iQSTEL has officially acquired 51% of QXTEL making it an iQSTEL subsidiary.
The addition of QXTEL to the iQSTEL group of companies will have a positive impact on the organization's operational results. In terms of Revenue, QXTEL will add an estimated
In addition to the positive contributions to IQSTEL's operating results, QXTEL also improves IQSTEL's Balance Sheet with an increase in total assets of over 54% to a total of approximately
Promptly following the execution of the acquisition agreement on
The QXTEL acquisition is a major milestone for iQSTEL, marking the company's official acquisition of one of the most elite wholesale telecom companies with over a quarter billion in revenue.
iQSTEL has started 2024 with record growth in the first quarter and with a history of delivering sales in the second half of the year greater than the first half of the year.
iQSTEL filed on
IQSTEL management is now targeting a short-term financial goal in the company's Operating Income to
iQSTEL confirms that the QXTEL management team continues in their existing roles with full control of QXTEL Operations as it has been before. In alignment with the agreement announced today,
QXTEL's partners can confidently continue working with QXTEL team just as before with the full support of iQSTEL, a US publicly traded company with a market capitalization of
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 $140 million revenue based on preliminary accounting. 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.
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iQSTEL Inc.
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