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TPT Global Tech's (OTCQB:TPTW) Innovaqor (OTC:INOQ) Completes Agreement to Acquire the Software and Genetic Diagnostics Interpretation Divisions of Rennova Health Inc.
TPT Global Tech's (OTCQB:TPTW) Innovaqor (OTC:INOQ) Completes Agreement to Acquire the Software and Genetic Diagnostics Interpretation Divisions of Rennova Health Inc..
About this update from Tpt Global Tech, Inc.
[{"type":"text","content":"SAN DIEGO, CA / ACCESSWIRE / January 7, 2021 / TPT Global Tech, Inc. www.tptglobaltech.com ("TPTW or the Company") (OTCQB:TPTW) announced today that it has completed its purchase agreement with Rennova Health, Inc. ("Rennova"), an owner and operator of rural hospitals in Tennessee and InnovaQor, Inc. (OTC:INOQ) (InnovaQor), a CO based public company and a subsidiary of TPTW, to merge Rennova's software and genetic testing interpretation divisions, Health Technology Solutions, Inc. (HTS) and Advanced Molecular Services Group, Inc., (AMSG) and their subsidiaries into InnovaQor. After closing, these entities will operate as wholly-owned subsidiaries of InnovaQor which will then be controlled by Rennova. Closing is subject to several customary conditions for a transaction of this nature and is intended to happen on or before January 31. 2020.InnovaQor has previously completed a license agreement giving it certain rights to assets and technology from TPT Global Tech, Inc's proprietary live streaming communication technology. As part of the License agreement, InnovaQor and TPT have agreed on a development project to create a next-generation telehealth type platform. It is intended to combine the TPT and Rennova assets and technology into a smartphone and computer-accessible healthcare platform to facilitate a patient's immediate access to healthcare and their local hospital or doctors office, for an initial consultation, scheduling of appointments and follow on care, and other added-value services that may be one-off or recurring.Rennova has agreed to complete the necessary steps and SEC filings with the intent to facilitate TPT shareholders receiving approximately 2,500,000 shares in InnovaQor, and Rennova's shareholders receiving approximately $5M of preferred shares which can be converted to common shares. As described in the agreement, TPT will retain direct ownership of an additional 2,500,000 shares and Rennova will retain ownership of an additional $17.5M of preferred shares with certain conversion rights and restrictions, making it the controlling entity in InnovaQor. An additional 1,000,000 shares in InnovaQor will be allocated to TPT or its assignees as an incentive to assist in product development."We are delighted to complete this transaction and firmly believe it creates opportunit...