New York, NY, Dec. 29, 2022 (GLOBE NEWSWIRE) -- iQSTEL, Inc. (OTCQX: IQST), today released a letter to shareholders from CEO Leandro Iglesias in conjunction with announcing an annual shareholder meeting scheduled for January 31, 2023, at 11 am (EDT). The letter, included in its entirety below, discusses the company’s $105 million 2023 revenue forecast, plans to further increase profitability after posting its first profits in Q3 2022, and the latest progress toward the company’s intended Nasdaq up-listing.
In advance of the annual shareholder meeting, the company has filed a Definitive Proxy Statement (https://www.sec.gov/Archives/edgar/data/1527702/000166357722000721/iqst_def14c.htm) for shareholders to elect directors and ratify the company’s independent registered public accounting firm. The Proxy also facilitates the introduction of any other business to be brought before the annual meeting for consideration.
Shareholders are encouraged to join the interactive live webcast annual shareholder meeting and engage management with questions. The iQSTEL management team looks forward to discussing the company’s ongoing rapid growth and product expansion in the face of the prevailing global economic landscape.
I believe iQSTEL has been a standout performer in 2022 in a market characterized by rampant setbacks. We have achieved our 2022 $90 million annual revenue forecast (based on preliminary accounting) and posted our first profit ahead of schedule. More importantly, even with all our success in 2022, all of us here working at iQSTEL adamantly believe the best is yet to come.
iQSTEL is a rapidly growing global telecommunications firm diversifying into an expanding array of innovative products and services through our four operating divisions, Telecom, Fintech, Blockchain, and Electric Vehicles. The rapid growth of our telecom services is being progressively bolstered by our newer products and services which are also improving our profit potential.
Even before the end of December, the company has already achieved its 2022 $90 million annual revenue forecast. Accordingly, we anticipate the final accounting to ultimately show iQSTEL exceeding its 2022 $90 million annual revenue forecast.
The company reported its first operating and consolidated income positive period in Q3 achieving one of financial objectives for FY-2022 earlier than anticipated.
We expect continued revenue growth and improving profit margins in 2023. We have released a preliminary annual revenue forecast for next year, 2023, of $105 million. This is a preliminary forecast based on simple organic growth and does not include the potential impact of several projects currently underway that could result in a substantial increase of the FY-2023 revenue forecast.
The management team at iQSTEL firmly believes the company is a solid and viable candidate for an up-listing to Nasdaq in 2023. We have undertaken a dedicated initiative to realize an up-listing to Nasdaq. We remain optimistic that the iQSTEL share price can organically increase to reach the Nasdaq initial listing standard, if the public-listed market get better. We believe the company’s current financial performance could reasonably support an iQSTEL share price that meets the Nasdaq initial listing standard in a better overall market environment. In the meantime, we will remain dedicated to continued revenue growth and profit margin increases and patiently wait for overall market improvements.
We are enthusiastic about the opportunity to address shareholders at the upcoming annual shareholder meeting on January 31, 2023, at 11 am (EDT).
In advance of the meeting, shareholders can visit our fully updated website, www.iqstel.com. From the website, look in the “investors” section for the latest details regarding an investment in iQSTEL. Keep an eye out for a new link coming soon on the company website that will take you to the annual shareholder meeting webcast. We will post on Twitter when a link to the “Annual Shareholder Meeting” (www.iqstel.com/investors/shareholdersmeeting) is live on the company’s website. At the same time, we will also post on Twitter when a link to vote (www.iqstel.com/proxyvote) is live.
We encourage shareholders to join the interactive live webcast annual shareholders meeting, vote the proxy before the shareholders meeting and engage management with questions. We look forward to discussing the company’s ongoing rapid growth and product expansion in the face of the prevailing global economic landscape. Your management team remains committed to the belief that the best is yet to come for iQSTEL.
CEO and Chairman
About iQSTEL Inc.:
iQSTEL Inc. (OTCQX: IQST) (www.iQSTEL.com) is a US-based publicly listed company holding an Independent Board of Directors and Audit Committee with a presence in 19 countries and 70 employees offering leading-edge services through its four business lines. The Telecom Division (www.iqstelecom.com), which represents the majority of current operations, offers VoIP, SMS, proprietary Internet of Things (IoT) solutions, and international fiber-optic connectivity through its subsidiaries: Etelix, SwissLink, Smartbiz, Whisl, IoT Labs, and QGlobal SMS. The Fintech business line (www.globalmoneyone.com) (www.maxmo.vip) offers a complete Fintech ecosystem MasterCard Debit Card, US Bank Account (No SSN Needed), Mobile App/Wallet (Remittances, Mobile Top Up, Buy/Sell Crypto). Our Fintech subsidiary, Global Money One, is to provide immigrants access to reliable financial services that make it easier to manage their money and stay connected with their families back home. The BlockChain Platform Business Line (www.itsbchain.com) offers our proprietary Mobile Number Portability Application (MNPA) to serve the in-country portability needs through its subsidiary, itsBchain. The Electric Vehicle (EV) Business Line (www.evoss.net) offers electric motorcycles to work and have fun in the USA, Spain, Portugal, Panama, Colombia, and Venezuela. EVOSS is also working on the development of an EV Mid Speed Car to serve the niche of the 2nd car in the family.
Safe Harbor Statement: Statements in this news release may be "forward-looking statements". Forward-looking statements include, but are not limited to, statements that express our intentions, beliefs, expectations, strategies, predictions, or any other information relating to our future activities or other future events or conditions. These statements are based on current expectations, estimates, and projections about our business based partly on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties, and assumptions that are difficult to predict. Therefore, actual outcomes and results may and are likely to differ materially from what is expressed or forecasted in forward-looking statements due to numerous factors. Any forward-looking statements speak only as of the date of this news release, and iQSTEL Inc. undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this news release. This press release does not constitute a public offer of any securities for sale. Any securities offered privately will not be or have not been registered under the Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
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