iQSTEL Announces MOU with BASF To Field Test IoT Labs IoTSmartTank Technology

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New York, NY, June 28, 2022 (GLOBE NEWSWIRE) -- iQSTEL, Inc. (OTCQX: IQST) today announced the company, with its subsidiary, IoT Labs LLC, has entered into a memorandum of understanding (MOU) with BASF Corporation to field test IoT Labs award winning IoTSmartTank technology.

The non-binding MOU memorializes a new agreement to move forward with field testing started under a letter of intent (LOI) between the parties on April 29, 2021. IoTLabs has been engaged and working with BASF through a process of product exploration, learning, familiarization, installation, use and testing of IoTSmartTank Devices at a BASF plant. The first IoTSmartTank devices were installed in October 2021 and the evaluation continues through field testing.

IoTSmartTank is an Internet of Things (IoT) device and platform that allows for a novel, non-intrusive way to monitor specific chemical storage parameters necessary to manage asset locations, levels, safety, and performance. The IoTSmartTank technology has continued to develop since the onset of BASF evaluation. The tests have led to the development of a third generation of the IoTSmartTank technology.

iQSTEL is committed to supporting IoTSmartTank technology deployment at BASF subject to the success of the field trials.

iQSTEL is confident the IoTSmartTank solution, powered by a rechargeable battery with year-long life expectation, can systematically analyze asset usage and location. By incorporating the hardware with an integrated panel and mobile app, IoTSmartTank can give "at-a-glance" analytics and a comprehensive array of readings delivered on demand.

About iQSTEL Inc.:

iQSTEL Inc. (OTCQX: IQST) (www.iQSTEL.com) is a US-based publicly listed company offering leading-edge Telecommunication, Technology and Fintech Services for Global Markets, with presence in 13 countries. The company provides services to the Telecommunications, Electric Vehicle (EV), Liquid Fuel Distribution, Chemical and Financial Services Industries. iQSTEL has 4 Business Divisions: Telecom, Technology, Fintech and Blockchain, with worldwide B2B and B2C customer relations operating through its subsidiaries: Etelix, SwissLink, QGlobal SMS, SMSDirectos, IoT Labs, Global Money One and itsBchain. The Company has an extensive portfolio of products and services for its clients: SMS, VoIP, 4G & 5G international infrastructure connectivity, Cloud-PBX, OmniChannel Marketing, IoT Smart Electric Vehicle Platform, iQ Batteries for Electric Vehicles, IoT Smart Gas Platform, IoT Smart Tank Platform, Visa Debit Card, Money Remittance, Mobile Number Portability Application MNPA (Blockchain Platform) and Settlement & Payments Marketplace (Blockchain Platform).

Safe Harbor Statement: Statements in this news release may be "forward-looking statements". Forward-looking statements include, but are not limited to, statements that express our intentions, beliefs, expectations, strategies, predictions or any other statements relating to our future activities or other future events or conditions. These statements are based on current expectations, estimates and projections about our business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may, and are likely to, differ materially from what is expressed or forecasted in forward-looking statements due to numerous factors. Any forward-looking statements speak only as of the date of this news release and iQSTEL Inc. undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this news release.

iQSTEL Inc.
IR US Phone: 646-740-0907, IR Email: [email protected]
Source: iQSTEL Inc. and its subsidiaries: www.iqstel.com


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