of six months from the date of issuance. The debt holders have one year from the date of execution of the agreement to request the issuance of the shares totaling 2,230,400. As a result of the execution of the agreement, each Promissory Note will be considered paid in full.\nAbout iQSTEL Inc.:\niQSTEL Inc (OTC: IQST) (www.iQSTEL.com) is a US-based publicly-listed company offering leading-edge Telecommunication, Technology and Fintech Services for Global Markets, with presence in 13 countries. The company provides services to the Telecommunications, Electric Vehicle (EV), Liquid Fuel Distribution, Chemical and Financial Services Industries. iQSTEL has 4 Business...