TPT Global Tech and its subsidiary TPT Speedconnect have entered into a release and settlement agreement with American Tower to resolve a dispute over telecommunications tower leases and licenses. The agreement, effective June 25, 2024, includes American Tower terminating 51 licenses and reaffirming 11. TPT Global Tech will pay a settlement of $1.085 million to cover rent, legal fees and tower removal costs, which could add another $1 million. A judgment acknowledgement of up to $2.085 million in outstanding amounts has been agreed upon by December 31, 2024. The settlement will be funded by proceeds from the company’s securities offering. CEO Stephen Thomas said the agreement is a positive step and will help reduce the company’s debt.
positive
- The settlement of the dispute with American Tower created a clearer path for TPT Global Tech to operate its business.
- Terminate 51 licenses, reaffirm 11 and streamline the company’s operations.
- A settlement of $1,085,000, including proceeds from the securities offering, rent and attorneys’ fees.
Negative
- The cost of removing the communications equipment could be up to $1 million.
- If not paid by December 31, 2024, you may be subject to a judgment recognition of up to $2,085,000.
SAN DIEGO, CALIFORNIA / ACCESSWIRE / July 8, 2024 / TPT Global Tech, Inc. (OTC PINK:TPTW) (www.tptglobaltech.com or the “Company”), a leading innovator in the communications and technology industries, announces that the American Tower Plaintiffs and the Company and its subsidiary, TPT Speedconnect, Inc. (“TPT SpeedConnect”), have signed a Release and Settlement Agreement, including an Acknowledgement of Judgment, effective June 25, 2024. The agreement resolves disputes related to communications tower leases and licenses between the parties.
Under the terms of the agreement, American Tower Plaintiffs have terminated 51 licenses and reaffirmed 11 licenses. As part of the settlement, the Company and TPT Speed Connect will
The Company intends to present the amounts outstanding under the Settlement as indebtedness to ATC TOWER SERVICES LLC in its public offering filing on Form S-1 with the SEC and to make payments from the proceeds of the securities offering in accordance with the federal securities laws.
This agreement represents a significant resolution of all disputes between the parties and marks a positive step forward for both the American Tower plaintiffs and TPT Speedconnect.
Commenting on the agreement, Steven Thomas, CEO of TPT Global Tech, said: “The settlement agreement with American Towers is a positive step for both companies and we are pleased that ATC has agreed to participate in the cash distribution from our listing on a major U.S. stock 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. The company was established as the successor to two US companies, Ally Pharma US and TPT Global, Inc. The company operates across multiple 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 leverages its proprietary global digital media TV and communications infrastructure platform. The company provides Software as a Service (SaaS), Technology Platform Services (PAAS) and Cloud-based Unified Communications Services (UCaaS) solutions to businesses worldwide. The company’s 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 the various safe harbor provisions of the Private Securities Litigation Reform Act of 1995, which are generally identified by terms such as “believe,” “future-looking,” “expects,” “estimates,” or other terms of similar meaning. Specifically, statements regarding the Company’s plans for accelerating growth, improving profitability, pursuing future business partners, M&A activities, new service offerings, and new markets are forward-looking statements. Although the Company believes that the assumptions underlying the forward-looking statements are reasonable, there can be no assurance that these assumptions will prove to be correct. Such forward-looking statements should not be construed as facts. The information contained in such statements is beyond the Company’s control, and in many cases the Company is unable to predict what factors will cause actual results to differ materially from those indicated in such statements. All forward-looking statements in this press release are expressly qualified by reference to these cautionary statements and 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
sauce: TPT Global Tech Co., Ltd.
View the original press release at accesswire.com
FAQ
What does the settlement agreement between TPT Global Tech and American Tower mean?
The settlement resolves a dispute over telecommunications tower leases and will see TPT Global Tech pay $1.085 million and streamline its operations.
How many licenses were released and reaffirmed in the TPT Global Tech and American Tower agreement?
American Tower terminated 51 licenses and reaffirmed 11 licenses.
What are the financial impacts of the settlement agreement with TPT Global Tech?
TPT Global Tech will pay a settlement of $1,085,000 and may incur costs of up to $1,000,000 to remove the equipment. If not paid by December 31, 2024, it could incur a liability of up to $2,085,000.
How will TPT Global Tech pay the settlement to American Tower?
The settlement will be funded from the proceeds of TPT Global Tech’s securities offering.
