Company Receives FCC Approval and Completes Quality of Earnings Audits
SAN ANTONIO, Texas, Sept. 16, 2020 (GLOBE NEWSWIRE) — Digerati Technologies, Inc. (OTCQB: DTGI) (“Digerati” or the “Company”), a provider of cloud services specializing in UCaaS (Unified Communications as a Service) solutions for the small to medium-sized business (“SMB”) market, is pleased to provide an update on its 4th acquisition and to its previously announced definitive agreement to acquire Miami-based Nexogy, Inc. (“Nexogy”), a leading provider of cloud communication and broadband solutions tailored for businesses.
Since the selection of a financial partner and signing of a long form term sheet on a $20 million senior secured multi-draw credit facility, Digerati’s operating subsidiary, T3 Communications, Inc. (“T3”) has made significant progress in moving towards a closing on both Nexogy and its 4th acquisition. The Company has completed the required quality of earnings audits on both of its acquisition targets and T3. The two acquisitions and the financing transaction are now expected to close within the 90-day window of T3 executing documents with its financial partner. Accordingly, the Company and Nexogy have extended the outside date for closing the transaction by 15 days. In addition, the Company has received approval and met the required public notice period on its assignment of assets and change in control application with the Federal Communications Commission on its fourth acquisition.
Arthur L. Smith, Chief Executive Officer of Digerati, commented, “I appreciate our team’s efforts and for working tirelessly while aligning deliverables to achieve our plan for a simultaneous closing on all three transactions. We look forward to completing this series of transactions and moving on to the next phase of the Company’s corporate development plan with the primary objective of up-listing to Nasdaq or NYSE American.”
About Nexogy, Inc.
Nexogy is a leading provider of unified communications as a service (“UCaaS”) and managed services, offering a portfolio of cloud-based solutions to the small to medium-sized business market and serving over 1,500 business accounts and 14,000 users across various industries including Education, Health Care, Financial Services, and Real Estate. Based in Miami, Nexogy is a single-source provider that allows businesses and multi-location organizations to leverage flexible, cloud-based services without the need for high capital expenditures required for legacy systems. The product set include a diverse cloud solution consisting of voice PBX, broadband data, collaboration, and managed services. For more information about Nexogy, please visit www.nexogy.com.
About Digerati Technologies, Inc.
Digerati Technologies, Inc. (OTCQB: DTGI) is a provider of cloud services specializing in UCaaS (Unified Communications as a Service) solutions for the business market. Through its subsidiary, T3 Communications (www.T3com.com), the Company is meeting the global needs of businesses seeking simple, flexible, reliable, and cost-effective communication and network solutions, including cloud PBX, cloud mobile, Internet broadband, SD-WAN, SIP trunking, and customized VoIP services, all delivered on its carrier-grade network and Only in the Cloud™. For more information about Digerati Technologies, please visit www.digerati-inc.com.
The information in this news release includes certain forward-looking statements that are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties, including statements related to the future financial performance of the Company. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it can give no assurance that such expectations or any of its forward-looking statements will prove to be correct. Factors that could cause results to differ include, but are not limited to, successful execution of growth strategies, product development and acceptance, the impact of competitive services and pricing, general economic conditions, and other risks and uncertainties described in the Company’s periodic filings with the Securities and Exchange Commission.
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