EXHIBIT 10.1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report: May 24, 2024
TPT Global Tech, Inc. |
(Exact name of registrant as specified in its charter) |
Florida | 333-222094 | 81-3903357 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification Number) |
501 West Broadway, Suite 800, San Diego, CA 92101
(Address of Principal Executive Offices) (Zip Code)
(619) 301-4200
Registrant's telephone number, including area code
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act: None
Title of each Class |
| Trading Symbol |
| Name of each exchange on which registered |
N/A |
| N/A |
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter)
Emerging Growth Company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 1.01 Entry into a Material Agreement
On June 25, 2024, TPT Global Tech, Inc., TPT SpeedConnect LLC, and TPT SC, Inc. (collectively, the "Company"), and American Tower Management, LLC; American Tower Delaware Corporation; UniSite LLC; Spectra Site Communications, LLC; American Towers LLC; American Tower Asset Sub, LLC; Central States Tower Holdings, LLC; DCS Tower Sub, LLC; GTP Towers I, LLC; GTP Acquisition Partners II, LLC;; ATC Sequoia, LLC; GrainComm III; InSite Wireless Group, LLC; and InSite Towers Development, LLC (collectively, “American Tower”) entered into a Release and Settlement Agreement (the “RSA”) to pay $1,000,000 for past due tower payments, $85,000 in attorney fees and $1,000,000 in costs to remove the Company’s equipment from American Tower’s towers. This later amount can be reduced as the Company itself removes the equipment. Payment is due no later than December 31, 2024. Default under the Settlement Agreement falls under a Confession of Judgement (the “Judgement”) signed by the Company for $2,085,000, or lessor for any amounts previously paid.
The descriptions of the RSA and Judgement does not purport to be complete and is qualified in their entirety by reference to the full text of the RSA and Judgement, copies of the forms of which are filed hereto as Exhibits 10.1 and 10.2, respectively, and are incorporated herein by reference.
Item 7.01 Regulation FD Disclosure.
Press Release
The information in this Item 7.01 of this Current Report is furnished pursuant to Item 7.01 and shall not be deemed "filed" for any purpose, including for the purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that Section. The information in this Current Report on Form 8-K shall not be deemed incorporated by reference into any filing under the Securities Act or the Exchange Act regardless of any general incorporation language in such filing.
On May 24, 2024, the Company issued a press release entitled “VuMe Live PPV Set to Web Broadcast Nigy Boy Reggae Concert From Nation Lawn Stadium in Grenada May 24”. A copy of the press release is attached hereto as Exhibit 99.1.
On May 28, 2024, the Company issued a press release entitled “TPT Global Tech Files 10Q to Regain Full SEC Compliance”. A copy of the press release is attached hereto as Exhibit 99.2.
On May 29, 2024, the Company issued a press release entitled “TPT Global Tech Subsidiary Blue Collar Productions Latest Film Premieres on Amazon Prime Video”. A copy of the press release is attached hereto as Exhibit 99.3.
On May 31, 2024, the Company issued a press release entitled “TPT Global Tech Announces Live Broadcast of Walking in the Faith 1st Annual 2-Day Amateur Boxing Tournament on VuMe Live PPV”. A copy of the press release is attached hereto as Exhibit 99.4.
On June 28, 2024, the Company issued a press release entitled “TPT Global Tech Announces $3,000,000 Equity Financing S1 Filing with The SEC to Support VüMe Super App Launch and Strengthen Financial Position”. A copy of the press release is attached hereto as Exhibit 99.5.
On July 8, 2024, the Company issued a press release entitled “TPT Global Tech and Subsidiary Sign Settlement Agreement with American Towers related to $3.9M Litigation Judgement”. A copy of the press release is attached hereto as Exhibit 99.6.
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Item 9.01 Exhibits
The following exhibits are filed with this report on Form 8-K.
Exhibit Number |
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104 |
| Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, hereunto duly authorized.
TPT GLOBAL TECH, INC. | |||
| By: | s/ Stephen J. Thomas, III | ||
| Stephen J. Thomas, III, | ||
| Title: | Chief Executive Officer | ||
| Date: July 10, 2024 |
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EXHIBIT 10.1
EXHIBIT 10.2
EXHIBIT 99.1
VuMe Live PPV Set to Web Broadcast Nigy Boy Reggae Concert From Nation Lawn Stadium in Grenada May 24
TPT Global Tech (OTC PINK:TPTW), www.tptglobaltech.com, a leading force in technology and telecommunications, is excited to announce renowned reggae sensation Nigy Boy is set to bring his electrifying performance to the world through a live VuMe Live PPV Web Broadcast event from the Nation Lawn Stadium in Grenada. The much-anticipated event will take place on www.vumeliveppv.com, starting at 9 PM EDT.
