FinancialBuzz.com’s latest Buzz on the Street Show: Featuring Our Corporate News Recap on “TPT Global Tech signs Definitive Agreement to Acquire assets from Midwest ISP Speed Connect and Positions for a 5G Rural American Deployment”
TPT Global Tech, Inc. (OTCQB: TPTW) announced that it recently initiated the acquisition of the assets of SpeedConnect LLC for $2 million 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. Additionally, $500,000 is to be paid at closing after normal due diligence, audit and other conditions are met.
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.
Each year, mobile devices become more popular as the proliferation of mobile communications grows. Nearly 95% of Americans owned a cellular device in 2018, with 77% of that group owning a smartphone of some kind, according to Pew Research Center. In 2018, it was estimated that U.S. adults spent an average of 3 hours and 35 minutes per day on their mobile devices, according to eMarketer. By 2019, the data suggests that time spent on mobile devices will surpass time spent watching TV. As the adoption of mobile communications was largely due to the expansion of the telecommunications industry, the telecom sector is comprised of companies that allow consumers to communicate with one another through the use of phones and the internet, both wired and wireless. Companies involved in the telecom industry include wireless operators, satellite companies, cable companies, and internet service providers. The telecom market space is projected to accelerate based on several key factors such as the developments in wireless communications, long-distance carriers, domestic telecom services, and diversified communication services. Consumer demand and expectations are also shifting every year as technology becomes more ingrained in daily lives. Now, consumers want a faster, more reliable, and safer method of communication, prompting telecom companies to develop new, innovative technologies in order to achieve expectations. According to data compiled by 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.
IDC says that telecom providers are in a state of transition, facing a flat voice market, but steady growth in fixed and mobile data services are bolstering the market. Competition between providers is aggressive as they are continually developing and implementing new technologies to provide optimal services. In particular, 5G technology is one of the most anticipated services in the telecom market space. 5G will further enhance connectivity in mobile communication experiences among consumers. And, according to Netscribes, the global 5G technology market is expected to reach USD 251 Billion by 2025, registering a robust CAGR of 97% over the next five year period. Globally, many providers have already launched 5G services on a small-scale in specific cities and towns. A majority of the services are conducting pilot runs in order to test and receive feedback or results. Afterward, companies will adapt to consumer trends as well as enhance technology, eventually leading to a nation-wide or global-wide launch. “Fifth-generation or 5G technology is much more than the future of global telecommunications, offering more bandwidth than anyone ever imagined (think of downloading entire movies in a few seconds) and enough to make the Internet of Things a daily reality,” said Arthur Herman, Senior Fellow at the Hudson Institute and Director of the Quantum Alliance Initiative, ” The rollout of 5G also demands billions of dollars to install the fiber-optic networks needed for these high-capacity systems, and billions more to operate them. Which companies and which countries design and invest in this new infrastructure, will have a hefty say in not only how 5-G transmits information, but also how others are to access the system.”
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