Through Strategic Financial Reorganization, Including Debt to debt-to-equity conversions, TPT Global Tech Demonstrates Strong Confidence from Leadership and Prominent Investor Stephen Thomas III
SAN DIEGO, CA / ACCESSWIRE / April 10, 2024 / TPT Global Tech, Inc. (OTCPink:TPTW) (www.tptglobaltech.com), a leading innovator in the telecommunications and technology industries in a decisive move to solidify its financial base, TPT Global Tech is excited to announce a comprehensive financial restructuring initiative. This strategic endeavor comes as we eagerly await the launch of our innovative VuMe Super App. This restructuring demonstrates the profound trust and belief that our leadership, including board members, Senior Management, and our main shareholder Stephen Thomas III, places in TPT Global Tech's vision and strategic direction. By strengthening our balance sheet, we are creating fertile ground for innovation and growth.
This restructuring involves the conversion of significant stakeholder debt into restricted mezzanine equity, arrangements that are designed to align with the company's future growth milestones, including the recent S1 filing for a potential NASDAQ uplisting, subject to standard resale limitations and compliance qualifications.
Stephen Thomas III, CEO, commented on the development, "This financial restructuring marks a significant milestone in our journey. It not only reflects our team's hard work and dedication but also highlights our commitment to laying robust financial groundwork as we approach the launch of our Super App this year. I am confident and excited about the future prospects this brings."
The initiative is in line with TPT Global Tech's broader strategy to reduce financial burdens such as interest and miscellaneous expenses, allowing the company to invest more in its advanced technology platforms. The focus remains on enhancing the VuMe Super App through strategic partnerships, incorporating AI to improve user experiences, and employing Adaptive AI and Data Stream Learning technologies to drive innovation and revolutionize interactions in various industries.
TPT Global Tech will provide a detailed financial overview in its upcoming quarterly report, ensuring transparency and keeping stakeholders informed of our financial health and future direction.
About TPT Global Tech
TPT Global Tech, Inc. is a technology holding company based in San Diego, California. It was formed as the successor of two U.S. corporations, Ally Pharma US and TPT Global, Inc. The Company operates in various sectors including media, telecommunications, Smart City Real Estate Development, and the launch of the first super App, VuMe Live technology platform.
As a media content delivery hub, TPT Global Tech utilizes its own proprietary global digital media TV and telecommunications infrastructure platform. They offer software as a service (SaaS), technology platform as a service (PAAS), and cloud-based unified communication as a service (UCaaS) solutions to businesses worldwide. Their UCaaS services enable businesses of all sizes to access the latest voice, data, media, and collaboration features.
Forward-Looking Statements
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.
For more information about TPT Global Tech and its subsidiaries, please visit www.tptglobaltech.com.
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SOURCE: TPT Global Tech, Inc.