TPT Global Tech Inc. (OTCMKTS:TPTW) announced on October 19, 2022, that its subsidiary TPT Strategic Inc. has completed the acquisition of Information Security and Training (IST) LLC, with approximately $5.4M in backlogged revenue as of December 31, 2021, from executed Government contracts.
On Wednesday, TPTW stock moved up 75% to $0.0035 with 27.31 million shares, compared to its average volume 5.82 million shares. The stock moved within a range of $0.0022 – 0.0050 after opening trade at $0.0022.
TPT Global Tech Closes Merger Acquisition Between its Subsidiary TPT Strategic and IST LLC a Construction Company with $5.4 Million in Backlogged Revenue
IST is a general construction and information technology services company, based in Huntsville, Alabama, with branches in Nashville TN, Birmingham Al, Jackson MS, Fort Campbell KY, New Orleans LA, and Joint Base Lewis-McChord. It is also a general contractor since 2008, having completed more than 15 projects for different agencies in the Federal marketplace.
IST provides design-build construction, demolition, abatement, earthwork, concrete, steel and metal work, masonry, underground utilities, environmental protection, and site restoration services since 2008. The information technology division offers services like program management, systems engineering, software development, network engineering, records management and controls, physical security and information assurance, video teleconferencing and AV systems, help desk services and IT statements of qualification.
After the acquisition, Everett Lanier retains his position as the President, and will become a Board Member of TPT Strategic. The TPT Strategic and IST, LLC agreement for the acquisition is a stock transaction where the founder and sole interest holder, Everett Lanier, is to receive Preferred Series B shares of TPT Strategic that will convert to a 10% ownership of TPT Strategic under certain conditions. TPT Strategic is now being restructured as the new Real Estate construction technology and Smart City Development division of TPT Global Tech.
“I am pleased that we were able to get the IST acquisition over the finish line. It has been such a pleasure working with the IST team and we look forward to a long and mutuality beneficial working relationship with Everett and the other IST team members as we push forward with our Smart City initiatives in the US and abroad” said Stephen Thomas, CEO of TPT Global Tech.
TPTW stock is trading above the 20-Day and 50-Day Moving averages of $0.0024 and $0.0039 respectively. However, the stock is trading below the 200-Day moving average of $0.0074.