SurgePays Expands MVNO Customers and Revenue
December 09 2021 - 8:01AM
SurgePays, Inc. (Nasdaq: SURG) (“SurgePays” or the “Company”),
a fintech company providing a complete suite of financial services
and prepaid products to convenience and neighborhood stores serving
the underbanked market provides update on the Emergency Broadband
Benefit Program (“EBB Program”) rollout through the Company’s
wholly owned subsidiary, SurgePhone Wireless
LLC (“SurgePhone”).
As of November 30, 2021, EBB Program enrollments were over
19,000 with total revenue of over $4.2 million since launching the
program in late August 2021. These enrollments were generated
primarily in western Tennessee and northern Mississippi. SurgePhone
has begun activating additional teams in California, Illinois and
Missouri and plans to ramp sales aggressively in these markets
before the end of the year.
“At the time of this announcement, we have surpassed the 22,000
customers goal, representing over $1,100,000 in
relatively higher-margin recurring revenue every month. This is
extremely exciting and thrusts SurgePays daily operations to
positive cash flow. Having available capital from our recent
up-list to the Nasdaq Capital Market will allow us to continue to
accelerate enrollments nationwide and I expect to double our
customer base in the next 60 days. We have revised our internal
model from 5,000 monthly enrollments to 15,000 in January and
20,000 enrollments in February,”
commented SurgePays CEO Brian Cox.
The EBB Program provides SurgePhone up to
a $90 reimbursement for the cost of each tablet
distributed and a $50 per customer, per month (i.e.,
recurring) subsidy for data services. Additionally, the EBB Program
allows one monthly service discount plan and one device discount
per household. Eligible consumers need to enroll in the EBB Program
through their participating retailer offering the connected
devices. SurgePhone has received approval to offer customers these
discounted services
in California, Colorado, Florida, Illinois, Maryland, Mississippi, Missouri, Nevada, New
Jersey, Ohio, Oklahoma, Rhode
Island, Tennessee, and Texas. SurgePhone is a mobile
virtual network operator (MVNO) and operates both the SurgePhone
wireless and Loco Rabbit wireless brands.
The preliminary EBB Program revenues are estimates prior to the
completion of the Company’s financial closing procedures and review
procedures by its external auditors and, therefore, may be subject
to adjustment when the actual results are available.
About SurgePays, Inc.SurgePays,
Inc. is a B2B fintech with other verticals in the underbanked
and software development space. SurgePays utilizes its
blockchain software platform to offer a comprehensive suite of
essential financial services and prepaid products for the
underbanked, along with top selling consumable products to
convenience stores, community stores, mini-marts, tiendas, and
bodegas. Please visit www.SurgePays.com for more
information.
SurgePays, Inc.
Company Contact:Tony Evers CPA, CIAChief
Financial Officer847-648-7541tevers@surgeholdings.com
Investor Relations Contact:CORE
IR516-222-2560invest@surgeholdings.com
Media Relations:Jules AbrahamCORE
IR917-885-7378julesa@coreir.com
Cautionary Note Regarding Forward-Looking
StatementsThis press release includes express or implied
statements that are not historical facts and are considered
forward-looking within the meaning of Section 27A of the Securities
Act and Section 21E of the Securities Exchange Act. Forward-looking
statements involve substantial risks and uncertainties.
Forward-looking statements generally relate to future events or our
future financial or operating performance and may contain
projections of our future results of operations or of our financial
information or state other forward-looking information. In some
cases, you can identify forward-looking statements by the following
words: “may,” “will,” “could,” “would,” “should,” “expect,”
“intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,”
“project,” “potential,” “continue,” “ongoing,” or the negative of
these terms or other comparable terminology, although not all
forward-looking statements contain these words. Although we believe
that the expectations reflected in these forward-looking statements
are reasonable, these statements relate to future events or our
future operational or financial performance and involve known and
unknown risks, uncertainties and other factors that may cause our
actual results, performance or achievements to be materially
different from any future results, performance or achievements
expressed or implied by these forward-looking statements.
Furthermore, actual results may differ materially from those
described in the forward-looking statements and will be affected by
a variety of risks and factors that are beyond our control,
including, without limitation, statements about our future
financial performance, including our revenue, cash flows, costs of
revenue and operating expenses; our anticipated growth; our
predictions about our industry; the impact of the COVID-19 pandemic
on our business and our ability to attract, retain and cross-sell
to clients. The forward-looking statements contained in this
release are also subject to other risks and uncertainties,
including those more fully described in our filings with
the Securities and Exchange Commission (“SEC”), including
in our Annual Report on Form 10-K for the fiscal year
ended December 31, 2020. The forward-looking statements in
this press release speak only as of the date on which the
statements are made. We undertake no obligation to update, and
expressly disclaim the obligation to update, any forward-looking
statements made in this press release to reflect events or
circumstances after the date of this press release or to reflect
new information or the occurrence of unanticipated events, except
as required by law.
SURGEPAYS, INC.
SurgePays (NASDAQ:SURGW)
Historical Stock Chart
From Jun 2024 to Jul 2024
SurgePays (NASDAQ:SURGW)
Historical Stock Chart
From Jul 2023 to Jul 2024