New York, NY, Jan. 24, 2023 (GLOBE NEWSWIRE) — iQSTEL, Inc. (OTCQX: IQST ) today announced that the company’s independent board of directors has approved management’s business plans and goals for 2023 ahead of the upcoming annual meeting of stockholders scheduled for 31 January 2023, at 11 a.m. (EDT).
Ahead of the annual shareholders’ meeting next week, iQSTEL has today published a summary of the company’s 2022 achievements and 2023 targets.
“iQSTEL’s operational performance in 2022 was the best ever in the company’s history,” said CEO Leandro Iglesias. “Nevertheless, the overall economic headwinds overwhelmed, in my opinion, the potential for iQSTEL’s share price performance in 2022 to reflect iQSTEL’s operational performance. iQSTEL is not alone, several large companies have suffered the same share decline. While I am sure that the global economy will recover, meanwhile the war in Ukraine continues, inflation continues, economic growth falters and pre-Covid-19 GDP levels have yet to be restored iQSTEL business in 2022 did not give up in the face of a difficult economy and I am confident that the company will continue to deliver on its goals in 2023 as well, whatever comes our way. I am confident that the iQSTEL share price will ultimately reflect our hitherto overlooked and ongoing extraordinary operational performance.”
RESULTS FY-2022:
- FY-2022 revenue estimate is $93M vs $90M forecast, a 47% increase over $63M in FY-2021 revenue.
- Profitability (positive net income), reached in Q3-2022 vs Q4-2022 projected.
Results summary 2022 by division –
Telecom and IoT department:
- The company completed the acquisition of two subsidiaries, Whisl and Smarbitz, creating a remarkable 6-company business platform for each market: US, Latin America, Transatlantic and IoT.
- Our telecoms division is gaining market share in the international wholesale market and currently delivers over 8 billion SMSes and 4 billion voice minutes annually.
- The company participated in 3 major telecommunications fairs – ITW (Washington) in May, WWC (Madrid) in September and LAWC-WSC (Buenos Aires) in November – and presented IQSTEL as a leading, fast-growing international telecom player.
- In particular, the company made significant progress in consolidating its telecom subsidiaries, streamlining operations and achieving synergies with Etelix and SwissLink which now share a CEO, COO, VP of Sales, NOC and sales team.
- The company has successfully integrated its IoT (Internet of Things) business into the Telecom division (www.iotlabs.mx).
- The www.IoTsmartTank.com the device is being field tested with the largest chemical company in the world and the company is now in discussions with several gas distribution companies to take advantage of iQSTEL’s proprietary technology – www.iotsmattak.com and www.iotsmartgas.com.
Fintech department:
- The company completed the testing of its Fintech product www.maxmo.vip, and identified a few gaps. The gaps are being closed and a commercial business development strategy aimed at large cooperatives and associations in Latin America is underway, where iQSTEL, through partnerships, will offer Fintech products to members to capture the remittance, replenish the business and get debit MasterCard cardholders.
- The Fintech division has already started to position its Fintech product in the market specifically through CrossTech Payments (IMTC) in Miami as of last November.
Blockchain Platform Division:
- The company completed version 2 of the Mobile Number Portability App (MNPA), and also implemented an automated bot to run a real-time portability simulation on our proprietary Blockchain.
- This development allows the company to start the commercial offering of the company’s MNPA to public telecommunications agencies, starting in Latin America and the Caribbean.
Electric Vehicle Division:
- The company’s electric division is moving forward after the successful production of its first series of electric motorcycles which have been demonstrated in the US, Panama, Venezuela and Spain and have won positive reviews for the company’s 250, 350 and 450 models. This has been the starting point for the design of the new model 550 Elite with a 5 KW engine that will run at a maximum speed of 110 km/h with an improved braking system, full GPS functions and winter kit. This 550 Elite model is already being produced and will roll out in 2023.
- The company conducted a complete market research initiative of the motorcycle and medium speed vehicle market in the United States (California, Texas, Florida, New York, New Jersey), Mexico, Guatemala, Colombia, Venezuela, Portugal and Spain.
