Attached files
| file | filename |
|---|---|
| EX-10.1 - AMENDMENT, ABATEMENT, AND EXTENSION AGREEMENT FOR CONVERTIBLE PROMISSORY NOTE - TPT GLOBAL TECH, INC. | tpt_ex101.htm |
| 8-K - CURRENT REPORT - TPT GLOBAL TECH, INC. | tpt_8k.htm |
EXHIBIT 99.1
TPT Global Tech Restructures $525,000 Convertible Promissory Note
to Odyssey Capital Funding LLC reducing Toxic Debt
Obligations
SAN
DIEGO, June 9, 2020/IssuerDirect / -- TPT Global Tech, Inc.
(“TPTW or the Company”) (OTCQB:TPTW) announced today it
has successfully restructured its convertible promissory note due
June 3, 2020 issued by the Company to Odyssey Capital Funding LLC
(“OCF”) for $525,0000 on June 8, 2019 to a six month
non-convertible term loan. The restructured balance included the
remaining principal balance of $475,850 and accrued interest of
$135,000 for a combined term loan balance of $610,850. The $610,850
is due in six months bearing 0% interest for three months and 10%
per annum thereafter. There is no conversion feature on the
restructured balance. OCF converted 52,961,921 shares of the
Company’s common stock into the open market since June 4,
2019. TPTW and OCF agreed that OCF would receive payments for the
restructured note balance from first monies raised from any Company
financing during efforts in the next six months. The Company is
attempting to restructure all of its remaining toxic debt
obligations.
The
proceeds from the convertible promissory note issued to OCF were
used as part of the acquisition of the assets of SpeedConnect, LLC.
The acquisition included the tradename of SpeedConnect.
SpeedConnect is located in Frankenmuth, Michigan and is one of the
largest Rural Wireless Internet Services Providers in the United
States. SpeedConnect has operations in 10 Midwestern states,
Arizona, Idaho, Illinois, Iowa, Michigan, Montana, Minnesota, South
Dakota, Nebraska and Texas. The Company’s plans are to
upgrade the existing SpeedConnect 10 state Broadband network to a
4G+/5G network offering faster speeds and added value products such
as TV, Voice and Data Services to its 15,000 Rural Middle American
telecommunication’s customers.
“Through
the fund-raising process to complete the SpeedConnect asset
acquisition, it has truly been a pleasure working with the Odyssey
team. I can say they are an Investment Fund that is there for the
companies they invest in. Never since the inception of our funding
did they put undue pressure on our stock driving our share price or
market cap down. It is very interesting to see that out of the five
convertible note Investment Funds that helped fund the
SpeedConnnect asset acquisition, OCF required the least amount of
common shares in reserve of 53M for their investment in TPTW. When
the dust settled, over 721M shares had been converted into the
market and OCF is the only Investment Fund to date to still have
TPTW shares in their name. This says a lot on how they do business.
By restructuring their convertible note to a term loan, OCF sees
the value in helping us reduce our derivative liabilities as we
continue to raise capital.” said Stephen Thomas, CEO of
TPTW.
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 such terms as "believes," "looking ahead,"
"anticipates," "estimates" and other terms with similar meaning.
Specifically, statements about the Company's plans for accelerated
growth, improved profitability, future business partners, M&A
activity, new service offerings and pursuit of new markets are
forward looking statements. Although the company believes that the
assumptions upon which its forward-looking statements are based are
reasonable, it can give no assurance that these assumptions will
prove to be correct. Such forward-looking statements should not be
construed as fact. The information contained in such statements is
beyond the ability of the Company 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 in the press release are expressly
qualified by these cautionary statements and by reference to the
underlying assumptions.
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.