For the first time, fans from across the globe will have the opportunity to experience Nigy Boy's dynamic stage presence and soulful tunes from the comfort of their homes. The live broadcast, hosted on VuMe, will be available for a one-time purchase of $14.99, making it an accessible and affordable experience for reggae enthusiasts everywhere.
https://www.youtube.com/shorts/TNqnuD02pl8
Adding to the excitement, the event will feature a special guest performance by the rising star Little Jello, who has been making waves in the music scene with his unique blend of reggae and dancehall beats.
"I'm thrilled to be performing at the Nation Lawn Stadium and to have the chance to connect with my fans worldwide through this live broadcast," said Nigy Boy. "Music has the power to unite us, and I can't wait to share this special moment with all of you."
About VuMe Live PPV:
VuMe is a platform for live pay-per-view (PPV) events, offering high-quality live streaming services that bring live concert and Sport experiences directly to viewers' homes. With VuMe, fans can enjoy exclusive access to live performances, special behind-the-scenes content, and interactive features that enhance the viewing experience. The platform ensures seamless streaming on multiple devices, including smartphones, tablets, and smart TVs, making it convenient for fans to watch their favorite artists perform live from anywhere in the world.
Event Details:
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| · | Artist: Nigy Boy |
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| · | Guest Artist: Little Jello |
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| · | Date: May 24, 2024 |
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| · | Time: 9 PM EDT |
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| · | Location: Nation Lawn Stadium, Grenada |
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| · | Broadcast Platform: VuMe Live PPV (Web) |
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| · | Price: $14.99 |
For more information and to purchase tickets, visit • www.vumeliveppv.com.
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About Nigy Boy: Nigy Boy, hailing from Kingston, Jamaica, is a celebrated reggae artist known for his powerful lyrics and captivating performances. His music resonates with audiences worldwide, earning him a dedicated fan base and critical acclaim.
About Little Jello: Little Jello is an emerging artist who blends traditional reggae with modern dancehall influences. His energetic performances and innovative sound have quickly made him a favorite among fans and critics alike.
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About TPT Global Tech
TPT Global Tech, Inc. is a technology holding company based in San Diego, California. It was formed as the successor of two U.S. corporations, 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, VuMe Live technology platform.
As a media content delivery hub, TPT Global Tech utilizes its own proprietary global digital media TV and telecommunications infrastructure platform. They offer software as a service (SaaS), technology platform as a service (PAAS), and cloud-based unified communication as a service (UCaaS) solutions to businesses worldwide. Their UCaaS services enable businesses of all sizes to access the latest voice, data, media, and collaboration features.
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 such terms as "believes," "looking ahead," "anticipates," "estimates" and other terms with similar meaning. Specifically, statements about the Company's plans for accelerated growth, improved profitability, future business partners, M&A 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. Such forward-looking statements should not be construed as fact. The information contained in such statements is beyond the ability of the Company to control, and in many cases, the Company cannot predict what factors would cause results to differ materially from those indicated in such statements. All forward-looking statements 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.tptgloabltech.com.
For media or Investment inquiries, please contact: Rick@tptglobaltech.com
SOURCE: TPT Global Tech, Inc.
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EXHIBIT 99.2
TPT Global Tech Files 10Q to Regain Full SEC Compliance
SAN DIEGO, CA / ACCESSWIRE / May 28, 2024 / TPT Global Tech, Inc. ("TPT" or "the Company") (OTC PINK:TPTW), headquartered in San Diego and a leader in technological innovations, is pleased to announce that it has file its 10Q to regain its compliance with the U.S. Securities and Exchange Commission (SEC) and Over-the-Counter (OTC) Markets.
"We are pleased to file our 10K and 10Q filings successfully so that we are now in compliance with the SEC for 2024 and now we can get on with our core business activities and the launch of our VuMe Platform," said Stephen Thomas, CEO of TPT Global Tech.
About TPT Global Tech
TPT Global Tech, Inc. is a technology holding company based in San Diego, California. It was formed as the successor of two U.S. corporations, 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, VuMe Live technology platform.
