SAN DIEGO, CA / ACCESSWIRE / September 26, 2024 / TPT International Tech (OTCQB:TPTW), a number one telecommunications and know-how firm, introduced in the present day that its debt discount efforts helped end in a $4.9 million revenue within the second quarter of 2024 primarily a results of bother debt restructuring of $4.7 million. Moreover, the corporate has now filed its June 30, 2024, Type 10-Q quarterly monetary report, making certain compliance with its monetary reporting necessities with the U.S. Securities and Trade Fee (SEC).

TPT International Tech reported a internet revenue of $1.7 million for the six months ended June 30, 2024, in comparison with a $2.8 million loss for a similar interval in 2023, representing efforts to cut back debt and enhance its steadiness sheet. Money used for working actions throughout these similar intervals was $294,977 and $483,008, respectively.

The Firm acknowledged a acquire on troubled debt restructuring through the six months ended June 30, 2024, in relation to its EMA authorized settlement (“EMA Settlement”) of $3,938,347. That is comprised of a reversal of accrued curiosity of $523,360 and a discount within the by-product legal responsibility associated to the EMA Debt of $3,414,987 when present phrases of the EMA Settlement are in comparison with the unique phrases and balances as of the settlement date. The Firm additionally acknowledged a acquire for a similar interval of $742,728 associated to its authorized settlement with American Towers (“American Tower (NYSE:) Settlement”). This acquire got here from extra quantities recorded for accrued tower and different funds and the online current worth of future lease legal responsibility quantities in comparison with phrases of the American Tower Settlement.

“We are excited to be making progress towards our debt reduction efforts,” stated Stephen Thomas, CEO of TPT International Tech. “Equally necessary, we have develop into compliant with SEC monetary reporting necessities by submitting our Type 10-Q.

Trying forward, Mr. Thomas has indicated that the Firm’s plans are to additional cut back its debt whereas strategically investing in world markets and cutting-edge know-how. These initiatives are anticipated to proceed to enhance the steadiness sheet and assist enlargement efforts.

About TPT International Tech

TPT International Tech, Inc. is a know-how holding firm based mostly in San Diego, California. It was fashioned because the successor of two U.S. firms, Ally Pharma US and TPT International, Inc. The Firm operates in varied sectors together with media, telecommunications, Good Metropolis Actual Property Improvement, and the launch of the primary tremendous App, VuMe Reside know-how platform.

As a media content material supply hub, TPT International Tech makes use of its personal proprietary world digital media TV and telecommunications infrastructure platform. They provide software program as a service (SaaS), know-how platform as a service (PAAS), and cloud-based unified communication as a service (UCaaS) options to companies worldwide. Their UCaaS companies allow companies of all sizes to entry the newest voice, information, media, and collaboration options.

Ahead-Trying Statements

This press release comprises “forward-looking statements” inside the which means of varied provisions of the secure harbor provisions of the Non-public Securities Litigation Reform Act of 1995, generally recognized by such phrases as “believes,” “looking ahead,” “anticipates,” “estimates” and different phrases with comparable which means. Particularly, statements in regards to the Firm’s plans for accelerated progress, improved profitability, future enterprise companions, M&A exercise, new service choices, and pursuit of latest markets are forward-looking statements. Though the corporate believes that the assumptions upon which its forward-looking statements are based mostly are affordable, it can provide no assurance that these assumptions will show to be right. Such forward-looking statements shouldn’t be construed as reality. The knowledge contained in such statements is past the power of the Firm to manage, and in lots of circumstances, the Firm can not predict what components would trigger outcomes to vary materially from these indicated in such statements. All forward-looking statements within the press release are expressly certified by these cautionary statements and by reference to the underlying assumptions.

For extra details about TPT International Tech and its subsidiaries, please go to www.tptglobaltech.com.

For media or Funding inquiries, please contact: Rick@tptglobaltech.com

SOURCE: TPT International Tech, Inc.

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