HOLLYWOOD, FL--(Marketwired - Dec 1, 2016) - Telco Cuba, Inc. (OTC PINK: QBAN) Telco Cuba, a publicly traded telecommunication provider, announces the following corporate updates.
Telco Cuba, ("QBAN") owns 28% of a dormant oil-producing field in Grand Chenier, Cameron Parrish, Louisiana. The current price of a barrel of oil, the current political situation in the US, the bull market and the United States' healthy appetite for all things energy means great news for QBAN. While the company is a telecommunications company, for the last 9 months Telco Cuba has explored how best to monetize the property and have engaged a consultant to help in this matter. "The current rise in oil is great news for QBAN," says CEO William J Sanchez.
The group that Telco Cuba, Inc. signed the NS2020 teaming agreement with, led by Micro Tech, Inc. (http://www.microtech.net), has made the final selection process. Telco Cuba, Inc. and Micro Tech, Inc. are working together to ensure the selection committee has all the pertinent information required.
Micro Tech, Inc., the lead partner in the teaming agreement Telco Cuba, Inc. agreed to be a part of, is a 350 Million a year company with over 100 employees. Micro Tech, Inc. is one of the largest minority and veteran owned companies in the United States.
"The NS2020 initiative will become a major revenue source for our company in 2017. Our teaming agreement with Micro Tech was serendipitous and provides the company with a clear path to the 50+ billion dollar US government contract market. We are on the final stretch and are anticipating exciting things to occur once the selection process is complete and our team is selected," says William J Sanchez, CEO Telco Cuba, Inc.
Telco Cuba, Inc. has been in litigation with two note holders. The notes originated in 2011, when the company was known as Sungro Minerals, Inc. The company has challenged both notes, due to their questionable validity. Telco Cuba has settled one of the notes on a dollar for dollar basis, no discount points and the other is being litigated with an intent on getting the balance written off. "My primary concern at this stage is to ensure that our shareholder base is not needlessly diluted by questionable notes. Our aim is to grow methodically with sustainable capital. We have not taken any new notes in 2016," stated William J Sanchez, CEO of Telco Cuba, Inc.
Telco Cuba, Inc. will change its name to "Amgentech Holdings, Inc." This process will take some time as FINRA needs to approve it and financials need to be current. The company is working on becoming current as soon as possible. This name change is necessary to better handle the finances of the company under current OFAC regulations.
The current situation in Cuba, from a business perspective, is positive. "The current wave of change in Cuba will only hasten with the death of Fidel Castro. I don't believe the current rapprochement with Cuba will be reversed; too much political capital has been expended to reverse it," stated William Sanchez, CEO.
The stock symbol will remain "QBAN." Telco Cuba, Inc. is foremost a telecommunications company. The company will continue its foray into providing low cost telecommunication services to the Cuban American market in South Florida as well as still working on finalizing agreements in the country of Cuba. The country of Cuba remains a priority for the company, and Telco Cuba is poised and ready to take advantage of the opportunity when it becomes available.
Telco Cuba, Inc. (A Florida Corporation) will become a subsidiary of Amgentech Holdings, Inc. and all business related to the "Telco Cuba" branded cell phone service and anything else to do with "Cuba" will fall under the umbrella of the Telco Cuba, Inc. (Florida Corporation) subsidiary.
Telco Cuba's MVNO contract with Next Group Holdings, Inc. ("NXGH") is also under review at the moment. Telco Cuba has been unable to reach any traction with NXGH as a direct result of NXGH's inability to deliver a working MVNO platform. Telco Cuba is looking into alternatives to ensure that business goals are met.
The company will start using its twitter account "@amgentech" to regularly inform its shareholder base and the investment community on the many initiatives currently being worked on at Telco Cuba, Inc.
Telco Cuba is a cellular service provider currently targeting the Cuban-American demographic in the US. It is also engaged in the business of providing infrastructure and software development through its subsidiary, Amgentech, Inc.
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Company Website: www.telcocuba.com
This press release does not constitute an offer to sell or the solicitation of an offer to buy any of these securities, nor will there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale is not permitted. Any securities offered or issued in connection with the above-referenced merger and/or investment have not been registered, and will be offered pursuant to an exemption from registration.
This press release may contain forward-looking statements made pursuant to the Private Securities Litigation Reform Act of 1995. Words such as "may," "will," "should," "plans," "explores," "expects," "anticipates," "continue," "estimate," "project," "intend," "anticipate," "estimate," "expect," "intend," and "project" and other similar words and expressions are intended to signify forward-looking statements. Forward-looking statements are not guarantees of future results and conditions but rather are subject to various risks and uncertainties. Some of these risks and uncertainties are identified in the company's filings with the SEC. The occurrence of any of these risks and uncertainties could have a material adverse effect on the company's business, financial condition, and results of operations.