Business
TPT Global Tech Completes SpeedConnect Asset Acquisition and adds $17M Revenue $3M EBITDA (Unaudited), Positions for a 5G Rural American Deployment
TPT Global Tech Completes SpeedConnect Asset Acquisition and adds $17M Revenue $3M EBITDA (Unaudited), Positions for a 5G Rural American Deployment.
About this update from Tpt Global Tech, Inc.
[{"type":"text","content":"\nSAN DIEGO, May 13, 2019 (GLOBE NEWSWIRE) -- TPT Global Tech, Inc. (“TPTG or the Company”) (OTCBB:TPTW) announced today it has completed its acquisition of most of the assets of SpeedConnect LLC (“SpeedConnect”) for $2 million and the assumption of certain liabilities.  The Asset Purchase Agreement required a deposit of $500,000, paid as part of entering into the Asset Purchase Agreement and an additional $500,000 paid at closing. In addition, at the time of closing, the Company entered into a Promissory Note to pay SpeedConnect $1,000,000 in two equal installments of $500,000 plus applicable interest at 10% per annum with the first installment payable within 30 days of closing and the second installment payable within 60 days of closing.  The Company is required to have SpeedConnect’s financial information audited for the last two years, which audits are in process and expected to be completed within regulatory requirements.\n SpeedConnect was founded in 2002 by its CEO John Arthur Ogren and is in its 17th year of operations as a national, predominantly rural, wireless telecommunications residential and commercial Internet Service Provider (ISP). SpeedConnect.com.  SpeedConnect’s primary business model is subscription based, monthly reoccurring revenues, from wireless delivered, high-speed Internet connections utilizing its company-built and owned national network.  SpeedConnect also resells third-party satellite Internet, DSL Internet, IP telephony and DISH TV products. Mr. Ogren will stay on as the CEO of  SpeedConnect for TPTG for the next two years. SpeedConnect is a privately-held Broadband Wireless Access (BWA) provider. Today, SpeedConnect is one of the nation’s largest rural wireless broadband Internet providers which serves approximately 19,000 residential and commercial wireless broadband Internet customers, in Arizona, Idaho, Illinois, Iowa, Michigan, Montana, Nebraska, South Dakota and Texas. The synergies with TPTG are impressive.  The SpeedConnect asset acquisition provides a complete back office, with a billings and collections machine for all products the new combined enterprise may choose to sell, service, warehouse, or deliver.  With a TPTG cash infusion, and the SpeedConnect’s 5G deployments across 10 Midwestern States, t...