Business
IQST- iQSTEL Expects Continued Rapid Growth In 2021 With Increased Profits
NEW YORK, April 8, 2021 /PRNewswire/ -- iQSTEL, Inc. (USOTC: IQST) today released a management update highlighting the company's FY2021 Operating Plan.
About this update from Iqstel Inc.
[{"type":"text","content":"NEW YORK, April 8, 2021 /PRNewswire/ -- iQSTEL, Inc. (USOTC: IQST) today released a management update highlighting the company's FY2021 Operating Plan. \niQSTEL, is an innovative, high growth US-based company offering leading-edge Telecommunication, Technology, Fintech Services and Blockchain for Global Markets, with presence in 15 countries. Building on a history of providing wholesale, enhanced Telecommunication Services to Tier 1 and Tier 2, Name Brand Telecom Service Providers, iQSTEL has now expanded its technology expertise to also deliver High-Tech Solutions to the Electric Vehicle (EV), Liquid Fuel Distribution, Chemical and Financial Services Industries. Today, iQSTEL has 4 Business Divisions: Telecom, Technology, Fintech and Blockchain.\niQSTEL revenue more than doubled from 2019 to 2020. The company reported revenue of $18 million in FY2019 and anticipates soon reporting well over $44 million in revenue for FY2020 in the upcoming publication of the company's audited annual financial report.\niQSTEL has forecasted revenue of $60.5 million for FY2021.\nIn addition to continued rapid revenue growth in FY2021, management expects to report increased profits. \niQSTEL ended Q1 with more than $2 Million in cash putting the company in an ideal position to pursue its expansion plans in the balance of FY2021.\nA key component of iQSTEL's FY2021 Operations Plan is to invest in our current operating subsidiaries, to improve their respective balance sheets, increase working capital, and facilitate organic growth.\nWe have already increased the working capital of our SwissLink subsidiary from 500,000 CHF to 1 Million CHF (1 CHF is equal to 1.07 USD), providing a solid foundation for the SwissLink's growth of this year. \niQSTEL recently announced the elimination of all promissory notes and warrants. The dramatic debt reduction and debt burden carrying cost makes a substantial contribution to improved profits.\niQSTEL also recently announced the operational consolidation of its telecommunication operations in order to both build one unified marketing brand name (www.IQSTelecom.com), and to effect operating efficiencies, in turn, further contributing to improved profits.\niQSTEL has grown both organically and through merger and acquisition (M&A). The company's M&A campaign continues and could push revenue growth past the current FY20...