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…..which is now approximately 35% of the people living in the United States. Once the store is onboarded to the SurgePays network and the trusted profit partnership is established then, Surge facilitates the sale of other consumable products through our wholesale marketplace by connecting manufacturers directly to these retail stores.
The SurgePays Marketplace is built on Blockchain Technology and has created a new sales channel that disrupts the traditional c-store distribution and products sales model by providing local retailers with direct access to regional manufacturers from around the country.
This Marketplace software platform additionally provides manufacturers a lower cost and more efficient platform to access mom-n-pop retailers to sell products nationwide without the need to offer cash-flow crunching “net” terms to distributors.
SurgePays Named to the Deloitte Technology Fast 500 Rankings for Second Year Running
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SCURG LOSES ANOTHER LAWSUIT FOR OVER $3,000,000
2. Surge’s Payment to Plaintiffs.
2.1 As of the Effective Date, Surge agrees to issue and/or pay to AltCorp and/or its designee shares of its common stock in an amount equal to three million three hundred thousand dollars ($3,300,000) (the “Payment”) in resolution of the claims against Surge in this Action which are released hereunder arising from the Exchange Agreement and other agreements with Plaintiffs to which Surge is a party and are identified within the Complaint. Surge shall treat the Payment in accordance with generally accepted accounting principles (“GAAP”). The Payment shall be satisfied through the series of issuances of shares of Surge’s common stock to AltCorp and/or its designee as set forth within this Agreement. The shares shall be issued as unrestricted and free-trading upon delivery of a legal opinion to Surge. Any legal opinion required in order to remove any restrictive legends from the shares shall be provided by Surge at its own cost.
4.1 Within three (3) Trading Days of the first (1st) Trading Day of each calendar month after January 8, 2021, (the “Monthly Transfer Deadline”), for a period of thirty-two (32) months after January 8, 2021, Surge shall irrevocably instruct its transfer agent to transfer to AltCorp and/or its designee an amount of Surge’s common stock from the Increased Reserved Shares Quantity (the “Monthly Transferred Shares”) equal in value to one hundred thousand dollars ($100,000) (the “Value Amount”) per month for the thirty-two (32) months following January 8, 2021.
13.1.5 The Monthly Transferred Shares when issued and delivered in accordance with the terms of this Agreement, for the consideration expressed herein, upon receipt of a legal opinion indicating the same, will be free trading without encumbrances and duly and validly issued, fully paid and non-assessable. CEO BRIAN COX PAST INDICTMENT FOR WIRE FRAUD!