As a media content delivery hub, TPT Global Tech utilizes its own proprietary global digital media TV and telecommunications infrastructure platform. They offer software as a service (SaaS), technology platform as a service (PAAS), and cloud-based unified communication as a service (UCaaS) solutions to businesses worldwide. Their UCaaS services enable businesses of all sizes to access the latest voice, data, media, and collaboration features.
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 such terms as "believes," "looking ahead," "anticipates," "estimates" and other terms with similar meaning. Specifically, statements about the Company's plans for accelerated growth, improved profitability, future business partners, M&A 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. Such forward-looking statements should not be construed as fact. The information contained in such statements is beyond the ability of the Company to control, and in many cases, the Company cannot predict what factors would cause results to differ materially from those indicated in such statements. All forward-looking statements 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.
EXHIBIT 99.3
TPT Global Tech Subsidiary Blue Collar Productions Latest Film Premieres on Amazon Prime Video
Women In Fashion: 100 Years of Design Documentary Premieres In The US and UK on Amazon Prime Video May 31, 2024
SAN DIEGO, CA / ACCESSWIRE / May 29, 2024 / TPT Global Tech, Inc. ("TPT" or "the Company") (OTC PINK:TPTW), headquartered in San Diego and a leader in technological innovations, is pleased to announce its subsidiary Blue Collar Productions announces the US Premiere of their award-winning documentary, Women In Fashion: 100 Years of Design on Amazon Prime Video on May 31, 2024. The film, winner of the Paris Awards Film Festival and Milan Independent Awards; and an official selection at the London Fashion Film Festival; the Soho International Film Festival; and the Toronto Documentary Feature Film Festival, features Coco Chanel, Vivienne Westwood and all-new exclusive interviews with iconic women designers Diane Von Furstenberg, Donna Karan, Carolina Herrera, Gabriela Hearst and many others. The documentary takes an in-depth look at the world's most prominent female designers rise to fame and how their visions of fashion had to change to adapt to new issues of sustainability in the fashion industry.
"Women In Fashion," produced by Blue Collar Productions and directed by Julie Rowen, is represented for worldwide sales by Fifth Season, a CJ ENM Company (CJ ENM KOSDAQ).
The film is the latest project from Blue Collar Productions President Mark Rowen as he continues to diversify the company's offerings with its push into the original content market. "It's thrilling to have our film have its US premiere on Amazon Prime Video. We recently worked with them developing an unscripted true crime series and have nothing but admiration and respect for all of the wonderful people at there, "Rowen added, "I was thrilled to be a producer on the scripted series, Looking For Alaska on HULU, following our work on unscripted projects at HBO, Turner Classic Movies, Warner Brothers and CBS."
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Blue Collar is developing a wide slate of unscripted content including working on documentary biopics in coordination with the families of legendary singer Marvin Gaye and iconic baseball legend Mickey mantle, respectively. Other projects include The Cult Next Door, a look at the inner workings of a current cult in Detroit, Michigan; Chasing: Atlanta, a follow doc focused on five brave LGBQT community members trying to make it in Atlanta; Bring Down The Wall, an all-new perspective on the impact of popular music from the West on the demise of Soviet Communism.
Stephen J. Thomas III, CEO of TPT Global Tech, expressed his enthusiasm saying "Women In Fashion is a perfect of example of how we are positioned to have Blue Collar create original content that can be monetized with an initial release on a premium platform such as Amazon Prime Video and then generate revenue in the library of our VüMe platform. We also look forward to Blue Collar creating original premium content that premieres on VũMe and creates another revenue stream."
About TPT Global Tech
TPT Global Tech, Inc. is a technology holding company based in San Diego, California. It was formed as the successor of two U.S. corporations, 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, VüMe Live technology platform.
As a media content delivery hub, TPT Global Tech utilizes its own proprietary global digital media TV and telecommunications infrastructure platform. They offer software as a service (SaaS), technology platform as a service (PAAS), and cloud-based unified communication as a service (UCaaS) solutions to businesses worldwide. Their UCaaS services enable businesses of all sizes to access the latest voice, data, media, and collaboration features.
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 such terms as "believes," "looking ahead," "anticipates," "estimates" and other terms with similar meaning. Specifically, statements about the Company's plans for accelerated growth, improved profitability, future business partners, M&A 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. Such forward-looking statements should not be construed as fact. The information contained in such statements is beyond the ability of the Company to control, and in many cases, the Company cannot predict what factors would cause results to differ materially from those indicated in such statements. All forward-looking statements 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
For more information about TPT Global Tech, visit www.tptglobaltech.com.
