Yesterday TPT Global Tech (OTCMKTS:TPTW), a leading technology firm, came into focus after it made a major new announcement with regards to a loan secured by two of its subsidiaries. The company announced that its subsidiary units, Information Systems Technology and TPT Strategic Inc had inked a letter of intent for a vertical construction loan worth as much as $357.9 million from the Dallas based banks Prime One Lending Group and LNH Capital.
On Monday, TPTW stock rose 35.71% to $0.0019 with 107.99 million shares, compared to its average volume 33.47 million shares. The stock moved within a range of $0.0012 – 0.0019 after opening trade at $0.0013.
TPT Global Tech Subsidiaries TPT Strategic and IST, LLC Secures Letter of Intent for $357.9m Vertical Construction Loan From Dallas-Based Banks For Alabama Smart City Project
The loan in question is for the financing of the Alabama city projects that the two companies would be working on. However, at the same time, it should also be noted that the projects are going to be subject of standard underwriting activities like quality control standards, underwriting and appraisal review.
The news came as a source of considerable optimism for investors as the stock came into sharp focus and ended up with gains of as much as 35%. The construction and development activities related to the project are going to be managed by TPT Strategic, which is the Real Estate and Development Technology business unit of the company.
The Chief Executive Officer of the company Stephen Thomas spoke about the latest development as well. He acknowledged that it had taken a long time for the loan to come through. However, not that the agreement had been reached, it would now allow the company to move forward with the Smart City projects that it had in the pipeline for the Alabama market.