NEW YORK, April 8, 2021 /PRNewswire/ -- iQSTEL, Inc. (USOTC: IQST) today released a management update highlighting the company's FY2021 Operating Plan.
iQSTEL, is an innovative, high growth US-based company offering leading-edge Telecommunication, Technology, Fintech Services and Blockchain for Global Markets, with presence in 15 countries. Building on a history of providing wholesale, enhanced Telecommunication Services to Tier 1 and Tier 2, Name Brand Telecom Service Providers, iQSTEL has now expanded its technology expertise to also deliver High-Tech Solutions to the Electric Vehicle (EV), Liquid Fuel Distribution, Chemical and Financial Services Industries. Today, iQSTEL has 4 Business Divisions: Telecom, Technology, Fintech and Blockchain.
iQSTEL revenue more than doubled from 2019 to 2020. The company reported revenue of $18 million in FY2019 and anticipates soon reporting well over $44 million in revenue for FY2020 in the upcoming publication of the company's audited annual financial report.
iQSTEL has forecasted revenue of $60.5 million for FY2021.
In addition to continued rapid revenue growth in FY2021, management expects to report increased profits.
iQSTEL ended Q1 with more than $2 Million in cash putting the company in an ideal position to pursue its expansion plans in the balance of FY2021.
A key component of iQSTEL's FY2021 Operations Plan is to invest in our current operating subsidiaries, to improve their respective balance sheets, increase working capital, and facilitate organic growth.
We have already increased the working capital of our SwissLink subsidiary from 500,000 CHF to 1 Million CHF (1 CHF is equal to 1.07 USD), providing a solid foundation for the SwissLink's growth of this year.
iQSTEL recently announced the elimination of all promissory notes and warrants. The dramatic debt reduction and debt burden carrying cost makes a substantial contribution to improved profits.
iQSTEL also recently announced the operational consolidation of its telecommunication operations in order to both build one unified marketing brand name (www.IQSTelecom.com), and to effect operating efficiencies, in turn, further contributing to improved profits.
iQSTEL has grown both organically and through merger and acquisition (M&A). The company's M&A campaign continues and could push revenue growth past the current FY2021 $60.5 million forecast. The consolidation of future acquired operations could also further contribute to improved profit margins.
About iQSTEL Inc.:
iQSTEL Inc (OTC: IQST) (www.iQSTEL.com) is a US-based publicly-listed company offering leading-edge Telecommunication, Technology and Fintech Services for Global Markets, with presence in 13 countries. The company provides services to the Telecommunications, Electric Vehicle (EV), Liquid Fuel Distribution, Chemical and Financial Services Industries. iQSTEL has 4 Business Divisions: Telecom, Technology, Fintech and Blockchain, with worldwide B2B and B2C customer relations operating through its subsidiaries: Etelix, SwissLink, QGlobal SMS, SMSDirectos, IoT Labs, Global Money One and itsBchain. The Company has an extensive portfolio of products and services for its clients: SMS, VoIP, 4G & 5G international infrastructure connectivity, Cloud-PBX, OmniChannel Marketing, IoT Smart Electric Vehicle Platform, iQ Batteries for Electric Vehicles, IoT Smart Gas Platform, IoT Smart Tank Platform, Visa Debit Card, Money Remittance, Mobile Number Portability Application MNPA (Blockchain Platform) and Settlement & Payments Marketplace (Blockchain Platform).
Safe Harbor Statement: Statements in this news release may be "forward-looking statements". Forward-looking statements include, but are not limited to, statements that express our intentions, beliefs, expectations, strategies, predictions or any other statements relating to our future activities or other future events or conditions. These statements are based on current expectations, estimates and projections about our business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may, and are likely to, differ materially from what is expressed or forecasted in forward-looking statements due to numerous factors. Any forward-looking statements speak only as of the date of this news release and iQSTEL Inc. undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this news release.
SOURCE iQSTEL, Inc.