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TPT Global Tech Enters into an Agreement with Rennova Health to Merge its Software and Genetics Divisions into a New Public Company and Files 8K
TPT Global Tech Enters into an Agreement with Rennova Health to Merge its Software and Genetics Divisions into a New Public Company and Files 8K.
About this update from Tpt Global Tech, Inc.
[{"type":"text","content":"The Merger of Health Technology Solutions, Inc. and Advanced Molecular Services Group, Inc with TPTW's newly formed subsidiary will strengthen TPT Global Tech's Telemedicine ExpansionSAN DIEGO, CA / ACCESSWIRE / June 12, 2020 / TPT Global Tech, Inc. ("TPTW, the Company or TPT Global Tech") (OTCBB: TPTW) announced today it filed its 8k and updated its previously June 11 2020 press release that TPT Global Tech entered into an agreement with Rennova Health, Inc. ("Rennova Health") to merge Rennova Health's software and genetic testing interpretation divisions, Health Technology Solutions, Inc. ("HTS") and Advanced Molecular Services Group, Inc., ("AMSG") into a public company (target) after TPTW completes a merger of its wholly owned subsidiary, InnovaQor, Inc. with this target.The parties anticipate the steps as defined in the agreement to be completed in the 3rd quarter resulting in the target public company being called InnovaQor, Inc. and filing whatever documents are required to be a fully reporting public company. The public company ("InnovaQor") will own certain assets and technology from TPTW's proprietary live streaming communication technology and the technology and software developed and owned by HTS and AMSG. The combination of these fully developed assets will facilitate the creation of a next generation telehealth type platform. This platform will combine telehealth with EHR like capabilities and facilitate a patient's immediate access to healthcare including their local hospital or doctors, for initial consultation, scheduling of appointments and follow on care.Completion of the agreement is subject to a number of approvals and consents which need to be secured to complete the transaction. Subject to the relevant SEC approvals it is intended that TPTW shareholders will receive approximately 5M common shares in InnovaQor. TPTW's intent is to distribute 2.5M of these common shares to its shareholders at date to be determined in the future. Rennova Health will receive 1M Class A Supermajority Voting Preferred Shares, as well as 2.2M of Series B non-voting shares, except in certain circumstances, with certain designation rights, lock up agreements and other specifications as outlined in the agreement in return for the equity in HTS and AMSG. All de...