IQSTEL authorizes repurchase of up to 1 million shares

IQSTEL Inc. (NASDAQ: IQST) announced that its board of directors has authorized a share repurchase program for up to 1,000,000 shares of the company's common stock. The program will be funded in whole or in part by cash dividends received from QXTEL, one of IQSTEL's operating subsidiaries.

The technology company, which operates in telecom, fintech, AI, cybersecurity, and digital services sectors across 21 countries, stated the authorization reflects confidence in its financial strength and growth prospects. The company maintains it believes current market valuation does not adequately reflect its business value.

"We believe the recent decline in IQSTEL's share price is disconnected from the underlying value of our business," said Leandro Iglesias, CEO of IQSTEL. "Today, IQSTEL is stronger than ever. We have built a business generating hundreds of millions of dollars in annual revenue, possess tens of millions of dollars in assets, maintain a solid stockholders' equity position, and have no outstanding convertible notes or warrants."

The company also referenced a binding memorandum of understanding to acquire a 51% interest in Ultranet Telecom Group. Based on Ultranet's audited financial statements, IQSTEL expects the transaction to increase its net income from operations by approximately four times and contribute approximately $4.5 million in annual net income.

IQSTEL operates with over 600 telecommunication carrier interconnections, providing services to telecom operators and enterprise customers worldwide. The company reaches more than 600 telecom operators globally, providing access to approximately 2.3 billion end users.

Complete terms and details of the share repurchase program will be disclosed in a Form 8-K filing with the Securities and Exchange Commission.

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