IQSTEL INC (IQST) Stock Price went down on Friday after, what seemed to be, a good news. It was announced that iQSTEL Inc. (OTC: IQST) a Miami-based company, entered into a acquisition agreement for 100% of the capital stock of Alcyon Cloud, a Colombian-based Application and Content Provider.
“This acquisition will mark QGlobal SMS’ first foray into Latin American end-user markets. Colombia is just the start of QGlobal SMS’ business growth. We have already begun working on SMSDirectos’ retail business expansion, aiming for 35% of EBITDA. The implementation of omnichannel products will expand SMSDirectos’ revenues, with a 1st year target of $300k”.- said Mr. Iglesias, iQSTEL´s CEO.
“We are expanding QGlobal SMS’ product lines to include high earning Telecom Enhanced Products, enabling faster market penetration across the Latin American markets” disclosed Mr. Iglesias.
Even though SMS seem to be a tech of the past IQST is trying to cash in on the fact that big players are exiting this market.
As of yesterday Market Cap of IQST stock is only 2.8 million and share price of IQST stock is down 98% from where it was just a year ago.