Memphis, TN, April 01, 2020 (GLOBE NEWSWIRE) -- Surge Holdings, Inc. (“Surge”) (OTCQB: SURG), developer of the SurgePays™ Marketplace Network for convenience stores, bodegas and community markets that provide products to the underbanked, today announced the launch of its proprietary new brand, Loco Rabbit, offering value and convenience in a “grab-n-go” phone service.
The Loco Rabbit preactivated phones include 30 days of service and come ready for “off the rack” sales in high volume convenience stores at a starting retail price point of $39.99. The Grab-n-Go phones consist of a basic phone, starter Android and upgraded Android. All 3 packages will be distributed through SurgePays and the ECS Prepaid network of 10,000 stores in April 2020.
Brian Cox, Chairman and CEO of Surge Holdings, stated, “We are particularly excited about this latest product launch already underway, which expands on our pre-paid suite of products. Utilizing analytics from the millions of dollars of transactions over our networks, our team was able to determine the optimal plans, pricing and device costs. The packaging and branding turned out so well, that I look to see these phones in national chain stores in 2020. Importantly, the stores not only make money with the initial sale, they get additional foot traffic and profit every time the customer comes back each month to pay for their service.”
Mr. Cox further stated, “We believe that Loco Rabbit and our prepaid wireless payment platform are an ideal solution during the current pandemic when most traditional wireless stores are closed. There are approximately 100 million customers on pay-as-you-go plans who need to pay in person each month. Essential local corner stores, convenience stores, tiendas, bodegas and community markets remain open as they provide food, drinks and toiletries along with other products and services for the underbanked. These stores are near the neighborhoods where this consumer segment, representing 35% of the United States, lives. We realize this is a unique time with uncertainty, so we have taken the extra step of allowing for payments as low as $5 for 5 days of unlimited service.”
The Basic Loco Rabbit package includes a basic phone and 750 units Mins/SMS for $39.99. The two additional phone packages are provided with unlimited text, 10 hours of talk and 100 MB data, with either a Starter Android smartphone at $54.99, or an Upgraded Android smartphone at $69.99. Monthly service for all three phone packages is provided using one of the nation’s leading wireless LTE networks. The Loco Rabbit phones are activated once customers turn on the device and provide 30 days of service. When a customer refills their account, they can choose from 6 different plan options. Loco Rabbit phones can be ordered direct at https://locorabbit.com.
About Surge Holdings, Inc:
Surge Holdings, Inc. operates the SurgePays™ Marketplace, a product sales channel that disrupts the traditional c-store supply chain model by providing independent and local retailers direct access to regional manufacturers from around the country. Surge leverages its wholly owned subsidiaries (value driven prepaid wireless and fintech products) to build relationships with convenience stores, bodegas, tiendas and community markets that serve the underbanked and unbanked - approximately 35% of the US population. Once a store is onboarded to the SurgePays™ Marketplace, and the trusted profit partnership is established, Surge upsells other consumable goods by connecting manufacturers directly to these retail stores. The SurgePays™ Marketplace provides manufacturers measurable cost savings by cutting out distributors and offers an efficient platform to access independent retailers to sell products nationwide with improved payment terms. For more information on Surge Holdings and its subsidiaries, please visit: https://surgeholdings.com.
Forward Looking Statements
This press release contains information that constitutes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking terminology such as “believes”, “expects”, “may”, “will”, “should”, “anticipates”, “plans”, or similar expressions or the negative of these terms and similar expressions are intended to identify forward-looking statements. Any such forward-looking statements involve risk and uncertainties that could cause actual results to differ materially from any future results described by the forward-looking statements. Risk factors that could contribute to such differences include those matters more fully disclosed in the Company's reports filed with the U.S. Securities and Exchange Commission. The forward-looking information provided herein represents the Company's estimates as of the date of the press release, and subsequent events and developments may cause the Company's estimates to change. The Company specifically disclaims any obligation to update the forward-looking information in the future. Therefore, this forward-looking information should not be relied upon as representing the Company's estimates of its future financial performance as of any date subsequent to the date of this press release.
Investor Contact:
Crescendo Communications, LLC
Tel: 212-671-1020
Email: SURG@crescendo-ir.com
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