iQSTEL Inc (IQST)

[davidsson10]

iQSTEL Announces the Return of 5,144,123 Shares in Conjunction With the Resignation of Mr. Oscar Brito from the Board of Directors

March 04, 2020 05:30 ET | Source: iQSTEL Inc.

NEW YORK, NY, March 04, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- iQSTEL Inc. (OTC: IQST) today announced that Mr. Oscar Brito, CFO of Metrospaces, Inc., will resign from the Board of Directors, effective immediately, to pursue other personal interests.

As part of the resignation agreement, Metrospaces, Inc. will return 5.1M shares. Metrospaces will keep 992k shares that are under a lock up and subsequent leak out agreement. Additionally, Metrospaces will have the right to purchase up to 1.25M shares over the next 24 months, at $2 per share.

Mr. Iglesias, the iQSTEL’s CEO, stated: “iQSTEL wishes to thank Mr. Brito for the invaluable service he has provided to the Company, helping us reach many milestones, including numerous funding and M&A efforts. While Mr. Brito will continue to provide us with guidance on an as needed basis, we wish him all the best success as he dedicates his day-to-day activity to Metrospaces.”

“With our goal of an up-list to a national market, such as NASDAQ, we are forming a search committee to find a replacement board member with expertise in the up-listing process and provide long-term institutional investor introductions,” concluded Mr. Iglesias.