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.
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The dispute with American Tower was resolved, providing greater clarity to the direction of TPT Global Tech’s operations. 51 licenses were revoked and 11 were reaffirmed, streamlining the company’s operations. A settlement of $1,085,000 was paid, including rent and attorney’s fees, along with proceeds from the securities offering.
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Financial liability for the removal of communications equipment could be up to $1 million, and could be subject to approval of a judgment of up to $2,085,000 if not paid by December 31, 2024. July 8, 2024 – 2:15 p.m.
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 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 a Confession of Judgment, effective June 25, 2024. The agreement resolves the communications tower lease and license dispute between the parties.
Under the terms of the settlement, the American Tower Plaintiffs have terminated 51 licenses and reaffirmed 11 licenses. The Company and TPT Speedconnect have agreed to a settlement payment of $1,085,000, which includes rent and attorneys’ fees payable to the American Tower Plaintiffs and related tower removal costs. As part of the settlement agreement, the Company and TPT Speedconnect will contribute to the costs of removing communications equipment from the American Tower Plaintiffs’ 51 towers, which could amount to more than $1,000,000. The Company has agreed to enter into a judgment if up to $2,085,000 of the amounts outstanding under the settlement agreement are not paid by December 31, 2024. Details of the settlement agreement are included in the Company’s most recent Form S-1 filing.
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
Source: TPT Global Tech, Inc.
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.
