Business
iQSTEL Issues December 2019 Shareholder Letter (Revenues, Reg-A, Debt Restructuring)
NEW YORK, NY, Dec. 30, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- iQSTEL Inc. (OTC PINK: IQST) today issued a letter to shareholders. LETTER TO OUR
About this update from Iqstel Inc.
[{"type":"text","content":"NEW YORK, NY, Dec. 30, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- iQSTEL Inc. (OTC PINK: IQST) today issued a letter to shareholders.\n LETTER TO OUR SHAREHOLDERS Dear Shareholders: On behalf of our management team, I would like to present this letter to our shareholders in order to inform about our estimated revenues for the year ended December 31, 2019, our Reg-A offering qualification, debt restructuring, and the projects for the first two quarters of 2020. Corporate Revenue Estimation FY-2019: Since the acquisition of SwissLink on August 7 of 2019, iQSTEL’s consolidated annual revenue jumped to approximately $22 Million. This revenue represents a year-over-year increase of approximately 60%, putting us in a much higher revenue category, on a consolidated basis. iQSTEL will produce a record revenue year of approximately $18 Million for YE 2019, in comparison to $13,777,379 in 2018. This represents 30% growth year-over-year. We believe our two operating companies, Etelix and SwissLink, have been successful at developing their business plan and daily commercial activities. Additionally, not only have we successfully integrated Swisslink to our overall business plan, but we are in the process of implementing the expected synergies between the two companies regarding cross-selling opportunities, administrative, IT and operating activities. We expect these synergies to further benefit our company into 2020. Reg-A shares offering: The Reg-A offering is a very important part for the development of our business plan. We recently made a pricing adjustment through a post-effective amendment process with the Securities and Exchange Commission. After our last qualification on December 9th, we have begun the Blue Sky offering registration in the NY and FL states, as a final step in our offering process and capital raising activities. We estimate that in the coming 2-3 weeks we will be able to begin the placement of our Reg-A offering, which as previously announced, will give us the financial support to execute our business plan, which may include acquisitions, launching new business initiatives as well as the cleaning up our outstanding debt obligations. Debt Restructuring: As a bridge financing mechanism, we acquired approximately $2 million in convertible debt during 2019, which was necessary to continue our organic growth plan as wel...