Business
TPT Global Tech signs Definitive Agreement to Acquire assets from Midwest ISP Speed Connect and Positions for a 5G Rural American Deployment
TPT Global Tech signs Definitive Agreement to Acquire assets from Midwest ISP Speed Connect and Positions for a 5G Rural American Deployment.
About this update from Tpt Global Tech, Inc.
[{"type":"text","content":"\nSAN DIEGO, April 08, 2019 (GLOBE NEWSWIRE) -- TPT Global Tech, Inc. (“TPTG” or “the Company”) (OTCBB:TPTW) announced today it recently initiated the acquisition 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. Additionally, $500,000 is to be paid at closing after normal due diligence, audit and other conditions are met, anticipated to be in April of 2019. In addition, at the time of closing, the Company will enter into a Promissory Note to pay SpeedConnect in two equal installments of $500,000 plus applicable interest at 10% per annum each within 30 and 60 days, respectively, of closing.  The closing date cannot be beyond June 30, 2019. In addition, on or before 90 days from the closing, the Company is to contribute $1 million in cash to the assets as working capital. \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 over 20,000 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 SpeedConnect’s 5G deployments across 10 Midwestern States, the n...