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iQSTEL, Inc. Ends Dilution with a Refinance of Convertible Debt, Files 8-K Detailing Definitive Agreement with Note Holder
NEW YORK, NY, Feb. 14, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- iQSTEL Inc. (OTC: IQST) is pleased to announce a definitive agreement signed with Labrys
About this update from Iqstel Inc.
[{"type":"text","content":"NEW YORK, NY, Feb. 14, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- iQSTEL Inc. (OTC: IQST) is pleased to announce a definitive agreement signed with Labrys Fund extending the terms of the previous promissory note thereby stopping further conversions.\n Entry into a material definitive agreement 8-K: https://www.otcmarkets.com/filing/html?id=13916162&guid=AHmCUpTtiuq7y3h Mr. Iglesias, the Company’s CEO, stated: “As of February 13, 2020, the Company had matured and due obligations of $892,626 with Labrys Fund. The terms of the original promissory note allowed for conversions upon maturity. However, the Company has successfully reached a refinancing agreement with Labrys Fund extending the payments for about 16 months. As is typical with convertible promissory notes, a pro-rated share reserve is being set up with the transfer agent as a guarantee to the debt holder, further detailed in the 8-K. This new agreement allows for existing cash flow to meet the payment requirements so as to avoid further dilution or the share reserve being used.” “With our recent revenue generating SMS asset acquisition and subsequent JV formation, QGlobal SMS, we look forward to 2020 being a strong growth year across all our brands and wish to thank Labrys Fund for working with us to secure this refinance,” continued Mr. Iglesias, the Company’s CEO. About iQSTEL Inc.: iQSTEL (OTC: IQST) www.iQSTEL.com is a technology company offering a wide array of services to the Telecommunications Industry. These include services to International Long-Distance Telecommunications Operators (ILD Wholesale), Retail and Corporate markets (ILD Retail), Submarine Fiber Optic Network capacity, Satellite Communications services, Mobile Virtual Network Operator (MVNO) services, Internet of Things (IoT) technology solutions, Data Center facilities capacity leasing, and Blockchain solutions for the Telecommunications industry. About Etelix.com USA, LLC: Etelix.com USA LLC www.etelix.com is wholly owned subsidiary of iQSTEL Inc. Etelix.com USA, LLC is a Miami, Florida-based international telecom carrier founded in 2008 that provides telecom and technology solutions worldwide, with commercial presence in North America, Latin America and Europe. Enabled by its 214-license granted by the Federal Communications Commission (FCC), Etelix provides International Long-Distance voice serv...