iQSTEL Continues Cleaning Up Balance Sheet By Settling With Two Debt Holders At 50+% Premium To The Market, Benefitting iQSTEL And Shareholders With Debt Reduction
iQSTEL (OTC: IQST) announces today (August 5, 2020) a 50+% premium to market settlement with two debt holders at $0.11/Share as it continues to clean up its balance sheet. The two existing debt holders, BHP Capital NY, Inc., and Jefferson Street Capital LLC, have agreed to an exchange at a premium to the current market, $0.11/sh, settling the debts in full. iQSTEL (OTC: IQST) and its shareholders benefit from the debt reduction, but the premium to market show serious confidence in the ability of iQSTEL management to continue executing on their business plan, the Company said.
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iQSTEL (OTC: IQST) Continues Cleaning Up Balance Sheet By Settling With Two Debt Holders At 50+%Premium To The Market, Benefitting iQSTEL And Shareholders With Debt Reduction
The transaction means the debts are fully settled, including any and all interest, fees, warrants, etc. Originally, the debt included a 50% discount to market conversion rate, interest and other provisions. Any remaining share reserves will be canceled with the transfer agent. All details are in the 8-K filing. iQSTEL (OTC: IQST) Continues Cleaning Up Balance Sheet By Settling With Two Debt Holders At 50+% Premium To The Market, Benefitting iQSTEL And Shareholders With Debt Reduction.
Mr. Iglesias, CEO of iQSTEL (OTC: IQST), said, “Over the last few months we have reached a number of settlements with our creditors as disclosed in 8-K’s and subsequent news releases. We thank BHP and Jefferson for their assistance when we needed it and their continued belief in our company now that we have ‘turned the corner’ and shown net income in our subsidiaries as discussed in last week’s press release.” iQSTEL (OTC: IQST) Continues Cleaning Up Balance Sheet By Settling With Two Debt Holders At 50+% Premium To The Market, Benefitting iQSTEL And Shareholders With Debt Reduction.
All iQSTEL, Inc. (OTC: IQST) Operating Subsidiaries Generated Positive Net Income In Q2 2020
For Q2 2020, the four operating subsidiaries — Etelix, SwissLink, QGlobal and IoT Labs — each contributed positive net income to iQSTEL, Inc.’s (OTC: IQST) total net profit of $426,419 and total volume of $11,130,924 for the period. iQSTEL, Inc.(OTC: IQST) subsidiaries reported the following positive Net Income: Etelix, $199,872; SwissLink, $11,388; QGlobal, $35,665; IoT Labs, $179,494. The Q2 2020 total for the Company was positive Net Income of $426,419. Combined, total Q2 2020 Company sales were $11,130,924 with a total Gross Profit of $732,308. iQSTEL (OTC: IQST) Continues Cleaning Up Balance Sheet By Settling With Two Debt Holders At 50+% Premium To The Market, Benefitting iQSTEL And Shareholders With Debt Reduction.
Mr. Iglesias Foresees Q3 And Q4 ‘Exciting’ Financial Performance
All of its subsidiaries generated positive net income in Q2 2020. Mr. Iglesias, CEO of iQSTEL, Inc. (OTC: IQST), foresees Q3 and Q4 ‘exciting’ financial performance and the company plans more corporate and subsidiary developments leading into 2021. Its business model of organic growth as well as acquisition expansion is working well. Mr. Iglesias, CEO of iQSTEL, Inc. (OTC: IQST), foresees Q3 and Q4 ‘exciting’ financial performance and the company plans more corporate and subsidiary developments leading into 2021
Combination Of Acquisitions And Organic Corporate Growth Works Well
Mr. Iglesias, CEO of iQSTEL, Inc. (OTC: IQST), said, “The tremendous growth we have seen in 2020 continues despite COVID-19’s global economic impact. Further proof that our business model, a combination of corporate growth and acquisitions, is working very well. All of our operating subsidiaries just reached a major milestone, going Net Income positive. Our management experience in Telecom Operations has been key in the achievement of these results. We look forward to fantastic Q3 and Q4’s as we anticipate further corporate and subsidiary developments leading in to 2021.”
iQSTEL, Inc. (OTC: IQST) Expands Network Of Subsidiaries
The parent company owns a 75% stake in blockchain subsidiary itsBchain LLC, iQSTEL Inc. (OTC: IQST) wholly owns Miami-based subsidiary, Etelix.com USA, LLC, an American-based 5G provider of Submarine Fiber Optic Network capacity for internet (4G and 5G). It owns 51% of SwissLink Carrier AG. SwissLink Carrier AG provides international VoIP connectivity worldwide and more. It owns 51% of QGlobal SMS LLC, a U.S.-based company which has international interconnection with Tier 1 SMS aggregators to more than 100 countries worldwide. It has acquired 51% of an Austin, Texas-based SMS U.S.-Mexico Service provider. Most recently it acquired IoT Labs MX SAPI. This Internet of Things (IoT) company is the creator of the “IoT Smart Gas” platform and application.
Source: Stock Market Press
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