TPT Global Tech Enters into Settlement Agreement with Vertical Bridge

On September 26, 2024, TPT Global Tech, Inc. (OTCMKTS:TPTW) disclosed that it had become a party to a lawsuit instigated by Vertical Bridge, along with some of its associated entities. The contention stemmed from an unresolved debt related to overdue tower lease payments.

Through engagement with legal advisors representing the opposing party, negotiations ensued concerning the claims, which amounted to an approximate total of $1,200,000, encompassing outstanding and future tower lease payments due under multiple agreements.

To resolve the matter, TPT Global Tech and Vertical Bridge reached a Settlement Agreement and Mutual Release, stipulating a payment plan amounting to $210,000, structured over three installments until August 30, 2026. It was detailed that any breach of the Settlement Agreement would trigger a Confession of Judgment for the same sum or a lesser amount based on prior payments.

It is important to note that the details provided here are not exhaustive and are subject to the complete terms outlined in the Settlement Agreement and Mutual Release. The full contract is included as Exhibit 10.1 in the 8-K filing made by the company.

The company did not register any securities as part of this event. TPT Global Tech concluded its submission with the necessary signatures, underscoring compliance requirements under the Securities Exchange Act of 1934, with the report being authorized by Stephen J. Thomas, III, the Chief Executive Officer, on October 8, 2024.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read TPT Global Tech’s 8K filing here.

TPT Global Tech Company Profile

TPT Global Tech, Inc operates as a media content hub for domestic and international syndication, technology/telecommunications companies worldwide. It also provides technology solutions for businesses. The company offers software as a service, technology platform as a service, cloud-based unified communication as a service (UCaaS), and carrier-grade performance and support services for businesses over its private IP MPLS fiber and wireless network.