For more information about Blue Collar Productions,
Visit www.bluecollar.com
SOURCE: TPT Global Tech, Inc.
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EXHIBIT 99.4
TPT Global Tech Announces Live Broadcast of Walking in the Faith 1st Annual 2-Day Amateur Boxing Tournament on VuMe Live PPV
Jr. Olympic Boxers ready to compete pre-Olympics Grad Prairie Texas
TPT Global Tech, Inc. (OTC PINK:TPTW), a trailblazer in technology and telecommunications is thrilled to announce that it will broadcast the "Walking in Faith Overcoming Fear" 1st Annual 2-Day Amateur Boxing Tournament live on its VuMe Live PPV web TV platform www.vumeliveppv.com. The tournament will take place on Saturday, June 1st, starting at 12 PM Central Time, and Sunday, June 2nd, starting at 1 PM Central Time in Grand Prairie, Texas.
This exciting event will feature top amateur boxers from across the nation, culminating in Sunday's competition with members of the U.S. Jr. Olympic Boxing Team. Their participation promises to deliver high-level, exhilarating matches that boxing fans won't want to miss.
The tournament will be available for live viewing on VuMe Live PPV at www.vumeliveppv.com for just $14.99. This Pay-Per-View option allows fans from around the world to enjoy the action-packed event from the comfort of their homes.
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"TPT Global Tech is excited to bring the Walking in the Faith Amateur Boxing Tournament to a global audience through our VuMe Live PPV platform," said Roy Foreman, President of TPT Media and Entertainment Boxing Division. "We are committed to delivering high-quality, live sporting events, and this tournament is a perfect example of the kind of thrilling content we aim to provide to our viewers. The inclusion of U.S. Jr. Olympic Boxing Team members makes this an unmissable event for all boxing enthusiasts."
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Stephen J. Thomas III, CEO of TPT Global Tech, added, "Our mission at TPT Global Tech is to leverage technology to bring people closer to the events and content they love. Broadcasting this tournament live on VuMe Live PPV allows us to support amateur boxing and provide fans worldwide with access to premier sporting events. We are excited to showcase the talent and dedication of these athletes."
https://www.youtube.com/shorts/ujwNSkBGr0E
For more information about the event and to purchase the Pay-Per-View access, please visit www.vumeliveppv.com.
About TPT Global Tech
TPT Global Tech, Inc. is a technology holding company based in San Diego, California. It was formed as the successor of two U.S. corporations, 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, VuMe Live technology platform.
As a media content delivery hub, TPT Global Tech utilizes its own proprietary global digital media TV and telecommunications infrastructure platform. They offer software as a service (SaaS), technology platform as a service (PAAS), and cloud-based unified communication as a service (UCaaS) solutions to businesses worldwide. Their UCaaS services enable businesses of all sizes to access the latest voice, data, media, and collaboration features.
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 such terms as "believes," "looking ahead," "anticipates," "estimates" and other terms with similar meaning. Specifically, statements about the Company's plans for accelerated growth, improved profitability, future business partners, M&A 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. Such forward-looking statements should not be construed as fact. The information contained in such statements is beyond the ability of the Company to control, and in many cases, the Company cannot predict what factors would cause results to differ materially from those indicated in such statements. All forward-looking statements 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.
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EXHIBIT 99.5
TPT Global Tech Announces $3,000,000 Equity Financing S1 Filing with The SEC to Support VüMe Super App Launch and Strengthen Financial Position
SAN DIEGO, CA / ACCESSWIRE / June 28, 2024 / TPT Global Tech, Inc. (OTC PINK:TPTW) (www.tptglobaltech.com), a leading innovator in the telecommunications and technology industries, is pleased to announce it has now filed a $3,000,000 equity financing agreement with the SEC. This S1 filing is the follow up to the previous announcement of February 23, 2024. The agreement with MACRAB, LLC ("MACRAB") is structured under a Standby Equity Commitment Agreement (the "Investment Agreement") and includes a related Registration Rights Agreement.
The financing term extends for a maximum of 24 months, providing TPT Global Tech with a reliable source of capital. The funds from this agreement will support TPT Global Tech's growth initiatives and provide essential capital for the launch of its innovative VüMe Super App. The VüMe Super App is designed to integrate a variety of digital services, including social media, multimedia streaming, and mobile payment options, into a single, seamless user experience. Additionally, the financing arrangement will enhance the company's financial structure by reducing its debt burden.
