Business
Surge Holdings Reports 21% Increase in Revenue to $4.9 Million for the Third Quarter of 2019 and Provides Business Update
Reports continued progress with rollout of SurgePays™ Network through AATAC Asset purchase of ECS prepaid wireless business and software platform adds 9,800
About this update from Surgepays, Inc.
[{"type":"text","content":"Reports continued progress with rollout of SurgePays™ Network through AATAC\n Asset purchase of ECS prepaid wireless business and software platform adds 9,800 retail locations to SurgePays™ Network Launches SurgeRewards app enabling wireless customers to earn free unlimited service Launches SurgePays™ Reloadable Debit Card Completes investment into SurgeRewards App and Surge Logics InTake CRM Software Memphis, TN, Nov. 15, 2019 (GLOBE NEWSWIRE) -- Surge Holdings, Inc. (“Surge”) (OTCQB: SURG), developer of the SurgePays™ Network for convenience stores, bodegas and community markets that provide products to the underbanked, today provided a business update and announced financial results for the third quarter ended September 30, 2019. Brian Cox, CEO and Chairman of Surge Holdings, commented, “I am pleased to report we achieved 21% growth in revenue to $4.9 million for the third quarter of 2019. That said, the R&D portion of the Surge lifecycle is complete, and each of the subsidiaries are rolling out products to market. We believe we have built a solid foundation for accelerated revenue growth in 2020. Surge has raised over $3 million in 2019 to support the development of multiple proprietary software programs and applications. I am happy with our team’s performance in executing our strategic plan for scalable growth.” “First, we continue to gain traction and are moving ahead aggressively with the rollout of the SurgePays™ Network through AATAC, one of the largest private trade associations, representing over 110,000 retail locations. The SurgePays™ Network offers the merchant a wholesale marketplace to order products from regional manufacturers. At the same time, manufacturers are now able to distribute their products nationwide in a more efficient and effective manner. The AATAC model called for Surge to be coupled with Pastime Foods and Weekend Warrior Wellness’ products to be sold, setup and installed in the c-stores and at the same time to share the cost. During phase one, there was a delay in the packaging for one of the third-party companies. During the delay, Surge negotiated an exclusive master distribution agreement with both Pastime Foods and Weekend Warrior Wellness. Through the SurgePays™ Marketplace Portal, these companies’ products and payments will all be centralized and aggregated, while additionally allowing Surg...