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New York, NY, April 21, 2022 (GLOBE NEWSWIRE) -- iQSTEL, Inc. (OTCQX: IQST) today announced the acquisition of Smartbiz Telecom, a profitable, US and Latin American voice and SMS telecom operator expected to boost iQSTEL’s bottom-line.
“Smartbiz Telecom not only expands iQSTEL’s telecommunications services footprint with a synergistic suite of services consistent with iQSTEL’s telecommunications expansion strategy, Smartbiz Telecom gives iQSTEL access into the US market bringing with it existing US voice termination, an existing US sales infrastructure, and experience within the US market,” said iQSTEL CEO Leandro Iglesias. “Smartbiz is expected to add both a healthy topline and bottom-line contribution to iQSTEL. Smartbiz has a $0.5 million net income forecast for FY 2022.”
The integration of Smartbiz Telecom’s operations into iQSTEL will enjoy the benefit of a long-term relationship between the senior executives of Smartbiz and iQSTEL. Smartbiz CEO Jose Ramon Olivar, and iQSTEL CEO Leandro Iglesias worked together in the past at CANTV, a subsidiary of Verizon, and subsequently at Etelix, now a subsidiary of iQSTEL. Smartbiz CFO Eduardo Borrero is considered by iQSTEL CEO Leandro Iglesias to be a “trusted colleague and friend for more than 20 years with whom I have many successful business dealings.” The Smartbiz management team will report directly to iQSTEL CEO Leandro Iglesias and iQSTEL CFO Alvaro Quintana.
The Smartbiz Telecom acquisition is aligned with iQSTEL’s overall telecommunications strategy to streamline operations and improve profit margins at the same time expanding sales through cross selling. The Smartbiz acquisition expands iQSTEL’s customer base and extends iQSTEL’s cross selling opportunity to further expand sales through the acquisition by introducing other existing iQSTEL services into the Smartbiz customer base. Most significantly, the Smartbiz acquisition introduces iQSTEL into the US telecommunications market complimenting iQSTEL’s existing European market presence through its SwissLink subsidiary.
The acquisition agreement terms memorialize an iQSTEL purchase of a 51% interest in Smartbiz Telecom LLC (www.smartbiztel.com), a US company, in exchange for $800,000 in cash and $1 million in six months restricted iQSTEL common stock.
Subsequent to today’s release, iQSTEL plans to separately publish its regular weekly CEO update usually published on Thursdays where CEO Leandro Iglesias personally provides the latest details on the company’s progress toward its current Nasdaq up-listing objective targeted to be achieved within the first six months of 2022.
iQSTEL Inc. (OTCQX: IQST) (www.iQSTEL.com) is a US-based publicly-listed company holding an Independent Board of Directors and Independent Audit Committee offering leading-edge services through its two business divisions and each of them with independent brands. The B2B division, Brand IQSTelecom offering Telecommunications, Internet of Things, Technology and Blockchain platforms services, the target market for the B2B division is Global Markets. The B2C division, Brand EVOSS offering EV Electric Motorcycles, Fintech Ecosystem, the target market for this business division is Latin America, and the Spanish speakers in the USA. The company has presence in 15 countries, and its products and services are used in several industries as Telecommunications, Electric Vehicle (EV), Financial Services, Chemical and Liquid Fuel Distribution Industries. IQSTEL announced on February 17th 2021 that it became a Debt Free Company and is now completely debt free with no Convertible Notes, Warrants, Promissory Notes or Settlement Agreements from its Balance Sheet.
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 statements 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, in part, 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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Source: iQSTEL Inc. and its subsidiaries: www.iqstel.com