SAN DIEGO, CA / ACCESSWIRE / June 5, 2020 / TPT Global Tech, Inc. ("TPTW, the Company or TPT Global Tech") (TPTW) announced today it had signed an agreement for the acquisition of a majority interest in San Diego based manufacturing company The Fitness Container, LL dba "Aire Fitness" www.airefitness.com for 500,000 shares of common stock in TPTW, vesting after the common stock reaches at least a $1.00 per share closing price in trading, a $500,000 promissory note payable primarily out of future capital raising and a 10% of gross profit royalty from sales of drive through lab operations for the first year. The newly acquired company, in which TPTW will own 75%, will operate under TPTW's Medical division "TPT MedTech" www.tptmedtech.com. Aire Fitness, is a California LLC founded in 2014 focused on custom designing, manufacturing, and selling high-end turnkey outdoor fitness studios. Aire Fitness has contracted with YMCAs, Parks and Recreation departments, Universities and Country Clubs which are currently using its mobile gyms. Aire Fitness' existing and future clients will be able to take advantage of TPTW's upcoming Broadband, TV and Social Media platform to offer virtual classes utilizing the company's mobile gyms. YTD 2020 through April, Aire Fitness generated generated $102,000 in revenues with approximately $60,000 of net income. Closing will occur upon completion of an appropriate audit by SEC standards of Aire Fitness financial information for inclusion in TPTW financial information and when the common stock is issued. The agreement calls for an employment agreement for Mario Garcia, former principal owner, which employment details have not been finalized.
In Response to Covid-19, Aire Fitness has developed a mobile micro-lab that is an innovative method for both testing and future vaccinating for the current Covid 19 pandemic, as well as future health epidemics. The Aire Fitness acquisition comes with United States Government CAGE code and SAMS Code which will be transferred to TPTW's Federal contracts division, "TPT Federal". The Codes have been registered in the Disaster Response Registry and recognized as a FEMA Industry Liaison Vendor. TPT Federal will now be able to bid on government contracts offering all TPTW products and services Telecom, Smartphone, Media, SaaS and Medical. TPT MedTech will also use the 15,000 square foot San Diego based manufacturing facility, located in a Chula Vista CA enterprise zone, as the companies Medical Division Operations headquarters and to produce the new TPT MedTech's turkey Mobile Drive thru Covid 19 testing Pods.
"The Aire Fitness transaction is a fantastic add on to our TPT Medical division. Not only do we have our PPE Medical supply Ecommerce site up and running we are pleased that we can now bring to the US market such an innovative solution for Covid 19 testing across the United States and Internationally." "As a New Generation Technology company it is important for TPT Global Tech to continue to diversify its portfolio of companies and at the same time open up new markets and distribution channels to continue to expand our reach to deliver our Telecom, SaaS, Media, Medical and Smartphone technology platforms in the United States and Internationally," said Stephen Thomas, CEO.
This press release contains "forward-looking statements" within the meaning of various provisions of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, commonly identified by such terms as "believes," "looking ahead," "anticipates," "estimates" and other terms with similar meaning. Specifically, statements about the Company's plans for accelerated growth, improved profitability, future business partners, M&A activity, new service offerings and pursuit of new markets are forward looking statements. Although the company believes that the assumptions upon which its forward-looking statements are based are reasonable, it can give no assurance that these assumptions will prove to be correct. Such forward-looking statements should not be construed as fact. The information contained in such statements is beyond the ability of the Company to control, and in many cases the Company cannot predict what factors would cause results to differ materially from those indicated in such statements. All forward-looking statements in the press release are expressly qualified by these cautionary statements and by reference to the underlying assumptions.
About TPT Global Tech
TPT Global Tech Inc. (TPTW) based in San Diego, California, is a Technology/Telecommunications Media Content Hub for Domestic and International syndication and also provides Technology solutions to businesses domestically and worldwide. TPT Global offers Software as a Service (SaaS), Technology Platform as a Service (PAAS), Cloud-based Unified Communication as a Service (UCaaS) and carrier-grade performance and support for businesses over its private IP MPLS fiber and wireless network in the United States. TPT's cloud-based UCaaS services allow businesses of any size to enjoy all the latest voice, data, media and collaboration features in today's global technology markets. TPT's also operates as a Master Distributor for Nationwide Mobile Virtual Network Operators (MVNO) and Independent Sales Organization (ISO) as a Master Distributor for Pre-Paid Cellphone services, Mobile phones Cellphone Accessories and Global Roaming Cellphones.
SOURCE: TPT Global Tech Inc.
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