SAN DIEGO, Calif./ACCESSWIRE/April 14, 2022/ TPT Global Tech, Inc. (“TPTW, the Company or TPT Global Tech”) (OTCBB: TPTW) today announced that the company has exchanged $10.4 million in liabilities for Mezzanine Equity. Holders of financing arrangements, accounts payable and leases with the Company totaling $10,417,602 have agreed to either waive their balances owed by the Company or exchange their outstanding amounts as of March 31, 2022 for Series E preferred shares of TPT Global Tech. Thus, 1,929,566 Series E Preferred Shares were issued in exchange for $9,647,832 of outstanding financing agreements, accounts payable or leases and $769,770 were canceled and will be accounted for as a contribution to mezzanine equity.
“While this has been a long time coming and has required a lot of work from TPT’s management team and its financial advisors, we are pleased with this step in restructuring our balances towards our intended to get on the list for a major exchange,” said Stephen Thomas, Chairman and CEO of TPTW.
About TPT Global Tech
TPT Global Tech Inc. (TPTW) based in San Diego, California, is a technology company with divisions providing telecommunications, medical technologies and product distribution, multimedia content for national 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 delivers carrier-grade performance and support to businesses over its private fiber and wireless MPLS IP network in the United States. TPT’s cloud-based UCaaS services enable businesses of all sizes to take advantage of 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 National Mobile Virtual Network Operators (MVNOs) and Independent Sales Organization (ISO) as a Master Distributor for Prepaid Mobile Phone Services, Mobile Phone Accessories and mobile phones in global roaming.
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 words such as “believes”, “expects”, “anticipates”, “estimates” and other terms having a similar meaning. Specifically, statements regarding the company’s plans for accelerated growth, improved profitability, future business partners, merger and acquisition activity, new service offerings and the pursuit of new markets are forward-looking statements. Although the company believes that the assumptions on which its forward-looking statements are based are reasonable, it cannot guarantee that these assumptions will prove to be correct. These forward-looking statements should not be construed as facts. The information contained in such statements is beyond the Company’s ability 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 contained in the press release are expressly qualified by these cautionary statements and by reference to the underlying assumptions.
THE SOURCE: TPT Global Tech, Inc.
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