SAN DIEGO, CA / ACCESSWIRE / April 14, 2020 / TPT Global Tech, Inc. ("TPTG or the Company") (OTCQB:TPTW) announced today the company filed its 2019 annual Form 10-K which included record top line revenues for the Company. The company's revenues for 2019 were $10.2M, a 990 % increase from the prior year. This increase resulted primarily from its acquisition of the assets of SpeedConnect, LLC and the increase of Blue Collar's 2019 revenues from its film production activity.
These increases in revenues helped improve our loss from operations before depreciation, amortization and share based compensation (Non GAAP) from a 2018 loss of $2,897,807 to a loss of $152,571 for the 2019 calendar year. Although the overall net loss for 2019 was $14M, most of this was due to accounting for our derivative financing instruments which reflected over $10M in non-cash expense on our profit and loss. We hope to refinance these derivative financing instruments in the current year.
"Operationally 2019 was a banner year for TPT Global Tech's revenue growth due to our acquisition activities in our Telecom division and organic growth opportunities in our Content Media division. We are very pleased to announce our 2019 numbers which reflect how hard the company has worked to continue moving its mission or corporate objectives forward as we move into 2020."
"I know this is a very hard time for our employees, customers and Shareholders. TPT Global Tech will continue to support our employees and their families thru this very trying time in American history. May God watch over all of us and keep us safe not only here in the United States but around the Globe" said Stephen Thomas CEO TPTW.
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.
About TPT Global Tech
TPT Global Tech Inc. (OTC:TPTW) based in San Diego, California, is a Technology/Telecommunications Media Content Hub for Domestic and International syndication and also provides Technology solutions to businesses domestically and worldwide. TPT Global offers Software as a Service (SaaS), Technology Platform as a Service (PAAS), Cloud-based Unified Communication as a Service (UCaaS) and carrier-grade performance and support for businesses over its private IP MPLS fiber and wireless network in the United States. TPT's cloud-based UCaaS services allow businesses of any size to enjoy all the latest voice, data, media and collaboration features in today's global technology markets. TPT's also operates as a Master Distributor for Nationwide Mobile Virtual Network Operators (MVNO) and Independent Sales Organization (ISO) as a Master Distributor for Pre-Paid Cellphone services, Mobile phones Cellphone Accessories and Global Roaming Cellphones.
SOURCE: TPT Global Tech, Inc.
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