Digerati Technologies Inc (DTGI)

[Prinz18]

Delayed to June 30, 2020; delayed to August 14, 2020; delayed to September 15, 2020; delayed to.......


SAN ANTONIO, April 30, 2020 (GLOBE NEWSWIRE) -- Globe Newswire - Digerati Technologies, Inc. (OTCQB: DTGI) ("Digerati" or the "Company"), a provider of cloud services specializing in UCaaS (Unified Communications as a Service) solutions for the small to medium-sized business (SMB) market, is pleased to provide an update to its previously announced (from September 24, 2019) definitive agreement to acquire Miami-based Nexogy, Inc. (“Nexogy”), a leading provider of cloud communication and broadband solutions tailored for businesses.

The Company and Nexogy have extended the outside date for closing the transaction to June 30, 2020. The Company’s fourth (4th) acquisition under LOI, which is planned to close simultaneously with the Nexogy transaction, has also been extended.

As previously announced, the Company plans to close the Nexogy transaction and the fourth (4th) acquisition under a larger and lower cost financing that facilitates a more streamlined approach to funding future targets in the Company’s acquisition pipeline. The Company has continued to work closely with its lenders during the COVID-19 Pandemic to establish funding availability beyond what is required for the current transactions, thus allowing for acceleration of its acquisition strategy in the future.