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Monday, 05/09/2022 2:41:48 PM

Monday, May 09, 2022 2:41:48 PM

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iQSTEL acquires Whisl Telecom for $1.25M in cash and $0.55M in stock

Marking its sixth telecom acquisition, iQSTEL (OTCQB:IQST) acquired 51% control of Whisl Telecom, U.S.-based telecom operator which provides Voice/SMS services to U.S. corporate customers and operators, for $1.25M in cash and $550K in IQST restricted shares.

The acquired company expects to generate $5.6M in revenue over the next 12 months with a net income of $0.83M.

The acquisition broadens iQSTEL's core IQSTelecom operation adding to the recent acquisition of Smartbiz and the rest of the IQSTelecom portfolio including Etelix, SwissLink, QGlobal, and IoTLabs.

"Whisl and Smartbiz, the acquisition we announced in April, combined add $11.6M in additional annual revenue and $1.34M in annual net income. iQSTEL is well on its way to achieving its $90M revenue and reaching positive net income in FY22 and building a foundation for ongoing growth in 2023," CEO Leandro Iglesias commented.

https://www.globenewswire.com/news-release/2022/05/09/2438804/0/en/IQST-iQSTEL-Announces-Acquisition-of-US-Based-Whisl-Telecom-Adding-Estimated-5-6-Million-In-Annual-Revenue.html