BARTLETT, Tenn., March 09, 2022 (GLOBE NEWSWIRE) -- SurgePays, Inc. (Nasdaq: SURG) (“SurgePays” or the “Company”), a technology and telecommunications company focused on the underbanked and underserved, continued growth in its mobile broadband subscriber business SurgePhone Wireless LLC (“SurgePhone”), the Company’s wholly owned subsidiary.
| Month | Total Subscribers* | Revenue Generated | |
| August | 800 | $115,212 | |
| September | 7,000 | $1,057,294 | |
| October | 13,000 | $1,369,872 | |
| November | 19,000 | $1,680,790 | |
| December | 30,000 | $2,901,100 | |
| January | 45,000 | $3,794,710 | |
| February | 63,000 | $5,041,240 | |
*Rounded
Commenting on the growth in the mobile broadband business, Chairman and CEO Brian Cox stated, “Our mobile broadband channel continues to surpass internal expectations. Providing internet access to over 63,000 households, while achieving $5 million a month in recurring revenue, is a great start. We expect to be in all 50 states in the next 30-45 days and look to exponentially increase subscribers which should necessitate guidance upwards from our original target of 200,000 in 2022 as our mobile broadband channel continues to expand significantly.
“The Affordable Connectivity Program is an FCC benefit program that helps ensure that households have access to the broadband they need for work, school and healthcare. SurgePhone is licensed to offer this program in 14 states encompassing approximately 25 million qualified people. In Florida alone, it is estimated that 6.4 million households qualify. Making home internet affordable makes getting homework done, applying for jobs and receiving higher quality healthcare easier and more accessible to low-income households.”
SurgePhone is a licensed wireless provider capable of utilizing both the AT&T and T-Mobile nationwide network infrastructure to provide data and voice direct to consumers.
Preliminary revenues are estimates prior to the completion of the Company’s financial closing procedures and review procedures by its external auditors and, therefore, may be subject to adjustment when the actual results are available.
For more information on SurgePays, please visit the Company’s investor relations website at ir.surgepays.com.
About SurgePays, Inc.
SurgePays is a technology and telecommunications company focused on the on underbanked and underserved. SurgePhone wireless companies provide mobile broadband to low-income consumers nationwide. SurgePays fintech platform utilizes a suite of financial and prepaid products to convert corner stores and bodegas into tech-hubs for underbanked neighborhoods. SurgePays is aggressively cornering the underbanked market directly to the consumer and in the stores where they shop. Please visit www.SurgePays.com for more information.
About SurgePhone Wireless
SurgePhone, a wholly owned subsidiary of SurgePays, is a wireless company licensed by the FCC to provide subsidized mobile broadband services to consumers qualifying under the federal guidelines of the Affordable Communication Program (ACP). The ACP provides SurgePhone up to a $100 reimbursement for the cost of each tablet distributed and a $30 per customer, per month subsidy for providing internet connectivity to low-income households. In August of 2021, SurgePhone received approval to offer subsidized mobile broadband in these 14 states: in California, Colorado, Florida, Illinois, Maryland, Mississippi, Missouri, Nevada, New Jersey, Ohio, Oklahoma, Rhode Island, Tennessee, and Texas.
MZ Contact
Brian M. Prenoveau, CFA
MZ Group – MZ North America
brian.prenoveau@mzgroup.us
+561 489 5315
Cautionary Note Regarding Forward-Looking Statement
This press release includes express or implied statements that are not historical facts and are considered forward-looking within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act. Forward-looking statements involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or our future financial or operating performance and may contain projections of our future results of operations or of our financial information or state other forward-looking information. In some cases, you can identify forward-looking statements by the following words: “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing,” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. Although we believe that the expectations reflected in these forward-looking statements are reasonable, these statements relate to future events or our future operational or financial performance and involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. Furthermore, actual results may differ materially from those described in the forward-looking statements and will be affected by a variety of risks and factors that are beyond our control, including, without limitation, statements about our future financial performance, including our revenue, cash flows, costs of revenue and operating expenses; our anticipated growth; our predictions about our industry; the impact of the COVID-19 pandemic on our business and our ability to attract, retain and cross-sell to clients. The forward-looking statements contained in this release are also subject to other risks and uncertainties, including those more fully described in our filings with the Securities and Exchange Commission (“SEC”), including in our Annual Report on Form 10-K for the fiscal year ended December 31, 2020. The forward-looking statements in this press release speak only as of the date on which the statements are made. We undertake no obligation to update, and expressly disclaim the obligation to update, any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law.
