NEW YORK, NY, Feb. 14, 2020 (GLOBE NEWSWIRE) — via NEWMEDIAWIRE — iQSTEL Inc. (OTC: IQST) is pleased to announce a definitive agreement signed with Labrys Fund extending the terms of the previous promissory note thereby stopping further conversions.
Entry into a material definitive agreement 8-K: https://www.otcmarkets.com/filing/html?id=13916162&guid=AHmCUpTtiuq7y3h
Mr. Iglesias, the Company’s CEO, stated: “As of February 13, 2020, the Company had matured and due obligations of $892,626 with Labrys Fund. The terms of the original promissory note allowed for conversions upon maturity. However, the Company has successfully reached a refinancing agreement with Labrys Fund extending the payments for about 16 months. As is typical with convertible promissory notes, a pro-rated share reserve is being set up with the transfer agent as a guarantee to the debt holder, further detailed in the 8-K. This new agreement allows for existing cash flow to meet the payment requirements so as to avoid further dilution or the share reserve being used.”
“With our recent revenue generating SMS asset acquisition and subsequent JV formation, QGlobal SMS, we look forward to 2020 being a strong growth year across all our brands and wish to thank Labrys Fund for working with us to secure this refinance,” continued Mr. Iglesias, the Company’s CEO.
About iQSTEL Inc.:
iQSTEL (OTC: IQST) www.iQSTEL.com is a technology company offering a wide array of services to the Telecommunications Industry. These include services to International Long-Distance Telecommunications Operators (ILD Wholesale), Retail and Corporate markets (ILD Retail), Submarine Fiber Optic Network capacity, Satellite Communications services, Mobile Virtual Network Operator (MVNO) services, Internet of Things (IoT) technology solutions, Data Center facilities capacity leasing, and Blockchain solutions for the Telecommunications industry.
About Etelix.com USA, LLC:
Etelix.com USA LLC www.etelix.com is wholly owned subsidiary of iQSTEL Inc. Etelix.com USA, LLC is a Miami, Florida-based international telecom carrier founded in 2008 that provides telecom and technology solutions worldwide, with commercial presence in North America, Latin America and Europe. Enabled by its 214-license granted by the Federal Communications Commission (FCC), Etelix provides International Long-Distance voice services for Telecommunications Operators (ILD Wholesale), and Submarine Fiber Optic Network capacity for internet (4G and 5G). Etelix was founded in 2008 and has been profitable since inception.
About SwissLink Carrier AG:
SwissLink Carrier AG www.swisslink-carrier.com is a 51% owned subsidiary of iQSTEL Inc. SwissLink Carrier AG is a Switzerland based international Telecommunications Carrier founded in 2015 providing international VoIP connectivity worldwide, with commercial presence in Europe, CIS and Latin America. SwissLink Carrier AG is a Swiss licensed Operator, having a domestic Interconnect with Swisscom, allowing their international Carrier Customers direct terminations via SwissLink into all Switzerland Fix & Mobile Networks. Since the takeover from Swissphone in November 2018 and the rename into SwissLink, they operate on a profitable level.
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Source: iQSTEL Inc.