Vancouver, BC, November 1, 2019, Upco International Inc. (CSE: UPCO, OTCQB: UCCPF, Frankfurt: U06) (“Upco”, the “Company”) is pleased to announce that it has successfully signed a non-binding Letter of Intent (“LOI”) to acquire its first target in the telecom industry.
The acquisition Target (the “Target”), name undisclosed at this time, is a United States telecom company with extensive connections and business in Latin America. The Target plans to expand its operations into the Caribbean and Africa, which syncs with Upco’s strategic expansion plan.
Upco will conduct further financial and operational due diligence as the next step of the process, which will be led by the Company’s CFO, Ruy Ivaldi, in conjunction with Upco’s US-based investment banking advisor, Bardi Co. LLC. Upon a successful due diligence process and definitive agreement, Upco will focus on integrating its UpcoPay eWallet into the growing Business to Consumer (B2C) mobile payments market.
Upco International’s Chief Executive Officer, Andrea Pagani, commented: “Upco continues to work hard on growing its operations organically and through strategic M&A opportunities. This Target would be the first material milestone allowing us to establish a stronger footprint in the wholesale and retail telecom industry throughout the emerging markets. We look forward to providing updates on our progress with a primary focus on creating value for our shareholders.”
About Upco International Inc.
Upco International Inc. is a cloud-based mobile service company which provides high-quality voice termination to a market driven by the growing activity in online communications and commerce. Upco is a licensed Global Telecom Carrier within the international VoIP (voice over IP) wholesale business. Upco has designed a software application for Apple iOS and Android, similar to SKYPE and WhatsApp. With the forthcoming addition of the Upco e-Wallet using Blockchain Payment Services, users will be able to: send invoices, approve payments, transfer international funds, convert international currencies, and track transfers and payments. The application will also allow vendors to securely share account information with their clients.
ON BEHALF OF THE BOARD OF DIRECTORS
Andrea Pagani, CEO and Director
212 461 3676
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Except for the statements of historical fact, the information contained herein is of a forward-looking nature. Such forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievement of the Company to be materially different from any future results, performance or achievements expressed or implied by statements containing forward-looking information. Such factors include continued availability of capital and financing and general economic, market or business conditions.
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