NEW YORK, NY -- January 22, 2024 -- InvestorsHub NewsWire --
iQSTEL Inc. (OTC-QX:
IQST), and QXTEL LTD. ("QXTEL"), a London, United Kingdom based
Telecommunications Services Provider (www.qxtel.com) announced an
agreement for iQSTEL to acquire 51% of QXTEL adding QXTEL to the
iQSTEL Telecom Division which includes Etelix, Swisslink, Smartbiz,
Whisl, QGlobal SMS, IoTLabs, and itsBchain.
The addition of QXTEL to iQSTEL's Telecom Division is expected
to add more than $80 million in annual revenue. iQSTEL
management anticipates the combined sales of the two companies to
initially generate $250 million in annual revenue before the
accelerated growth anticipated from the synergies of the
combination. iQSTEL achieved a consolidated positive
operating income in Q3 of 2023 one fiscal quarter ahead of
forecast, and the addition of QXTEL will further boost the Telecom
Division of iQSTEL to forecast $3 million of positive operating
income annually.
The founders and management of QXTEL share iQSTEL's vision to
become one of the major international wholesale telecommunications
operators providing voice, messaging (A2P SMS) and enhanced
value-added services. This acquisition will put the combined
company in the select list of top operators.
iQSTEL management indicates an 8-K disclosure detailing of the
agreement announced today and the financing will be forthcoming
imminently. The two companies expect to finalize and close
the acquisition agreement within the next 60 days. The companies
expect to release additional details on the transaction before the
IQSTEL shareholders meeting.
Mr. Leandro Iglesias, the CEO of iQSTEL stated the following in
regard to the transaction: "We are very excited about the
combination of QXTEL with iQSTEL. QXTEL has a stellar reputation
and a very well-respected name in the industry. The addition
of QXTEL accelerates iQSTEL's goal of becoming one of the top
international wholesale telecom businesses within the next 3
years."
Mr. Tolga Alemdar, the CEO of QXTEL stated the following in
regard to the transaction: "We have been looking for a strategic
partner capable of not only supporting but also accelerating our
growth objectives. Consequently, we are elated to have identified
iQSTEL as the ideal partner. The QXTEL management team will
persist in overseeing the current QXTEL operations while
simultaneously leveraging the financial and synergistic advantages
that arise from being part of the iQSTEL family."
In alignment with the agreement announced today, Tolga Alemdar
will retain his position as Chief Executive Officer and Managing
Director of QXTEL. Additionally, Fernando Diaz Romero, Gonzalo
Henschien, and Rami Herzallah, Chief members of the QXTEL
Management Team, will continue in their respective roles at QXTEL.
The acquisition agreement is designed to uphold the current
operations of QXTEL independently, ensuring seamless continuity in
customer relationships & company operations.
iQSTEL management expects the QXTEL acquisition to accelerate
the company's current initiative to uplist to Nasdaq.
Prior to today's announcement, iQSTEL filed a Definitive Proxy
Statement in conjunction with an upcoming annual
shareholder meeting scheduled on Wednesday January 31, 2023, at 10
am (EDT). The annual shareholder meeting will go on as
scheduled.
About IQSTEL:
iQSTEL Inc. (OTC-QX: IQST) (www.iQSTEL.com) is a US-based, multinational publicly
listed company preparing for a Nasdaq up-listing with an
FY2023 $120 million revenue forecast. iQSTEL's mission is
to serve basic human needs in today's modern world by making the
necessary tools accessible regardless of race, ethnicity, religion,
socioeconomic status, or identity. iQSTEL recognizes that in
today's modern world, the pursuit of the human hierarchy of needs
(physiological, safety, relationship, esteem and
self-actualization) is marginalized without access to ubiquitous
communications, the freedom of virtual banking, clean affordable
mobility and information and content. iQSTEL has 4 Business
Divisions delivering accessibly to the necessary tools in today's
pursuit of basic human needs: Telecommunications, Fintech, Electric
Vehicles and Metaverse.
- The Enhanced Telecommunications Services Division
(Communications) includes VoIP, SMS, International
Fiber-Optic, Proprietary Internet of Things (IoT), and a
Proprietary Mobile Portability Blockchain Platform.
- The Fintech Division (Financial Freedom) includes
remittances services, top up services, Master Card Debit Card, a US
Bank Account (No SSN required), and a Mobile App.
- The Electric Vehicles (EV) Division (Mobility) offers Electric
Motorcycles and plans to launch a Mid Speed Cars.
- The Artificial Intelligence (AI)-Enhanced Metaverse
Division (information and content) includes an enriched and
immersive white label proprietary AI-Enhanced Metaverse platform to
access products, services, content, entertainment, information,
customer support, and more in a virtual 3D interface.
The company continues to grow and expand its suite of products
and services both organically and through mergers and
acquisitions. iQSTEL has completed 10 acquisitions
since June 2018 and continues to develop an active
pipeline of potential future acquisitions.
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.
iQSTEL Inc.
IR US Phone: 646-740-0907
IR Email: investors@iqstel.com
Contact Details
iQSTEL Inc.
+1 646-740-0907
investors@iqstel.com
Company Website
www.iqstel.com
iQSTEL (QX) (USOTC:IQST)
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