Business
TPT Global Tech Subsidiary Signs Agreement to Acquire Alabama Based IST LLC with $9.5M Backlog in Executed Government Contracts As The Company Prepares For Its Tuskegee Smart City project
TPT Global Tech Subsidiary Signs Agreement to Acquire Alabama Based IST LLC with $9.5M Backlog in Executed Government Contracts As The Company Prepares For Its Tuskegee Smart City project.
About this update from Tpt Global Tech, Inc.
[{"type":"text","content":"SAN DIEGO, CA / ACCESSWIRE / July 7, 2022 / TPT Global Tech, Inc. (OTCQB:TPTW)("TPT Global Tech") announces today that its subsidiary TPT Strategic Inc. (OTC PINK:INOQ)("TPT Strategic") has entered into a definitive agreement for the acquisition of the assets and Information Security and Training LLC ("IST LLC" or "IST") (www.istincs.com) a General Construction and Information Technology Services company with approximately $9.5M backlog in executed Government contracts as of April 30, 2022 based in Huntsville Alabama with branch offices in Nashville TN, Birmingham Al, Jackson MS, Fort Campbell KY, New Orleans LA, and Joint Base Lewis-McChord. IST with two divisions Construction and IT Technology is a general contractor with over 15 years of experience that has completed many projects in the Federal marketplace for over 15 different federal agencies since its inception in 2008 as a contractor. IST has been successfully providing design-build construction, demolition, abatement, earthwork, concrete, steel and metal work, masonry, underground utilities, environmental protection, and site restoration services since 2008. IST differentiates itself by offering superior quality results at a competitive price. IST safely delivers projects on time and within budget. IST has a bonding capacity of $10M per single project and $20M aggregate. IST Information Technology Services Division provides program management, System Engineering, Software Development, Network Engineering, Records Management and Controls, Physical Security and Information Assurance, Video Teleconferencing and AV systems, Help Desk Services and Information Technology Statements of Qualification. IST is committed to maintaining customer satisfaction, trust and Integrity by delivering quality products and services conforming to industry best practices and continuous process improvement.The TPT Strategic and ITS LLC agreement for the acquisition was a TPT Strategic stock transaction, except for the assumption of assets and liabilities, where the founder and sole interest holder Everett Lanier is to receive 2,000,000 common shares of TPT Strategic, after capital restructuring, and the assumption of all assets and liabilities which approximate $1.6M and $1.2M, respectively, as of December 31, 2021. Unaudited revenues and net income for I...