A leading technology firm in San Diago, TPT Global Tech (OTC:TPTW) announced entering into an acquisition agreement for 100% of outstanding shares of Broadband Infrastructure Inc, engaged in fiber optic infrastructure for telecom carriers across the country.
The $9 million acquisition price tag comprises $6 million in Promissory Note as well as $3 million in TPT Global Tech’s Series E Preferred Stock. The Note may be paid from proceeds raised in its existing Reg. A capital raise or S-1 Registered Offering. The Form of Promissory Note will be given during due diligence but subject to a security agreement. On the other hand, Series E Preferred Stock is convertible into common stock at a 25% discount.
The closing will not be beyond September 30, 2023, but can also be extended. It will be subject to delivery of valuation to adjustment of the purchase price and audits being completed.
Broadband Infrastructure Inc has made a reputation as a trusted partner both for government agencies and telecom carriers due to its extensive experience in constructing and designing fiber networks. The company delivers reliable and high-speed connectivity, giving it a reputed position in the broadband infrastructure sector.
BII’s acquisition will be a significant milestone in TPT’s expansion and growth plans. TPT aims to solidify its presence in the Southeast and enhance both wireless broadband services and Smart City developments.
Stephen J. Thomas III the CEO of TPT Global Tech said that Broadband Infrastructure Inc has a track record in fiber infrastructure across the country. Thomas added that the company’s expertise aligns with the vision of delivering
cutting-edge technology solutions. Furthermore, Thomas added that the strategic acquisition empowers the firm to expand capabilities, provide connectivity solutions, and qualify the firm for an uplisting on the US stock exchange.
TPT Global Tech Inc as well as its controlled subsidiary TPT StrategicInc announced the completion of Real Estate Land Purchase as well as JV Real Estate Development Partnership Agreement with Julisabar Holdings LLC.
TPT Strategic has acquired 1.2 acres of land from Julisabar Holdings LLC under the agreement. The buyout was for $1 million, paid in TPTW Series E Preferred Series E stock with a price of $5.00 USD per share. The Preferred Stock is convertible, with an interest rate of 6%, and will be subject to a 25% discount on the listing.
Stephen J. Thomas III, CEO of TPT Global Tech expressed excitement about partnering with Julisabar Holdings LLC for bringing a vital affordable housing project to fruition. Thomas added that combining expertise in real estate development and technology with local knowledge and relationship will create a transformative community addressing the need for affordable housing in Charlotte, NC.
The partnership will leverage TPT Strategic Inc’s extensive experience in the construction, design as well as management of residential properties. The 80-unit apartment complex will incorporate amenities and sustainable features for enhancing the quality of life for the residents.
John Mayo, CEO of Julisabar Holdings LLC believes that addressing the affordable housing crisis entails innovative solutions and collaboration. The CEO is thrilled on joining forces with TPT Strategic Inc and hopes to leverage the combined strengths for creating development for positively impacts the community and providing much-needed housing options.