IQST - IQST - iQSTEL and QXTEL Announce a Deal To Become Quarter Billion Revenue Corporation | Benzinga
NEW YORK, Jan. 22, 2024 /PRNewswire/ -- iQSTEL Inc. (OTC:IQST), and QXTEL LTD. ("QXTEL"), a London, United Kingdom based Telecommunications Services Provider (www.qxtel.com) announced an agreement for iQSTEL to acquire 51% of QXTEL adding QXTEL to the iQSTEL Telecom Division which includes Etelix, Swisslink, Smartbiz, Whisl, QGlobal SMS, IoTLabs, and itsBchain.
The addition of QXTEL to iQSTEL's Telecom Division is expected to add more than $80 million in annual revenue. iQSTEL management anticipates the combined sales of the two companies to initially generate $250 million in annual revenue before the accelerated growth anticipated from the synergies of the combination. iQSTEL achieved a consolidated positive operating income in Q3 of 2023 one fiscal quarter ahead of forecast, and the addition of QXTEL will further boost the Telecom Division of iQSTEL to forecast $3 million of positive operating income annually.
The founders and management of QXTEL share iQSTEL's vision to become one of the major international wholesale telecommunications operators providing voice, messaging (A2P SMS) and enhanced value-added services. This acquisition will put the combined company in the select list of top operators.
iQSTEL management indicates an 8-K disclosure detailing of the agreement announced today and the financing will be forthcoming imminently. The two companies expect to finalize and close the acquisition agreement within the next 60 days. The companies expect to release additional details on the transaction before the IQSTEL shareholders meeting.
Mr. Leandro Iglesias, the CEO of iQSTEL stated the following in regard to the transaction: "We are very excited about the combination of QXTEL with iQSTEL. QXTEL has a stellar reputation and a very well-respected name in the industry. The addition of QXTEL accelerates iQSTEL's ...