FinancialBuzz.com’s latest Buzz on the Street Show: Featuring Our Corporate News Recap on “TPT Global Tech Completes SpeedConnect Asset Acquisition and Adds $17M Revenue $3M EBITDA (Unaudited) for $1.75M, Positions for a 5G Rural American Deployment.”
TPT Global Tech, Inc. (OTCQB: TPTW) announced today it has completed its $1.75M Asset acquisition of SpeedConnect LLC and the assumption of certain liabilities. The Asset Purchase Agreement required a deposit of $500,000, paid as part of entering into the Asset Purchase Agreement and an additional $500,000 paid at closing. In addition, at the time of closing, the Company entered into a Promissory Note to pay SpeedConnect $1,000,000 in two equal installments of $500,000 plus applicable interest at 10% per annum with the first installment payable within 30 days of closing and the second installment payable within 60 days of closing. The Company paid a one lump sum of $750,000 USD and received a $250,000 discount off the remaining $1,000,000 USD Notes Payable to close out the SpeedConnect asset acquisition.
TPT Global Tech Inc. was formed as the successor of two US Corporations, Ally Pharma US, a Pharmaceutical technology research company founded in 1988 and TPT Global Inc. a worldwide, Media Content, Voice and Data, Interconnect and International gateway provider. TPT Global Tech is headquartered in San Diego, California and operates as a holding company for its Media, Smartphone, Network, Content, and SaaS domestic and international businesses.
It has been nearly a decade since the last update to broadband technology was released. Throughout the past decade or so, telecommunication providers have been working towards developing the next technologically advanced broadband offering. 4G LTE or the fourth generation long term evolution of broadband cellular network was commercially available in late 2010. Now, wireless communication providers are racing to deploy the first commercially available 5G technology even though a handful of providers have already launched 5G networks in several cities across the world, while some cities are just simply testing the service. According to the International Telecommunication Union, there are 77 operators in the world conducting 5G technology trials across 49 different countries. Among the operators, 45 of them have already announced plans to launch 5G services in 32 select countries. Regions such as South America, Asia, and parts of Europe have already completed trials or have 5G services running. However, the most populated regions such as the U.S. and China are still undergoing trials. 4G LTE allowed consumers to upload and download content at faster speeds than its predecessor as Verizon highlighted that 4G LTE wireless broadband is 10 times faster than 3G speeds, handling up to peak download speeds of 50 megabits per second. On the other hand, 5G technology is expected to substantially overshadow 4G LTE. The International Telecommunication Union notes that 5G technology can come in three different spectrums: The low-band spectrum is expected to peak download speeds of 100 megabits per second, while the mid-band is projected to reach speeds of up to 1 gigabits per second. Notably, the high-band spectrum is expected to hit speeds exceeding 10 gigabits per second, while offering significantly lower latency. Generally, the growing anticipation for the deployment of 5G technology is further driving the overall telecommunications market. And as consumer trends continue to change, telecom providers are expected to keep pace with the demand. According to data compiled by the International Data Corporation (IDC), the global telecom market is expected to maintain a steady growth of 2% over the forecast period from 2018 to 2022.
5G technology has key features and technologies that make it much more advanced than 4G LTE. 5G technology boasts a low-cost module, better coverage, long battery life, low data needs, and 2-way communication. Additionally, the technology can create a global network while providing security and scalability. Furthermore, mobile technologies such as antenna, densification, new radio, virtualization, and connectivity are expected to deliver consumers high-speed networks. For instance, antennas provide long-range deep coverage, while densification offers self backhauling. Moreover, updated and advanced radios are important because they provide the frequency bands, which dictate the download and upload speed. Around the world, countries are preparing to launch commercial services within the next few years. For instance, South Korea is expected to commercially launch its 5G technology in 2019. On the other hand, countries like Japan and China are expected to launch in 2020, along with the Middle Eastern and European regions, which are also both targeting 2020 to deploy their 5G technology. “5G speeds will take data volume to new heights,” said Ken Tsai, Global Vice President and Head of Cloud Platform and Data Management at SAP. “Data can be processed at much faster speeds thanks to the rollout of 5G across the globe. As the volume of data increases, proper data management processes will become more vital than ever for organizations today, as will automation and advanced analytics capabilities, such as AI and machine learning. In order to turn data into action in the 5G era, organizations will need to ensure they have the tools and processes in place to store, cleanse, compute and analyze data quickly to stay competitive in the digital economy.”
For more information, please visit: TPT Global Tech, Inc.
For more corporate news on TPT Global Tech Inc., check out the Buzz on the Street
About Buzz on the Street: One of FinancialBuzz.com’s latest corporate and financial news shows, covering the latest trending stock market news. Buzz on the Street looks to become a leader in corporate video news dissemination. Buzz on the Street is 100% original content, brought to you by Financial Buzz Media.