New York, NY, March 24, 2022 (GLOBE NEWSWIRE) — iQSTEL, Inc. (OTCQX: IQST) today announced that the company plans to close three acquisitions before the end of April 2022. CEO Leandro Iglesias released today released an update today as part of its regular series of updates detailing the company’s continued progress towards its $90 million annual revenue forecast for 2022 and its move to Nasdaq in the first half of this year . The update is included in full below:
The first fiscal quarter of 2022 is drawing to a close and despite the prevailing market conditions and world events, I am happy to share that iQSTEL is on track to achieve its 2022 objectives. Nothing stands in the way of our forecast $90 million annual revenue for 2022 or our Nasdaq upgrade.
Let me share some highlights.
Our new electric vehicle program is really gaining momentum. Our dealer evaluation program is underway and our EVOSS EV motorcycle is winning hearts and minds. Comments on the look and performance of the bike are all positive. Dealers are responding enthusiastically overall.
Our opportunity for the EVOSS EV motorcycle is already expanding beyond Latin America. A Nigerian dealer came to review the EVOSS EV motorcycle in Miami. The interest was great. Nigeria is a country of over 200 million people and overall a good fit for our EVOSS EV motorcycle.
On the Fintech side, I am proud to announce the launch of our MAXMO product. MAXMO is the first product in our upcoming Global Money One product line. Learn more about MAXMO in our digital brochure on our official Global Money One channel on YouTube:
We are on the verge of developing an instrumental partnership in Latin America for our MAXMO product which, on its own, could ensure that we achieve our 2022 end-user and revenue forecasts for our Fintech line of business.
Our Fintech product line is one of iQSTEL’s main strategies over the next 5 years and is expected to generate over $100 million in revenue with an estimated profit margin of 30%.
I have already mentioned that our merger and acquisition efforts are ongoing and have continued without fanfare until today. Now, I’m pleased to report that we expect to finalize and close three acquisitions before April 30, 2022. Look for more details as the closing date approaches.
Finally, following my letter last week, we have exchanged information with Nasdaq and our application process is underway. I remain confident in achieving our stock market rise in the first six months of 2022. I am also optimistic that our upcoming audited annual report for 2021 will support the possibility for our share price to rise organically to reach the Minimum Nasdaq Listing Requirement.
iQSTEL inc. (OTCQX:IQST) (www.iQSTEL.com) is a publicly traded US company with an independent board of directors and an independent audit committee offering industry-leading services through its two business divisions and each with independent brands. The B2B division, Brand IQSTelecom offering services of telecommunications platforms, Internet of things, technology and blockchain, the target market of the B2B division is Global Markets. The B2C division, Brand EVOSS offering EV electric motorcycles, Fintech Ecosystem, the target market for this business division is Latin America and Spanish speaking people in the United States. The company is present in 15 countries and its products and services are used in several industries such as telecommunications, electric vehicles (EV), financial services, chemicals and the distribution of liquid fuels. IQSTEL announced on February 17, 2021 that it has become a debt-free company and is now completely debt-free with no convertible notes, warrants, promissory notes or settlement agreements on its balance sheet.
Safe Harbor Statement: Statements in this press release may be “forward-looking statements.” Forward-looking statements include, but are not limited to, statements that express our intentions, beliefs, expectations, strategies, predictions, or other statements regarding our future business or other future events or conditions. These statements are based on current expectations, estimates and projections about our business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual results could and do differ materially from what is expressed or anticipated in the forward-looking statements due to numerous factors. All forward-looking statements speak only as of the date of this press release and iQSTEL Inc. undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date of this press release. This press release does not constitute a public offer to sell securities. Any privately offered securities will not be or have not been registered under the Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
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Source: iQSTEL Inc. and its subsidiaries: www.iqstel.com