Business
SurgePays Reports Third Quarter 2021 Financial Results and Provides Corporate Update
BARTLETT, Tenn., Nov. 16, 2021 (GLOBE NEWSWIRE) -- SurgePays, Inc. (Nasdaq: SURG) (“SurgePays” or the “Company”), a fintech company providing essential
About this update from Surgepays, Inc.
[{"type":"text","content":"BARTLETT, Tenn., Nov. 16, 2021 (GLOBE NEWSWIRE) -- SurgePays, Inc. (Nasdaq: SURG) (“SurgePays” or the “Company”), a fintech company providing essential financial services and products to the underbanked population and software applications to a number of industry verticals, today announces financial results for the third quarter ended September 30, 2021 and provides a corporate update. Recent Corporate Highlights: Uplisted to the Nasdaq Capital Market and completed a $19.8 million public offering.Received approval from the Emergency Broadband Benefit (EBB) Program to provide discounted broadband services through the Company’s SurgePhone mobile virtual network operator (MVNO) subsidiary to qualified users in 14 states.Acquired Commander Communication, a provider of prepaid wireless payment products to approximately 500 convenience stores with intent to cross-sell other products and services into Commander’s customer base.Launched new custom private label gift card program for retail stores on the SurgePays fintech platform to provide additional convenience and loyalty opportunities for these locations’ customersContinued to progress towards an IPO of the Company’s enterprise software subsidiary LogicsIQ, Inc. (formerly Surge Logics, Inc.)Appointed Anthony P. Nuzzo, Jr. as CEO of LogicsIQ subsidiary “The third quarter showed increasing revenue, margin expansion and a narrowing in the net loss. What I’m really excited about, though, is we are now trading on NASDAQ with a significant infusion of capital which should allow us to take advantage of multiple growth initiatives and better execute on things in our pipeline,” commented SurgePays CEO Brian Cox. “Our core mission has not changed: We are focused on utilizing our blockchain fintech software platform to bring essential financial services and products to the underbanked communities by targeting the stores most frequented by these customers. To this end, and with our newly available capital, we plan to shift from independent sales reps to building out a nationwide in-house sales team to more aggressively engage convenience stores, bodegas and community stores in order to expand beyond the 8,000 stores on our network. We have already identified an additional 30,000 stores for targeting, and over time the addressable market is literally hundreds of thousands of additional stores th...