TPT Global Tech completes M&A between subsidiary TPT Strategic and IST LLC, a construction company with $5.4 million in pending revenue
SAN DIEGO, Calif./ACCESSWIRE/October 19, 2022/ TPT Global Tech, Inc. (OTC PINK:TPTW) www.tptglobaltech.com today announced that its subsidiary TPT Strategic Inc. (OTC PINK:INOQ)(“TPT Strategic”) has completed the acquisition of Information Security and Training LLC (“IST LLC” or “IST”) (www.istincs.com) a general construction and information technology services company with approximately $5.4 million in pending revenue as of December 31, 2021 , from executed government contracts. IST is based in Huntsville, Alabama and has branches in Nashville TN, Birmingham AL, Jackson MS, Fort Campbell KY, New Orleans LA and Joint Base Lewis-McChord. IST has divisions in construction and computer technology and is a general contractor with experience since 2008. The company has completed over 15 projects for various agencies in the federal market since its inception as a contractor in 2008. IST offers design-build services , demolition, depollution, earthmoving, concrete, steel and metal, masonry, underground utilities, environmental protection and site restoration since 2008. IST differentiates itself by offering superior quality results at a competitive price. IST delivers projects safely on time and within budget. IST has a bonding capacity of $10 million per single project and $20 million in total. IST’s Information Technology Services division provides program management, systems engineering, software development, network engineering, records management and controls, physical security and information assurance, videoconferencing and audiovisual systems, help desks and information technology qualification statements. IST is committed to maintaining customer satisfaction, trust and integrity by providing quality products and services consistent with industry best practices and continuous process improvement.
TPT Strategic and IST, LLC’s agreement for the acquisition is a stock transaction in which founder and sole interest holder Everett Lanier is to receive TPT Strategic Series B Preferred Shares which will convert into a 10% stake in TPT Strategic under certain conditions. . The acquisition includes the assumption of all assets and certain liabilities which amount to approximately $1.3 million and $1.2 million, respectively, as of December 31, 2021. The unaudited revenue and net earnings of IST for the year ended December 31, 2021 were approximately $2.8 million and $167,000 respectively.
Now that the acquisition is complete, Everett Lanier will remain chairman and become a member of the board of directors of TPT Strategic. Everett Lanier was the founder, president and CEO of IST, LLC and has over 22 years of experience in IT and 30 years in construction and engineering, having started in the family business. Everett earned a Bachelor of Science in Applied Mathematics and Computer Science from Alabama A&M University. His experience includes program management, business development, capture management and project engineering. Everett has extensive knowledge of business operations and program matrix management experience that has demonstrated his ability to manage complex relationships and programs.
With the acquisition of IST, TPT Strategic was restructured as the new real estate construction technology and smart city development division of TPT Global Tech. The company also believes that there are many cross-pollination business opportunities that will help TPT Global Tech achieve its long-term corporate goals. IST has a full-time government procurement team that dedicates resources to state and federal source contracts such as 5G telecommunications, computing, data, satellite technology, medical technology, media, defense systems, cybersecurity and infrastructure construction.
“I am delighted that we were able to cross the finish line with the acquisition of IST. It has been such a pleasure to work with the IST team and we look forward to a long and mutually beneficial working relationship. beneficial with Everett and the other members of the IST team as we advance our Smart City initiatives in the United States and abroad,” said Stephen Thomas, CEO of TPT Global Tech.
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 IP MPLS and wireless 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 terms such as “believes”, “looks forward”, “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.
See the source version on accesswire.com:
https://www.accesswire.com/721038/TPT-Global-Tech-Closes-Merger-Acquisition-Between-its-Subsidiary-TPT-Strategic-and-IST-LLC-a-Construction-Company-with-54- Millions of pending revenue