TPT Global Tech and its subsidiary TPT Speedconnect have entered into a release and settlement agreement with American Tower, resolving disputes relating to telecommunications tower leases and licenses. Effective June 25, 2024, the agreement provides for American Tower to terminate 51 licenses and reaffirm 11. TPT Global Tech will make a settlement payment of $1,085,000 covering rent, attorneys’ fees and tower removal costs, which may be an additional $1,000,000. A confession of judgment has been agreed for any outstanding amounts up to $2,085,000 by December 31, 2024. This settlement will be funded by proceeds from the Company’s equity offering. CEO Stephen Thomas noted that the agreement is a positive step, helping to reduce the Company’s debt.
Positive
- Resolution of disputes with American Tower, leading to a clearer operational path for TPT Global Tech.
- Terminated 51 licenses and reaffirmed 11, streamlining the company’s operations.
- Settlement payment of $1,085,000, including rent and attorneys’ fees, with proceeds from the securities offering.
Negative
- The financial liability for the removal of telecommunications equipment could cost up to $1,000,000.
- Possibility of admission of judgment up to $2,085,000 if not paid before December 31, 2024.
SAN DIEGO, CA / ACCESSWIRE / July 8, 2024 / TPT Global Tech, Inc. (OTC PINK: TPTW) (www.tptglobaltech.com or the “Company”), a leading innovator in the telecommunications and technology industries, is pleased to announce that the American Tower plaintiffs and the Company and its subsidiary TPT Speedconnect, Inc. (“TPT SpeedConnect”) have executed a release and settlement agreement, effective June 25, 2024, including a confession of judgment. This agreement resolves the parties’ telecommunications tower lease and license disputes.
Under the terms of the agreement, the American Tower plaintiffs terminated fifty-one (51) licenses and reaffirmed eleven (11) licenses. The Company and TPT Speedconnect agreed to a settlement payment of
The Company will list all amounts outstanding under the settlement payment as a debt owed to ATC TOWER SERVICES LLC on the Company’s Form S-1 filing with the SEC, and will make payment from the proceeds of its securities offering, in accordance with federal securities laws.
This agreement marks a meaningful resolution of all disputes between the parties, signaling a positive path forward for both American Tower plaintiffs and TPT Speedconnect.
Stephen Thomas, CEO of TPT Global Tech, commented on the agreement, saying: “This settlement agreement with American Towers is a positive step for both companies and I am pleased that ATC has agreed to participate in our allocation of cash from our listing on a major U.S. exchange as we continue to reduce our debt.”
About TPT Global Tech
TPT Global Tech, Inc. is a technology holding company based in San Diego, California. It was formed as the successor to two American companies, Ally Pharma US and TPT Global, Inc. The company operates in various sectors, including media, telecommunications, smart city real estate development, and the launch of the first super app, the VuMe Live technology platform.
As a media content delivery platform, TPT Global Tech leverages its own global digital television and telecommunications infrastructure platform. It offers cloud-based Software as a Service (SaaS), Technology Platform as a Service (TPAS), and Unified Communications as a Service (UCaaS) solutions to businesses worldwide. Their UCaaS services provide businesses of all sizes with access to the latest voice, data, media, and collaboration capabilities.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of various provisions of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, commonly identified by words such as “believe,” “look forward,” “anticipate,” “estimate” and other words of similar meaning. Specifically, statements regarding the Company’s plans for accelerated growth, improved profitability, future business partners, merger and acquisition activity, new service offerings and pursuit of new markets are forward-looking statements. Although the Company believes that the assumptions upon which its forward-looking statements are based are reasonable, it can give no assurance that these assumptions will prove to be correct. These forward-looking statements should not be construed as statements of fact. The information contained in these statements is beyond the Company’s control and, in many cases, the Company cannot predict what factors could cause actual results to differ materially from those indicated in these statements. All forward-looking statements contained in the press release are expressly qualified by these cautionary statements and by reference to the underlying assumptions.
For more information about TPT Global Tech and its subsidiaries, please visit www.tptglobaltech.com.
For media or investment inquiries, please contact: Rick@tptglobaltech.com
SOURCE: TPT Global Tech, Inc.
View the original press release on accesswire.com
FAQ
What is the significance of the settlement agreement between TPT Global Tech and American Tower?
The agreement resolves disputes over telecommunications tower leases, with TPT Global Tech making a payment of $1,085,000 and streamlining its operations.
How many licenses were terminated and reaffirmed in the agreement between TPT Global Tech and American Tower?
American Tower terminated 51 licenses and reaffirmed 11 licenses.
What are the financial implications of the TPT Global Tech settlement agreement?
TPT Global Tech will make a settlement payment of $1,085,000 and may incur up to $1,000,000 for equipment removal; potential up to $2,085,000 in liabilities if not paid by December 31, 2024.
How will TPT Global Tech fund the settlement payment to American Tower?
The settlement payment will be funded from the proceeds of the TPT Global Tech securities issuance.
