New York, NY, Sept. 01, 2022 (GLOBE NEWSWIRE) -- iQSTEL, Inc. (OTCQX: IQST) ("IQST" or the "Company"), a leading provider of comprehensive technology solutions and services to several industries such as Telecommunications, Electric vehicles, Liquid Fuel Distribution, Chemical, and Financial, today released a Shareholder Letter with an Update of its 2022 Business Plan, Guidelines for its 2023 Business Plan, M&A campaign, EVOSS update, and Funding strategy. The shareholder updates from CEO Leandro Iglesias are included in their entirety below.
Dear Shareholders:
I have some exciting news to share with our shareholders as we enter the last quarter of fiscal year 2022.
Update of the 2022 Business Plan:
In our last Shareholder Letter, we shared our financial results, and I am pleased to confirm that our company continues showing a positive trend based on our financial performance indicators.
As we indicated in our August 11, 2022, management interview, performed by Michel Poarch at Alpha Status Stocks, the three top take-away messages are:
a) The company keeps on track to achieve or surpass the $90 Million revenue forecast this FY-2022.
b) The company's Q2 FY-2022 cash burn rate was less than $100,000 per month, we are working to further close this gap, and our goal is to reach break even or a minimum burn rate in Q3 FY-2022, and potentially achieve positive net income in Q4 FY-2022.
c) Our new business divisions, such as Fintech, EV, and Internet of Things (IoT), are expected to commence generating revenue this fiscal year.
Guidelines for the 2023 Business Plan:
Our management is working on setting next year's business objectives and revenue guidelines. We are expecting all of our subsidiaries to carry over our plan to achieve profitability in Q4 FY-2022. Our main objectives for FY-2023 are an increase in revenues to nine digits, effectively becoming a “9-digits revenue company”, keep increasing the gross margin, and profits growth, quarter over quarter, starting on Q1 FY-2023.
We anticipate increased growth of our flag-ship telecommunications business division, at the same time, we are including additional high profit revenue streams and taking cost-efficiency measures to increase profitability.
Mergers and Acquisition (“M&A”) campaign:
IQSTEL’s successful M&A campaign has added strategic acquisitions such as Smartbiz and Whisl. These companies continue adding commercial knowledge, new products, highly qualified management, increased consolidated revenues and positive net income.
We plan to keep pursuing inorganic growth opportunities through acquisitions and are currently evaluating three target companies.
We intend to keep applying our acquisition strategy, paying a mix of cash and restricted IQST common shares, committing our new partners to continue developing a successful business, and aligning them with our long-term vision.
EVOSS Update:
We are in the last stage of negotiating a long-term partnership to manufacture our EVOSS motorcycles. We expect to place a large order of motorcycles to be marketed in five United States markets (California, Texas, Florida, New York, and New Jersey), as well as in international markets, specifically Spain and Portugal. These markets have a combined GDP (Gross Domestic Product) of more than Fifteen Trillion Dollars. We believe it is an achievable business opportunity.
At the same time, we are building a prototype of an affordable four-seat EV car, targeting demand for a second family car. We plan to have the prototype of our EV Mid-Speed Car by the end of the Q4 FY-2022.
We are in open negotiations with a lender to receive a standard non-dilutive credit line of Five Million dollars. This revolving line of credit will be used to develop the EVOSS business plan with complete independency from IQSTEL.
Final Message:
We are very optimistic about the company's future; we expect to achieve significant milestones in Q4 FY-2022. As we have stated before, our company is in a better than ever position, and we are building the foundations for FY-2023 and beyond.
Thank you for your loyalty and support; we keep working daily to increase our business and the company's value.
Leandro Iglesias
CEO
About iQSTEL Inc.:
iQSTEL Inc. (OTCQX: IQST) (www.iQSTEL.com) is a US-based publicly listed company holding an Independent Board of Directors and Audit Committee with a presence in 19 countries and 70 employees offering leading-edge services through its four business lines. The Telecom Division (www.iqstelecom.com), which represents the majority of current operations, offers VoIP, SMS, proprietary Internet of Things (IoT) solutions, and international fiber-optic connectivity through its subsidiaries: Etelix, SwissLink, Smartbiz, Whisl, IoT Labs, and QGlobal SMS. The Fintech business line (www.globalmoneyone.com) (www.maxmo.vip) offers a complete Fintech ecosystem MasterCard Debit Card, US Bank Account (No SSN Needed), Mobile App/Wallet (Remittances, Mobile Top Up, Buy/Sell Crypto). Our Fintech subsidiary, Global Money One, is to provide immigrants access to reliable financial services that make it easier to manage their money and stay connected with their families back home. The BlockChain Platform Business Line (www.itsbchain.com) offers our proprietary Mobile Number Portability Application (MNPA) to serve the in-country portability needs through its subsidiary, itsBchain. The Electric Vehicle (EV) Business Line (www.evoss.net) offers electric motorcycles to work and have fun in the USA, Spain, Portugal, Panama, Colombia, and Venezuela. EVOSS is also working on the development of an EV Mid Speed Car to serve the niche of the 2nd car in the family.
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 information 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 partly 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. This press release does not constitute a public offer of any securities for sale. Any securities offered privately 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.
iQSTEL Inc.
IR US Phone: 646-740-0907
IR Email: investors@iqstel.com
