Memphis, TN, May 20, 2020 — Surge Holdings, Inc. (OTCQB: SURG), a holding company with diverse business operations in FinTech, Telecommunications and Media, today reported preliminary sales results for the first quarter ended March 31, 2020. Revenue for the first quarter of 2020 increased 307% to $15.8 million, versus $3.9 million for the same period last year.
Brian Cox, Chairman and CEO of Surge Holdings, commented, “I am pleased to report we have surpassed a $60 million annualized revenue run rate, reflecting a 307% increase in sales versus the same period last year. These achievements are a direct result of our 2019 investment into infrastructure, software development, new product creation and development, along with the addition of ECS, which we acquired in 2019. Our subsidiary business models and clients remain intact and open in the COVID-19 environment as essential services. While the first quarter of 2020 is moving in the right direction, I am even more excited about growing each subsidiary and watching our LocoRabbit pay-as-you-go wireless brand and other new products gain traction in the market. I look forward to reporting new developments as they unfold and wish everyone health and safety as we open America back up and prosper together.”
The preliminary financial results discussed in this press release are estimates prior to the completion of Surge Holdings’ quarter-end closing procedures and review procedures by its independent registered accounting firm. During the quarter-end closing procedures and review process, Surge Holdings may identify items that would require it to make adjustments to the preliminary financial results presented above.