Business
TPT Global Tech Closes Merger Acquisition Between its Subsidiary TPT Strategic and IST LLC a Construction Company with $5.4 Million in Backlogged Revenue
TPT Global Tech Closes Merger Acquisition Between its Subsidiary TPT Strategic and IST LLC a Construction Company with $5.4 Million in Backlogged Revenue.
About this update from Tpt Strategic Inc
[{"type":"text","content":"SAN DIEGO, CA / ACCESSWIRE / October 19, 2022 / TPT Global Tech, Inc. (OTC PINK:TPTW) www.tptglobaltech.com announced today that its subsidiary TPT Strategic Inc. (OTC PINK:INOQ)("TPT Strategic") has completed the acquisition of Information Security and Training LLC ("IST LLC" or "IST") (www.istincs.com) a General Construction and Information Technology Services company with approximately $5.4M in backlogged revenue as of December 31, 2021, from executed Government contracts. IST is based in Huntsville, Alabama and has branch offices in Nashville TN, Birmingham Al, Jackson MS, Fort Campbell KY, New Orleans LA, and Joint Base Lewis-McChord. IST has divisions in Construction and IT Technology and is a general contractor with experience since 2008 The Company has completed more than 15 projects for different agencies in the Federal marketplace since its inception in 2008 as a contractor. IST has been 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's Information Technology Services Division provides program management, Systems 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 IST, LLC agreement for the acquisition is a stock transaction where the founder and sole interest holder, Everett Lanier, is to receive Preferred Series B shares of TPT Strategic that will convert to a 10% ownership of TPT Strategic under certain conditions. The acquisition includes the assumption of all assets and certain liabilities which approximate $1.3M and $1.2M, respectively, as of December 31, 2021. Unaudited revenues and net income for IST the year e...