New York, NY, July 13, 2022 (GLOBE NEWSWIRE) -- iQSTEL, Inc. (OTCQX: IQST) today published a letter to shareholders from CEO Leandro Iglesias providing the latest updates on the company’s continued progress to meet or exceed its $90 million, net income positive, revenue forecast for 2022. The letter is included in its entirety below:
Dear Shareholders
I am confident iQSTEL was well prepared to endure the recent market challenges, and while the market turbulence may not be completely over, I am optimistic the worst is behind us. Now, as investors begin to look for new opportunities, I believe IQSTEL’s many strengths will stand out. The purpose of my letter today is to highlight some of those strengths.
- iQSTEL is an audited company fully compliant with SEC reporting standards currently quoted on the OTCQX. For almost 18 months now, the company has no toxic debt. iQSTEL is a management-controlled company with management as the largest shareholder representing their long-term commitment to the company.
- Management and the Independent Board of Directors consistently under promise and over deliver. For example, in spite of the prevailing economic conditions, iQSTEL has continued to expand its founding iQSTelcom Telecommunications Division organically and through merger and acquisition. The company has recently acquired Smartbiz and Whisl adding $11.6 million in annual revenue and $1.34 million in positive net income, The company Telecommunications Division now includes six subsidiaries: Etelix, SwissLink, QGlobal SMS, IoT Labs, Smartbiz and Whisl. iQSTEL is a global telecommunications provider with wide portfolio of services growing both the company’s top and bottom lines.
- iQSTEL’s merger and acquisition campaign is ongoing with due diligence currently underway on the anticipated acquisition of 2,300 miles of fiber-optic network in America. At the same time, yet another telecommunications acquisition is also being explored.
- iQSTEL has diversified its connectivity expertise into the electric vehicle market adding the EVOSS Electric Motorcycles Division (www.evoss.net). Our first batch of motorcycles are now in Texas, Miami, Panama, Venezuela, and Spain, and the first reviews of our versatile motorcycles (for work and fun) have been very encouraging. We are more than optimistic that iQSTEL will play an important role in the Electric Motorcycles market in the near future. See the latest review of our EVOSS 250 (2Kw) https://www.youtube.com/watch?v=rwNF9163aUY&t=36s
- We are currently working to increase the maximum speed of our electric motorcycles (Model 550, 5Kw) and add a Combined Braking System (CBS) that increases the surface of the brakes plates and adds a regenerative braking system to extend battery life by approximately 25%. We expect to soon begin production on a second batch of EVOSS electric motorcycles and start accepting orders in Q3 and delivering in Q4. We anticipate generating high margin revenue this fiscal year from our new EVOSS Electric Motorcycle division.
- iQSTEL’s Internet of Things (IoT) proprietary technology is currently being trialed and refined through an engagement with the largest chemical corporation in the world. Accordingly, we are accelerating our IoT commercial strategy to offer our award winning IoTSmartTank and IoTSmartGas products to a wider market. We expect to ramp up high margin revenues from our IoT Division in the second half of this fiscal year. See https://www.otcmarkets.com/stock/IQST/news/iQSTEL-Announces-MOU-with-BASF-To-Field-Test-IoT-Labs-IoTSmartTank-Technology?id=362850
- We are laying the groundwork now for the rapid expansion of Our Global Money One Fintech Division by working to build multiple integration partnerships. Look for more updates coming soon. See https://maxmo.vip/.
- Our Blockchain Division has almost completed a new release of its Mobile Number Portability Application MNPA and will soon be releasing a more detailed update. See www.itsBchain.com
- iQSTEL remains on track to up-list to Nasdaq. We are monitoring market conditions to time our up-listing ideally to see iQSTEL reach the Nasdaq minimum listing share price organically and not through any recapitalization or reverse split. In reaction to a recent acquisition offer for our EVOSS Division, our Independent Board of Directors has ordered management to plan a spinoff of our electric vehicle division targeting an independent Nasdaq listing. Look for more updates coming soon.
- Again, while market conditions remain uncertain, I believe the worst is behind us and now is the time for iQSTEL to shine as investors start to look for new opportunities. iQSTEL is in the Telecommunications Business, Electric Vehicles Business, Internet of Thing Business and Fintech Business, and all of these are growth industries where iQSTEL is excelling. We just announced 47% revenue growth to $43.4 million for the first half of 2022 based on preliminary accounting results. The Company is on path to achieve and even surpass its $90 Million net income positive revenue forecast for this fiscal year. We expect to continue growing in 2023 and remain net income positive from there forward.
- With all modesty, I believe iQSTEL is better than ever from every perspective to include business development, corporate governance and capital foundation. I also believe the second half of 2022 will be even better for iQSTEL then the first half. It is only a matter of time, in my humble opinion, before the market discovers our yet unrecognized value.
Let me finish by extending a thanks to all our loyal shareholders for your ongoing support of iQSTEL through the market wide turbulence that has cast a cloud on every company. On behalf of everyone working at iQSTEL, we are grateful for your loyalty, and we remain dedicated to delivering on our stated goals and objectives.
Sincerely,
Leandro Iglesias
CEO
iQSTEL, Inc.
About iQSTEL Inc.:
iQSTEL Inc (OTCQX: IQST) (www.iQSTEL.com) is a US-based publicly-listed company offering leading-edge Telecommunication, Technology and Fintech Services for Global Markets, with presence in 13 countries. The company provides services to the Telecommunications, Electric Vehicle (EV), Liquid Fuel Distribution, Chemical and Financial Services Industries. iQSTEL has 4 Business Divisions: Telecom, Technology, Fintech and Blockchain, with worldwide B2B and B2C customer relations operating through its subsidiaries: Etelix, SwissLink, QGlobal SMS, SMSDirectos, IoT Labs, Global Money One and itsBchain. The Company has an extensive portfolio of products and services for its clients: SMS, VoIP, 4G & 5G international infrastructure connectivity, Cloud-PBX, OmniChannel Marketing, IoT Smart Electric Vehicle Platform, iQ Batteries for Electric Vehicles, IoT Smart Gas Platform, IoT Smart Tank Platform, Visa Debit Card, Money Remittance, Mobile Number Portability Application MNPA (Blockchain Platform) and Settlement & Payments Marketplace (Blockchain Platform).
Safe Harbor Statement: Statements in this news 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 any other statements relating to our future activities 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 outcomes and results may, and are likely to, differ materially from what is expressed or forecasted in forward-looking statements due to numerous factors. Any forward-looking statements speak only as of the date of this news release and iQSTEL Inc. undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this news release.
iQSTEL Inc.
IR US Phone: 646-740-0907, IR Email: investors@iqstel.com
Source: iQSTEL Inc. and its subsidiaries: www.iqstel.com
