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SURG-News
SURG-Events
SurgePays Signs $48M Prepaid Wireless Agreement with Etime
SurgePays announced a prepaid wireless agreement with Zulie Venture dba Etime system. Etime system has committed to buy at least $48M in prepaid wireless airtime, top-up and refill transactions from SurgePays over the initial term of the agreement from October 1 through September 30, 2027, with a minimum of $4M a month. These amounts represent prepaid wireless purchase volume. The agreement renews automatically each year at the same minimum commitment. This agreement generates new volume for SurgePays POS and began operating in early October.
SurgePays Signs Partnership Agreement with IP Mobile
SurgePays announced a definitive agreement with IP Mobile to bring rural broadband providers onto GrowthLine by SurgePays. The partnership enables participating broadband providers to offer wireless service to their existing customers under their own brands, with SurgePays providing the complete wireless operation. IPMobile will serve as SurgePays' exclusive rural broadband sales channel partner, recruiting providers and securing agreements for their branded wireless offerings. SurgePays will serve as IPMobile's exclusive wireless platform partner, providing carrier access, technology, activation, billing and payments, customer care, compliance and daily operations through its GrowthLine platform.
SurgePays Launches GrowthLine for Partner Brands
SurgePays announced that GrowthLine by SurgePays is now open to partner brands. GrowthLine extends the infrastructure SurgePays built for its own wireless business to partners that already have customers or an audience. Each partner brand runs on the SurgePays wireless operation, so the partner can direct its budget to marketing and customer acquisition. GrowthLine already supports more than 200,000 subscribers across SurgePays platforms, and six companies have signed letters of intent or definitive agreements to join the platform.
SurgePays Completes $27.5M Asset Sale
SurgePays announced that it has completed the sale of its ClearLine point of sale, or POS, engagement platform, its managed marketing services platform, and a turnkey wireless company, together with related operating assets, to GPO Plus for a total consideration of $27.5M. As consideration for the transaction, GPO Plus issued to SurgePays 25M shares of a newly designated Series D preferred stock. As part of the transaction, SurgePays also entered into a put option agreement with Emerald Shoals Targeted Opportunities Fund, giving SurgePays the right to sell the Series D preferred stock, or the common stock it converts into, to Emerald Shoals for $27.5M in cash.
SurgePays Forms Joint Venture Redline with Wireless Distributor
SurgePays announced the formation of Redline Wireless Group, a Wyoming limited liability company established as a joint venture between the company and one of the largest wireless master distribution organizations in the United States, which operates an executed dealer agreement footprint of more than 20,000 active independent prepaid wireless dealers. Redline has been formed to market, distribute, and support prepaid wireless services nationwide across this independent dealer footprint. Redline will combine, in a single joint venture entity, the company's MVNO infrastructure, including the LinkUp Mobile consumer brand, billing and provisioning systems, customer service and technical support, general and administrative infrastructure, and the Company's operations center, with access to the Contributing Member's national independent dealer prepaid wireless distribution channel. "We are pairing our full MVNO infrastructure with one of the largest independent dealer distribution footprints in the country, more than 20,000 active dealers already selling prepaid wireless every day. Our team spent over a year with LinkUp Mobile integrating and developing the systems in a live environment to support this level of scale, with the intention of building one of the largest prepaid wireless companies in the nation. Both parties share the goal of reaching more than 1 million subscribers in the coming years. Even our most conservative internal models show Redline generating more revenue and profit by month 18 than any prior SurgePays subsidiary has achieved," said Brian Cox, Chairman and Chief Executive Officer of SurgePays. Redline is owned 51% by SurgePays, as controlling and managing member, and 49% by the contributing member, as noncontrolling member. SurgePays intends to consolidate Redline as a majority-owned controlled subsidiary in accordance with Accounting Standards Codification 810, with the contributing member's 49% economic interest reported as a noncontrolling interest.
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