iQSTEL Inc (IQST)

[rwa3848]

New York, NY, June 01, 2022 (GLOBE NEWSWIRE) -- iQSTEL, Inc. (OTCQX: IQST) today announced entering into an exclusive, non-binding letter-of-intent (LOI) whereby, for the purposes of an intended acquisition, the company will conduct due diligence on 2,300 miles of fiber-optic network located in America.

iQSTEL has been in discussions with the target acquisition over the past two years first announcing a potential partnership in May of 2021.

The acquisition would accelerate iQSTEL’s entry into the 5G marketplace, expected to reach $700 billion by 2025.

Following a 90-day due-diligence period, iQSTEL is expected to make an offer for the acquisition of 100% of the capital stock of the company that owns the fiber-optic network.