Business
SurgePays 2020 Revenue Increases 111% Year-Over-Year to $54.4 Million
Company continues to progress towards a Nasdaq up-list BARTLETT, Tenn., April 06, 2021 (GLOBE NEWSWIRE) -- SurgePays, Inc. (OTCQB: SURG) (“SurgePays” or the
About this update from Surgepays, Inc.
[{"type":"text","content":"Company continues to progress towards a Nasdaq up-list\nBARTLETT, Tenn., April 06, 2021 (GLOBE NEWSWIRE) -- SurgePays, Inc. (OTCQB: SURG) (“SurgePays” or the “Company”), a fintech company meeting the needs of the underserved and underbanked, announced financial results for the fiscal year ended December 31, 2020 and provided a corporate update. Recent corporate highlights and developments include: Expanded product and service offerings for convenience stores on the SurgePays Blockchain network to enable a “deep and wide” revenue growth strategyEnhanced the scalability and security of the core transaction platform by integrating with Amazon Web Services, Microsoft Azure and Kaleido BlockchainContinued progression towards an expected Nasdaq up-list through a customary regulatory and preparatory process and filingsClosed a $2.3 million bridge financing in March 2021Retired $2.65 million in debt in March 2021 to strengthen the balance sheet, which also eliminated an 87 million shares reserve that was previously held for this debt due to its convertible featuresAnnounced the additions of Jay Jones and David May as independent members of the Board of Directors “We now have all hands-on deck, including our banker, to complete our up-list to Nasdaq. This will help provide greater exposure to investors as we expect continued growth from the execution of our corporate strategy in what we think is the extremely hot blockchain FinTech sector while disrupting traditional wholesale product distribution models. In parallel, we are pushing forward with our plan to IPO Surge Logics, under its new name LogicsIQ, with the goal of significantly enhancing shareholder equity for SurgePays through controlled ownership,” said SurgePays Chief Executive Officer Brian Cox. “As recently outlined in a letter to shareholders, one of our goals for 2021 is to execute on our ‘deep and wide’ strategy of adding new retail stores to our network while focusing on these relationships to ultimately increase the revenue generated from each store by multiplying the volume of products and services sold at each store. Even with the COVID-19 pandemic’s impact, we were still able to progress relationships with store owners and partners, add new consumer products to our SurgePays e-commerce wholesale platform, and improve our technology, all with the goal of helping us acce...