SurgePays, Inc. closes bridge financing

$2.0M Bridge Funding Paves the Way for Nasdaq IPO and Provides Capital for Continued Execution of Business Plan

BARTLETT, Tennessee, March 10, 2021 (GLOBE NEWSWIRE) — SurgePays, Inc. (OTCQB: SURG) (“SurgePays” or the “Company”), a blockchain fintech company that is building a supply chain network of new generation that offers wholesale products and financial services for the underbanked that are more profitable than traditional distribution models, today provides a company update to shareholders that includes the closing of a debt financing relay with total proceeds of $2.0 million.

Proceeds from the bridge loan will be used to repay existing convertible debt and invest in sales and marketing initiatives. The company is building an outbound sales team in its Memphis office to grow in-store sales of prepaid and other top-selling wholesale products through improved relationship management. SurgePays Prepaid Center and other products can be viewed at www.surgepays.com

“The closure of this bridge marks another important step in the company’s efforts to qualify and list on the Nasdaq stock exchange,” commented SurgePays President and CEO Brian Cox. “The timing of this funding is important as we expect our investments to result in the addition of more stores to our distribution network as well as increased sales per store. We are spearheading sales of additional SurgePays fintech products for the underbanked population and adding high-margin wholesale products processed through our next-generation supply chain. It’s a very exciting time for SurgePays, and we look forward to reporting more achievements in the future.

About SurgePays, Inc.

SurgePays, Inc. uses its blockchain software platform to deliver a full suite of prepaid financial services for the underbanked and top-selling wholesale products to independent convenience stores, mini-markets, tiendas, and bodegas more cost-effectively than existing wholesale distribution models. . Please visit www.SurgePays.com for more information.

Company Contact:
Tony EversCPA, CIA
Financial director
CEO
847-648-7541
[email protected]

Media Relations:
Jules Abraham
Public Relations Director
COREIR
917-885-7378
[email protected]

Contact with Investor Relations:
COREIR
Joseph Delahoussaye III
Vice President of Investor Relations
516-222-2560
[email protected]

Caution Regarding Forward-Looking Statements.

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. “”, “should”, “plan”, “could”, “target”, “potential”, “is likely”, “will”, “expect” and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements primarily on our current expectations and projections regarding future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. Important factors that could cause actual results to differ from those in the forward-looking statements include the continued demand for hiring professionals, the accuracy of the Recruiter Index® survey, the impact of the COVID-19 pandemic on labor market and economy as virus. levels are rising again in many states, and the risk factors contained in our filings with the Securities and Exchange Commission (“SEC”), including our Form S-1/A filed with the SEC on 16 February 2021. The statement we make here speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may arise from time to time and it is impossible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by law.

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