- From the research, the company has decided to enter the mid-speed car market with a product that can drive up to 90 km/h at an affordable price for end users under $17,000, priced as a second family car. The company has been working intensively on the specifications and safety of our mid-speed car, and we hope to have a progress update in early 2023.
FY-2023 OBJECTIVES:
About the company:
- Estimated revenue forecast for FY-2023 of $105 million.
- Estimated consolidated positive net income by the end of 2023 in excess of $1 million.
- Telecom Division, Internet of Things (IoT) Business Line, Fintech Division and Electric Vehicle Division will establish revenues and results by the end of the year.
- The telecom business will be reorganized and renamed for easy recall of customers.
- The company will release a new Fintech product with more features this year. The company will also suspend its plan to implement a buy/sell crypto functionality in light of current market conditions for crypto exchanges.
- Our electric vehicle division will be rebranding with plans to produce two batches of motorcycles for the EU and the US this year.
- The company’s M&A campaign will continue to target opportunities to rapidly increase revenues and profits.
About the stock market:
- The upcoming annual shareholders’ meeting will emphasize our commitment to engage shareholders in an ever closer relationship.
- The company will continue its work with a dual listing to attract the attention of more international investors.
- At the same time, we will continue preparations for a Nasdaq listing when market conditions improve and can potentially facilitate an organic increase in iQSTEL’s share price to meet minimum standards for listing.
These goals are challenging, but the company, the independent board, the management, the employees are clear and focused on achieving them.
Finally, shareholders can now cast their proxy votes ahead of the annual shareholders’ meeting, which is scheduled for 31 January 2023, at 11 (EDT), for more information visit www.iqstel.com/investors. An email and printed proxy cards have been sent to all registered shareholders with instructions on how to vote online or by post.
If you have not received an email or mailed voting instructions and think you have, please email [email protected].
The company has reported a Definitive power of attorney for shareholders to elect directors and ratify the company’s independent registered public accounting firm. The power of attorney also facilitates the introduction of other matters to be brought before the annual meeting for consideration.
Management encourages shareholder activism and invites shareholders to present other matters to be brought before the annual meeting for consideration.
About iQSTEL Inc.:
iQSTEL Inc. (OTCQX: IQST) (www.iQSTEL.com) is a US-based publicly traded company with an independent board and audit committee with a presence in 19 countries and 70 employees offering leading services through its four business lines. The Telecom division (www.iqstelecom.com), which represents the majority of today’s business, offers VoIP, SMS, proprietary Internet of Things (IoT) solutions and international fiber optic connectivity through its subsidiaries: Etelix, SwissLink, Smartbiz, Whisl, IoT Labs and QGlobal SMS. The Fintech business line (www.globalmoneyone.com) (www.maxmo.vip) offers a complete Fintech ecosystem MasterCard debit card, US bank account (no SSN required), mobile app/wallet (remittances, mobile top-up, buy/sell crypto). Our Fintech subsidiary, Global Money One, will provide immigrants with access to reliable financial services that make it easier to manage their money and stay in touch with their families back home. BlockChain Platform Business Line (www.itsbchain.com) offers our proprietary Mobile Number Portability Application (MNPA) to serve the portability needs of the country through its subsidiary itsBchain. Business Line for Electric Vehicles (EV) (www.evoss.net) offers electric motorcycles for work and fun in the United States, Spain, Portugal, Panama, Colombia and Venezuela. EVOSS is also working on the development of an EV Mid Speed Car to serve the niche of the second car in the family.
Safe Harbor Statement: Statements in this press release may be “forward-looking statements”. Forward-looking statements include, but are not limited to, statements that express our intentions, beliefs, expectations, strategies, predictions or other information relating to our future activities or other future events or conditions. These statements are based on current expectations, estimates and projections about our business, based in part on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may and are likely to differ materially from those expressed or projected in forward-looking statements due to a number of factors. Any forward-looking statements speak only as of the date of this press release, and iQSTEL Inc. undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release. This press release does not constitute a public offer of securities for sale. Any securities offered privately will not be or have not been registered under the Act and may not be offered or sold in the United States without registration or an applicable exemption from registration requirements.
iQSTEL Inc.
IR USA Phone: 646-740-0907
IR email: [email protected]
