SpeedConnect sells to TPT Global Tech with 5G in mind
SpeedConnect signs definitive agreement to sell select assets to TPT Global Tech, who is gearing up for a 5G rural USA deployment
Frankenmuth, Michigan — Founder and CEO John Ogren, announced today that SpeedConnect had entered into a definitive agreement to sell select assets to TPT Global Tech (OTCQB: TPTW). SpeedConnect is in its 17th year of operations and is one of the nation’s largest rural wireless Internet service providers. The veteran provider serves residential and commercial customers, in Arizona, Idaho, Illinois, Iowa, Michigan, Minnesota, Montana, Nebraska, South Dakota and Texas utilizing its company built and owned national network. Combined with TPTG’s 5G deployments across 10 Midwestern States and cash infusion, the new combined enterprise is perfectly positioned to grow its national footprint.
“As a pioneer delivering quality, affordable high-speed Internet to smaller communities, where families and small businesses often have few options, I am pleased, excited, and thankful for this partnership with TPT Global. With the combined resources, and world-wide scope of these companies, we will be able to make an even bigger difference in regards to internet services for Rural America.” shared Ogren.
The SpeedConnect asset sale provides TPTG with 20,000 additional customers, approximately $17 million in top line revenue and $4 million in bottom line EBITDA (unaudited). Included in the acquisition is SpeedConnect’s complete back office billings and collections machine for all products. The new combined enterprise may choose to sell, service, warehouse, or deliver. The Asset Purchase Agreement is anticipated to begin in April of 2019 and be finalized no later than June 30, 2019. Mr. Ogren will stay on as the CEO of SpeedConnect during the transition and for the next two years. SpeedConnect customers will not experience any disruption in service during this transition.
SpeedConnect serves customers with wireless broadband internet and telephone service in Michigan, Iowa, Illinois, Nebraska, South Dakota, Minnesota, Idaho, Montana, Texas and Arizona. SpeedConnect owns and uses FCC-licensed 2.5 GHz EBS and BRS spectrum and technology. SpeedConnect founded in 2002, is a Michigan Limited Liability Corporation, and is principally owned TPT Global Tech.
About TPT Global Tech
TPT Global Tech Inc. (OTC:TPTW) based in San Diego, California, is a Technology/Telecommunications Media Content Hub for Domestic and International syndication and also provides Technology solutions to businesses domestically and worldwide. TPT Global offers Software as a Service (SaaS), Technology Platform as a Service (PAAS), Cloud-based Unified Communication as a Service (UCaaS) and carrier-grade performance and support for businesses over its private IP MPLS fiber and wireless network in the United States. TPT’s cloud-based UCaaS services allow businesses of any size to enjoy all the latest voice, data, media and collaboration features in today’s global technology markets. TPT’s also operates as a Master Distributor for Nationwide Mobile Virtual Network Operators (MVNO) and Independent Sales Organization (ISO) as a Master Distributor for Pre-Paid Cellphone services, Mobile phones Cellphone Accessories and Global Roaming Cellphones.