TPT Global Tech Completes SpeedConnect Asset Acquisition and Adds $17M Revenue $3M EBITDA (Unaudited) for $1.75M, Positions for a 5G Rural American Deployment

Jun 20, 2019

SAN DIEGO, CA / ACCESSWIRE / June 20, 2019 / TPT Global Tech, Inc. ("TPTG or the Company") (OTCQB: TPTW) announced today it has completed its $1.75M Asset acquisition of SpeedConnect LLC ("SpeedConnect") and the assumption of certain liabilities. The Asset Purchase Agreement required a deposit of $500,000, paid as part of entering into the Asset Purchase Agreement and an additional $500,000 paid at closing. In addition, at the time of closing, the Company entered into a Promissory Note to pay SpeedConnect $1,000,000 in two equal installments of $500,000 plus applicable interest at 10% per annum with the first installment payable within 30 days of closing and the second installment payable within 60 days of closing. The Company paid a one lump sum of $750,000 USD and received a $250,000 discount off the remaining $1,000,000 USD Notes Payable to close out the SpeedConnect asset acquisition.

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