As part of the Registration Rights Agreement, TPT Global Tech has filed a Form S-1 Registration Statement with the Securities & Exchange Commission ("SEC") to register the common shares that may be issued in connection with this Facility. This ensures transparency and regulatory compliance as the company accesses capital over the next two years.
Stephen Thomas, CEO of TPT Global Tech, commented on the agreement, stating, "This Standby Equity Commitment is a testament to our partners' confidence in TPT Global Tech's vision and strategic direction. It provides us with the financial flexibility to accelerate the development and launch of our VüMe Super App, a platform we believe will redefine user engagement across multiple digital services. Additionally, this commitment allows us to improve our balance sheet by reducing debt, positioning us for sustainable growth and long-term success."
The Standby Equity Commitment Agreement allows TPT Global Tech to manage its cash flow efficiently while aggressively pursuing its strategic objectives. The terms of the agreement are structured to align with the company's growth trajectory and operational needs, minimizing dilution and maximizing value for existing shareholders. This filing underscores TPT Global Tech's dedication to innovation and excellence in the telecommunications and technology sectors.
About TPT Global Tech
TPT Global Tech, Inc. is a technology holding company based in San Diego, California. It was formed as the successor of two U.S. corporations, 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, VüMe Live technology platform.
As a media content delivery hub, TPT Global Tech utilizes its own proprietary global digital media TV and telecommunications infrastructure platform. They offer software as a service (SaaS), technology platform as a service (PAAS), and cloud-based unified communication as a service (UCaaS) solutions to businesses worldwide. Their UCaaS services enable businesses of all sizes to access the latest voice, data, media, and collaboration features.
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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 such terms as "believes," "looking ahead," "anticipates," "estimates" and other terms with similar meaning. Specifically, statements about the Company's plans for accelerated growth, improved profitability, future business partners, M&A 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. Such forward-looking statements should not be construed as fact. The information contained in such statements is beyond the ability of the Company to control, and in many cases, the Company cannot predict what factors would cause results to differ materially from those indicated in such statements. All forward-looking statements 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.
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EXHIBIT 99.6
TPT Global Tech and Subsidiary Sign Settlement Agreement with American Towers Related to $3.9M Litigation Judgement
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 American Tower Plaintiffs and the Company and its subsidiary TPT Speedconnect, Inc ("TPT SpeedConnect") signing of a Release and Settlement Agreement, effective June 25, 2024, including a Confession of Judgement. This agreement resolves disputes related to telecommunications tower leases and licenses between the parties.
Under the terms of the agreement, American Tower Plaintiffs have terminated fifty-one (51) licenses and reaffirmed eleven (11) licenses. The Company and TPT Speedconnect have agreed to a Settlement Payment of $1,085,000.00, which includes rent and attorneys' fees owed to the American Tower Plaintiffs and related tower removal costs. As part of the Settlement Agreement, the Company and TPT Speedconnect are financially responsible for the removal of its telecommunication equipment off of the American Tower Plaintiffs 51 towers which could cost upwards of $1,000,000. A Confession of Judgement was agreed to for any unpaid amounts up to $2,085,000 under the Settlement Agreement not paid by December 31, 2024. Full details on the Settlement Agreement can be found in the Company's latest Form S-1 filing.
The Company will list any unpaid amounts under the Settlement Payment as debt owed to ATC TOWER SERVICES LLC on the Company's uplisting Form S-1 filing with the SEC, and will make the payment from proceeds of its securities issuance, in compliance with Federal securities laws.
This agreement marks a significant 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, stating, "This Settlement agreement with American Towers is a positive step forward for both companies and I am pleased that ATC has agreed to participate in our cash allocation from our uplisting to major US Stock exchange as we continue reduce 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 of two U.S. corporations, 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, VuMe Live technology platform.
As a media content delivery hub, TPT Global Tech utilizes its own proprietary global digital media TV and telecommunications infrastructure platform. They offer software as a service (SaaS), technology platform as a service (PAAS), and cloud-based unified communication as a service (UCaaS) solutions to businesses worldwide. Their UCaaS services enable businesses of all sizes to access the latest voice, data, media, and collaboration features.
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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 such terms as "believes," "looking ahead," "anticipates," "estimates" and other terms with similar meaning. Specifically, statements about the Company's plans for accelerated growth, improved profitability, future business partners, M&A 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. Such forward-looking statements should not be construed as fact. The information contained in such statements is beyond the ability of the Company to control, and in many cases, the Company cannot predict what factors would cause results to differ materially from those indicated in such statements. All forward-looking statements 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.
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