Attached files
| file | filename |
|---|---|
| 8-K - CURRENT REPORT - TPT GLOBAL TECH, INC. | tptw_8k.htm |
| EX-99.2 - PRESS RELEASE - TPT GLOBAL TECH, INC. | tptw_ex992.htm |
| EX-10.1 - PURCHASE AND SALE AGREEMENT - TPT GLOBAL TECH, INC. | tptw_ex101.htm |
| EX-10.2 - PROMISSORY NOTE - TPT GLOBAL TECH, INC. | tptw_ex102.htm |
EXHIBIT 99.1
TPT Global Tech pays off remaining $43K Convertible Debt to Geneva
Roth Remark Holdings, remainder of notes converted to common
stock
SAN
DIEGO, February 18, 2020/Issuer Direct / -- TPT Global Tech, Inc.
(“TPTG or the Company”) (OTCBB:TPTW) announced today it
has successfully paid off the remaining 43K convertible promissory
note due August 22, 2019 issued by the Company to Geneva Roth
Remark Holdings, Inc. (“Geneva Roth”) located in New
York City. Since March 15, 2019, the Company has issued five
different convertible promissory notes to Geneva Roth for a total
of $287,000, the first four of which totaled $244,000 were
converted into 129,064,728 common shares of the Company. The
remaining convertible note for $43,000 was paid off by paying
$63,086, including the principal balance of $43,000, a 40% premium
and accrued interest. The payment was made possible through a
secured bridge loan of $90k provided by a third-party existing
investor. The bridge loan is secured by the assets of the Company
and is due June 14, 2020 or earlier in case the Company is
successful in raising other monies and carries an annual interest
charge of 10% payable with the principal.
The
proceeds from the convertible promissory notes issued to Geneva
Roth were used as part of the acquisition of the assets of Speed
Connect, LLC, which assets were conveyed into TPT SpeedConnect, LLC
(“TPT SpeedConnect”), wholly owned by the Company. The
acquisition included the tradename of SpeedConnect. SpeedConnect is
located in Frankenmuth, Michigan and is one of the largest Rural
Wireless Internet Services Providers in the United States. Speed
Connect has operations in 10 Midwestern states, Arizona, Idaho,
Illinois, Iowa, Michigan, Montana, Minnesota, South Dakota,
Nebraska and Texas. The Company’s plans are to upgrade the
existing Speed Connect 10 state Broadband network to a 4G+/5G
network offering faster speeds and added value products such as TV,
Voice and Data Services to its 16,000 Rural Middle American
telecommunication’s customers.
“The
conversion to stock and subsequent sale by Geneva Roth has had an
adverse effect on our TPTW common stock price. Geneva Roth
converted four of their five convertible promissory notes putting
tremendous pressure on the company’s stock price. We are very
pleased the company was able to repay the last convertible
promissory note which may ease market pressure on our stock. In the
month of February, the company successfully completed paying the
remaining balances of two debt relationships, Advantage Funding, a
$753K merchant advance loan and now the last of the Geneva Roth
convertible notes.” said Stephen Thomas CEO
TPTW.
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. (OTC: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.