Attached files
| file | filename |
|---|---|
| 8-K - CURRENT REPORT - TPT GLOBAL TECH, INC. | tptw_8k.htm |
| EX-99.1 - PRESS RELEASE - TPT GLOBAL TECH, INC. | tptw_ex991.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 99.2
TPT Global Tech pays off remaining balance of Convertible
Promissory Note to JSJ Investments, remainder of note converted to
common stock
SAN
DIEGO, March 2, 2020/IssuerDirect / -- TPT Global Tech, Inc.
(“TPTG or the Company”) (OTCBB:TPTW) announced today it
has successfully paid off the remaining balance of the convertible
promissory note due June 6, 2020 issued by the Company to JSJ
Investments Inc for $112,000 on June 6, 2019. (“JSJ”).
The remaining balance paid included a premium and equaled $97,000,
including accrued interest, which amounts were aside from the
$43,680 in principal that was converted into 18,500,000 shares of
the Company’s common stock since June 6, 2019. The payoff was
made possible due to a new merchant advance loan entered into by
the Company with Advantage Funding for which the Company received
$500,000 in cash proceeds on February 25, 2019 and is required to
be repaid at a rate of $14,221 weekly for 50 equal payments for a
total of $716,720.
The
proceeds from the convertible promissory note issued to JSJ were
used as part of the acquisition of the assets of SpeedConnect, 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. SpeedConnect 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 SpeedConnect 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 JSJ has had an adverse
effect on our TPTW common stock price. JSJ converted portions of
their convertible promissory note adding pressure on the
company’s stock price. We are very pleased the company has
been able to pay off the remaining balances of the JSJ convertible
promissory note. In the month of February, the company successfully
completed paying the remaining balances of three debt
relationships, Advantage Funding’s merchant advance loan of
$753K, Geneva Roth Remark Holdings convertible promissory note of
$43K and now the remaining balance on JSJ's $112,000 convertible
note.” 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.`
Frank
Benedetto
619-915-9422