IQST - iQSTEL Announces $33 Million YTD Revenue and April 1st Target Date to Close QXTEL Acquisition Taking Revenue to Quarter of Billion Annually

Rhea-AI Summary

iQSTEL Inc. reports YTD revenue of $33 million, with a rising gross margin. The company anticipates closing the QXTEL acquisition on April 1st, aiming to become a quarter of a billion dollar revenue company.

NEW YORK, March 5, 2024 /PRNewswire/ -- iQSTEL Inc. (OTC-QX: IQST) today announced the company's YTD revenue through the end of February 2024, based on preliminary accounting, reached $33 million.  iQSTEL management also reports that the company's gross margin YTD continues to trend up in conjunction with the company's forecast.

The revenue announced today does not reflect any benefit from the QXTEL acquisition agreement announced on January 22, 2024 and it does not reflect any contribution from the Pro Forma financial statement published in conjunction with the QXTEL acquisition on February 8, 2024.

While the revenue reported today does not include any benefit from the QXTEL acquisition agreement, iQSTEL management has set April 1^st as the target date for closing the acquisition.

"In less than 30 days, we expect iQSTEL to officially be a quarter of a billion dollar in annual revenue company," said Leandro Iglesias, iQSTEL CEO. "Even though the acquisition is not yet closed, the two company's have already begun working closely together in anticipation of the April 1^st, closing.  We have begun cross selling and seizing operational synergies.  After April 1^st, look for our next updates to be about our ongoing M&A campaign and our up-listing to the Nasdaq exchange."

About IQSTEL:

iQSTEL Inc. (OTC-QX: IQST) (www.iQSTEL.com) is a US-based, multinational publicly listed company preparing for a Nasdaq up-listing with an FY2023 $140 million revenue based on preliminary accounting. iQSTEL's mission is to serve basic human needs in today's modern world by making the necessary tools accessible regardless of race, ethnicity, religion, socioeconomic status, or identity.  iQSTEL recognizes that in today's modern world, the pursuit of the human hierarchy of needs (physiological, safety, relationship, esteem and self-actualization) is marginalized without access to ubiquitous communications, the freedom of virtual banking, clean affordable mobility and information and content. iQSTEL has 4 Business Divisions delivering accessibly to the necessary tools in today's pursuit of basic human needs: Telecommunications, Fintech, Electric Vehicles and Metaverse.

• The Enhanced Telecommunications Services Division (Communications) includes VoIP, SMS, International Fiber-Optic, Proprietary Internet of Things (IoT), and a Proprietary Mobile Portability Blockchain Platform.
• The Fintech Division (Financial Freedom) includes remittances services, top up services, Master Card Debit Card, a US Bank Account (No SSN required), and a Mobile App.
• The Electric Vehicles (EV) Division (Mobility) offers Electric Motorcycles and plans to launch a Mid Speed Cars.
• The Artificial Intelligence (AI)-Enhanced Metaverse Division (information and content) includes an enriched and immersive white label proprietary AI-Enhanced Metaverse platform to access products, services, content, entertainment, information, customer support, and more in a virtual 3D interface.

The company continues to grow and expand its suite of products and services both organically and through mergers and acquisitions.  iQSTEL has completed 10 acquisitions since June 2018 and continues to develop an active pipeline of potential future acquisitions.

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 information 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 partly 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. This press release does not constitute a public offer of any securities for sale. Any securities offered privately will not be or have not been registered under the Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

iQSTEL Inc.
IR US Phone: 646-740-0907
IR Email: investors@iqstel.com

Contact Details
iQSTEL Inc.
+1 646-740-0907
investors@iqstel.com

Company Website
www.iqstel.com

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SOURCE iQSTEL Inc.

What is iQSTEL's YTD revenue as of February 2024?

iQSTEL's YTD revenue through February 2024 is $33 million.

When is the target date for closing the QXTEL acquisition?

The target date for closing the QXTEL acquisition is April 1st.

What revenue milestone does iQSTEL anticipate reaching after the acquisition?

iQSTEL expects to become a quarter of a billion dollar in annual revenue company after the QXTEL acquisition.

What operational activities have iQSTEL and QXTEL started before the acquisition closure?

iQSTEL and QXTEL have begun cross selling and seizing operational synergies before the acquisition closure.