Attached files
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| 8-K - CURRENT REPORT - TPT GLOBAL TECH, INC. | tptw_8k.htm |
Exhibit 99.1
TPT Global Tech's (OTCQB:TPTW) Innovaqor (OTC:INOQ) Completes
Agreement to Acquire the Software and Genetic Diagnostics
Interpretation Divisions of Rennova Health Inc.
SAN DIEGO, CA / ACCESSWIRE / January 7, 2021 / TPT Global
Tech, Inc. www.tptglobaltech.com
("TPTW or the Company") (OTCQB:TPTW) announced
today that it has completed its purchase agreement with Rennova
Health, Inc. ("Rennova"), an owner and operator of rural hospitals
in Tennessee and InnovaQor, Inc. (OTC:INOQ) (InnovaQor), a CO based
public company and a subsidiary of TPTW, to merge Rennova's
software and genetic testing interpretation divisions, Health
Technology Solutions, Inc. (HTS) and Advanced Molecular Services
Group, Inc., (AMSG) and their subsidiaries into InnovaQor. After
closing, these entities will operate as wholly-owned subsidiaries
of InnovaQor which will then be controlled by Rennova. Closing is
subject to several customary conditions for a transaction of this
nature and is intended to happen on or before January 31.
2020.
InnovaQor
has previously completed a license agreement giving it certain
rights to assets and technology from TPT Global Tech, Inc's
proprietary live streaming communication technology. As part of the
License agreement, InnovaQor and TPT have agreed on a development
project to create a next-generation telehealth type platform. It is
intended to combine the TPT and Rennova assets and technology into
a smartphone and computer-accessible healthcare platform to
facilitate a patient's immediate access to healthcare and their
local hospital or doctors office, for an initial consultation,
scheduling of appointments and follow on care, and other
added-value services that may be one-off or recurring.
Rennova
has agreed to complete the necessary steps and SEC filings with the
intent to facilitate TPT shareholders receiving approximately
2,500,000 shares in InnovaQor, and Rennova's shareholders receiving
approximately $5M of preferred shares which can be converted to
common shares. As described in the agreement, TPT will retain
direct ownership of an additional 2,500,000 shares and Rennova will
retain ownership of an additional $17.5M of preferred shares with
certain conversion rights and restrictions, making it the
controlling entity in InnovaQor. An additional 1,000,000 shares in
InnovaQor will be allocated to TPT or its assignees as an incentive
to assist in product development.
"We are
delighted to complete this transaction and firmly believe it
creates opportunity and value for our shareholders from TPT owned
technology", said Stephen Thomas, CEO of TPT Global Tech. "Our live
streaming communication technology is already in use in our core
business and we look forward to this technology being used under
license by InnovaQor to develop a platform to create needed and
exciting solutions for the medical sector. These solutions will
include a telehealth like platform into which additional services
and solutions for hospitals, physicians and patients can be
integrated"
About TPT Global Tech
TPT
Global Tech Inc. (TPTW) based in
San Diego, California, is a technology-based company with divisions
providing telecommunications, medical technology and product
distribution, media content for domestic and international
syndication as well as technology solutions. TPT Global Tech offers
Software as a Service (SaaS), Technology Platform as a Service
(PAAS), Cloud-based Unified Communication as a Service (UCaaS). It
offers 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 Global Tech 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 Cell phone services, Mobile
phones Cell phone Accessories and Global Roaming Cell phones. TPT's
MedTech division is focused on implementing rapid COVID testing
systems and software for verifying COVID testing and vaccinations.
These apps will be used for entry to airlines, sporting events, and
businesses.
Forward-Looking Statements
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.
CONTACT:
Frank
Benedetto
619-915-9422
SOURCE: TPT Global Tech, Inc.