$TPTW Acquires Mobile Fitness company. PPS target $1 as per deal.
TPT Global Tech Acquires Majority Interest in San Diego Base Mobile Fitness Company Aire Fitness to Launch New Turnkey Mobile Drive thru Covid-19 Testing Pods
9:53 am ET June 5, 2020 (Accesswire) Print
SAN DIEGO, CA / ACCESSWIRE / June 5, 2020 / TPT Global Tech, Inc. ("TPTW, the Company or TPT Global Tech") (OTCQB:TPTW) announced today it had signed an agreement for the acquisition of a majority interest in San Diego based manufacturing company The Fitness Container, LL dba "Aire Fitness" www.airefitness.com for 500,000 shares of common stock in TPTW, vesting after the common stock reaches at least a $1.00 per share closing price in trading, a $500,000 promissory note payable primarily out of future capital raising and a 10% of gross profit royalty from sales of drive through lab operations for the first year. The newly acquired company, in which TPTW will own 75%, will operate under TPTW's Medical division "TPT MedTech" www.tptmedtech.com. Aire Fitness, is a California LLC founded in 2014 focused on custom designing, manufacturing, and selling high-end turnkey outdoor fitness studios. Aire Fitness has contracted with YMCAs, Parks and Recreation departments, Universities and Country Clubs which are currently using its mobile gyms. Aire Fitness' existing and future clients will be able to take advantage of TPTW's upcoming Broadband, TV and Social Media platform to offer virtual classes utilizing the company's mobile gyms. YTD 2020 through April, Aire Fitness generated generated $102,000 in revenues with approximately $60,000 of net income. Closing will occur upon completion of an appropriate audit by SEC standards of Aire Fitness financial information for inclusion in TPTW financial information and when the common stock is issued. The agreement calls for an employment agreement for Mario Garcia, former principal owner, which employment details have not been finalized.
In Response to Covid-19, Aire Fitness has developed a mobile micro-lab that is an innovative method for both testing and future vaccinating for the current Covid 19 pandemic, as well as future health epidemics. The Aire Fitness acquisition comes with United States Government CAGE code and SAMS Code which will be transferred to TPTW's Federal contracts division, "TPT Federal". The Codes have been registered in the Disaster Response Registry and recognized as a FEMA Industry Liaison Vendor. TPT Federal will now be able to bid on government contracts offering all TPTW products and services Telecom, Smartphone, Media, SaaS and Medical. TPT MedTech will also use the 15,000 square foot San Diego based manufacturing facility, located in a Chula Vista CA enterprise zone, as the companies Medical Division Operations headquarters and to produce the new TPT MedTech's turkey Mobile Drive thru Covid 19 testing Pods.
"The Aire Fitness transaction is a fantastic add on to our TPT Medical division. Not only do we have our PPE Medical supply Ecommerce site up and running we are pleased that we can now bring to the US market such an innovative solution for Covid 19 testing across the United States and Internationally." "As a New Generation Technology company it is important for TPT Global Tech to continue to diversify its portfolio of companies and at the same time open up new markets and distribution channels to continue to expand our reach to deliver our Telecom, SaaS, Media, Medical and Smartphone technology platforms in the United States and Internationally," said Stephen Thomas, CEO.
