Business
SurgePays, Inc. Retires Additional Debt
SurgePays has retired a total of $2,645,825 in debt since January 1, 2021, releasing 86,870,025 shares previously reserved for loans. BARTLETT, Tenn., March
About this update from Surgepays, Inc.
[{"type":"text","content":"SurgePays has retired a total of $2,645,825 in debt since January 1, 2021, releasing 86,870,025 shares previously reserved for loans.\nBARTLETT, Tenn., March 30, 2021 (GLOBE NEWSWIRE) -- SurgePays, Inc. (OTCQB: SURG) (“SurgePays” or the “Company”), a blockchain fintech company building a next generation supply chain network that offers wholesale goods and financial services for the underbanked more cost efficiently than traditional distribution models, today announces that it has retired an additional $1.48 million in debt above and beyond the previously retired $1.17 million of debt as announced on March 17, 2021. Cash on hand and proceeds from the Company’s recent bridge financing were used to retire the combined $2.65 million in debt since January 1, 2021. “We continue to see paying down our relatively high-cost debt as advantageous to our balance sheet and to our shareholders, especially as we continue to position the Company for an up-list to Nasdaq. Eliminating this debt will also eliminate the nearly 86 million-share overhang in reserve from our potential share count compared to approximately 44 million shares in the float. Given the debt repayment, we are happy to see these shares will come out of reserve,” said SurgePays CFO Tony Evers. About SurgePays, Inc. SurgePays, Inc. utilizes its blockchain software platform to offer a comprehensive suite of prepaid, financial services for the underbanked, and top selling wholesale products to independently owned convenience stores, mini-marts, tiendas, and bodegas more cost efficiently than existing wholesale distribution models. Please visit www.SurgePays.com for more information. Company Contact:Tony Evers CPA, CIAChief Financial OfficerChief Operating [email protected] Investor Relations Contact:CORE [email protected] Media Relations:Jules AbrahamDirector of Public RelationsCORE [email protected] Cautionary Note Regarding Forward-Looking Statements. This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words \"forecasts,\" \"forecasting,\" \"believe,\" \"may,\" \"estimate,\" \"continue,\" \"anticipate,\" \"intend,\" \"should,\" \"plan,\" \"could,\" \"target,\" \"potential,\" \"is likely,\" \"will,\" \"expect\" and similar expressions, a...