Expected to Be Immediately Accretive to Shareholders
NEW YORK, NY / ACCESSWIRE / October 6, 2020 / TransWorld Holdings Inc, formerly GoIP Global Inc (OTC PINK:GOIGD), announced today it intends to acquire 100% of PTGI International Carrier Services, Inc. from ICS Group holdings, a vehicle of HC2 Holdings, Inc. (NYSE:HCHC). Terms of the consideration to be paid in cash were not disclosed. The acquisition is expected to close within the fourth quarter of 2020 as it is subject to FCC approval. The acquisition is anticipated to be immediately accretive.
PTGI is a global wholesale telecommunications provider offering both international and U.S. domestic voice termination. PTGI provides services over its own network featuring TDM and dedicated IP point of presence connections in 18 different countries with public IP connections offered globally in any location. PTGI, which has been in business for 20 years, recorded revenues of over $650 million in 2019 and over $290 million for the first six months of 2020, has no debt, and has been profitable and cash flow positive each consecutive quarter for the last five years.
PTGI will be the first acquisition in TransWorld Holdings newly formed TMT division, and will have an immediate mandate to grow the TMT division through M&A transactions. Along with TransWorld's recent and pending acquisitions, including GetCharged, Inc. TransWorld's global strategy is to offer infrastructure, electrification, and communication services in cities around the world.
"We are excited to welcome PTGI's team and customer base to TransWorld. Upon closing, Craig Denson, CEO of PTGI-ICS, will become COO of TransWorld, will run our TMT division consisting of PTGI-ICS, and join TransWorld's board of directors, ensuring a seamless transition and continued strong service for PTGI-ICS' customers. Together with Andrew Fox, CEO of GetCharged who will become CEO and President of TransWorld, we expect Craig and his team to drive revenue and add tremendous shareholder value across all of our businesses," commented Kenneth Orr, Chairman of TransWorld Holdings, Inc. "Craig and his team offer us tremendous organizational infrastructure including sales, accounting, and compliance expertise that we expect will provide structure at both the TransWorld corporate level and will help our growth and acquisition strategy in the TMT space. Craig and his team will also support the tremendous growth opportunity we have in the Charge international rollout."
Andrew Fox, CEO of GetCharged, Inc., commented, "We are thrilled to announce this transaction as it will fuel GetCharged's infrastructure strategy to capture explosive growth in the micromobility space by leveraging PTGI's global relationships. Our plan is to leverage our combined teams' years of experience to build out both the TMT division and Charge The World in the micromobility space."
As previously disclosed, Mr. Fox will be appointed Chief Executive Officer and President and join TransWorld's board of directors upon the closure of TransWorld's acquisition of GetCharged, expected before October 15th, 2020.
About PTGI-ICS
PTGI-International Carrier Services (ICS) Inc. is a wholly owned subsidiary of ICS Group Holdings, a Technology, Media and Telecom acquisition vehicle in the HC2 Holdings portfolio. HC2 Holdings, Inc. is a publicly traded (NYSE:HCHC) diversified holding company. PTGi operates a telecommunications business including a network of direct routes and provides premium voice communication services for national telecommunications operators, mobile operators, wholesale carriers, prepaid operators, voice over internet protocol service operators and internet service providers. ICS provides a quality service via direct routes and by forming strong relationships with carefully selected partners.
About GetCharged, Inc.
Charge is a micromobility company dedicated to building the largest network of electric charging, storage, and service stations for e-bikes and e-scooters. The company's docking stations will be installed in privately-owned parking garages, lots, and spaces throughout major markets around the world, providing a convenient, safe, and cost-effective space to charge, store and service e-vehicles while reducing e-vehicle clutter on city streets and sidewalks. Charge has entered into numerous agreements with garage operators and property owners, securing a network of nearly 6,000 locations to install its docking stations. Charge also has a proprietary mobile application that interfaces with its docking stations and provides users with available locations as well as real-time e-vehicle availability of partnered rideshare platforms. For more information, please visit charge.us, and connect with the company on Twitter and LinkedIn.
About TransWorld Holdings Inc.
GoIP/Transworld is a holding company that connects consumers and businesses using transportation, infrastructure and technology.
Safe Harbor Statement
Information in this news release may contain statements about future expectations, plans, prospects or performance of GoIP Global, Inc. that constitute forward-looking statements for purposes of the safe harbor Provisions under the Private Securities Litigation Reform Act of 1995. The words or phrases "can be," "expects," "may affect," "believed," "estimate," "project," and similar words and phrases are intended to identify such forward-looking statements. GoIP Global, Inc. cautions you that any forward-looking information provided by or on behalf of GoIP Global, Inc. is not a guarantee of future performance. None of the information in this press release constitutes or is intended as an offer to sell securities or investment advice of any kind. GoIP Global, Inc.'s actual results may differ materially from those anticipated in such forward-looking statements as a result of various important factors, some of which are beyond GoIP Global, Inc.'s control. In addition to those discussed in GoIP Global, Inc.'s press releases, public filings, and statements by GoIP Global, Inc.'s management, including, but not limited to, GoIP Global, Inc.'s estimate of the sufficiency of its existing capital resources, GoIP Global, Inc.'s ability to raise additional capital to fund future operations, GoIP Global, Inc.'s ability to repay its existing indebtedness, the uncertainties involved in estimating market opportunities and, in identifying contracts which match GoIP Global, Inc.'s capability to be awarded contracts. All such forward-looking statements are current only as of the date on which such statements were made. GoIP Global, Inc. does not undertake any obligation to publicly update any forward-looking statement to reflect events or circumstances after the date on which any such statement is made or to reflect the occurrence of unanticipated events.
CONTACT:
LHA Investor Relations
Carolyn Capaccio, CFA
ccapaccio@lhai.com
212.838.3777
SOURCE: TransWorld Holdings, Inc.
View source version on accesswire.com:
https://www.accesswire.com/609214/TransWorld-to-Acquire-PTGI-International-Carrier-Services-Inc
