SurgePays Announces the Acquisition of Torch Wireless
April 07 2022 - 8:30AM
SurgePays, Inc. (Nasdaq: SURG) (“SurgePays” or the
“Company”), a technology and telecommunications company
focused on the underbanked and underserved, announced today the
acquisition of Torch Wireless, a provider of wireless broadband
with the FCC’s Affordable Connectivity Program (ACP) in a cash and
limited royalties deal.
Commenting on
the acquisition, Chairman and CEO Brian
Cox stated, “Acquiring Torch Wireless will allow
SurgePays to open the entire country for our mobile broadband
service. With the acquisition, SurgePays’ participation
as a provider within the ACP program will go from 14 states to
50 states. Torch has the additional benefit of also being a
licensed lifeline carrier as well. We believe this acquisition will
also provide us the ability to initiate our online enrollment
effort nationwide using a broad scope which should drive subscriber
acquisition costs lower.
“I’m particularly proud that we were able to
acquire a company, which will potentially have such an immediate
impact on revenue, without giving away or selling additional
equity. Said differently, an accretive acquisition with zero
shareholder dilution.”
For more information on SurgePays, please visit
the Company’s investor relations website at ir.surgepays.com.
About SurgePays, Inc.
SurgePays, Inc. is a technology and
telecommunications company focused on the underbanked and
underserved communities. SurgePhone Wireless provides mobile
broadband to low-income consumers nationwide. SurgePays blockchain
fintech platform utilizes a suite of financial and prepaid products
to convert corner stores and bodegas into tech-hubs for underbanked
neighborhoods. Please visit SurgePays.com for more information.
About SurgePhone Wireless
SurgePhone, a wholly owned subsidiary of
SurgePays, is a mobile virtual network operator (MVNO) company
licensed by the FCC to provide subsidized mobile broadband services
to consumers qualifying under the federal guidelines of the
Affordable Communication Program (ACP). The ACP provides SurgePhone
up to a $100 reimbursement for the cost of each tablet distributed
and a $30 per customer, per month subsidy for data services.
MZ ContactBrian M. Prenoveau,
CFAMZ Group – MZ North Americabrian.prenoveau@mzgroup.us+561 489
5315
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