SAN DIEGO, CA / ACCESSWIRE / February 14, 2020 / TPT Global Tech, Inc. ("TPTG or the Company") (OTCQB:TPTW) announces today it has successfully paid off a Merchant Cash Advance loan of $753K provided by Advance Funding located in New York City. The term of the loan was a principal loan amount of $500K, 10 months term with weekly repayments of $17,800 per week with a total payoff of $753K. The $500k loan was used as part of the debt and convertible debt facility TPT Global Tech raised to purchase SpeedConnect a rural wireless Internet Service Provider (ISP in Middle America) with 16,000 customers.
"As we keep moving forward in our debt restructuring efforts to tackle the toxic debt we acquired to purchase SpeedConnect, I am pleased that the company keeps moving in the right direction. Freeing up to close to $80K per month in free cashflow will surely help the company in its current 4G+/5G rollout." said Stephen Thomas CEO TPTG.
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.
SOURCE: TPT Global Tech, Inc.