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Memphis, TN, July 18, 2019 (GLOBE NEWSWIRE) -- Surge Holdings, Inc. (“Surge”) (OTCQB: SURG), developer of the SurgePays™ Network for independent retailers, today announced that it has successfully launched the SurgePays™ Retail Blockchain Network within the first retail locations. The launch is being conducted through Surge’s partnership with AATAC, one of the nation’s largest private trade associations spanning over 110,000 stores across the United States. SurgePays™ is expected to go live in over 700 AATAC-affiliated stores in the Tampa region over the next 30 days. SurgePays™ is a first of its kind fintech network connecting independent retailers, manufacturers, and consumers. As previously announced, the Company plans to roll out the SurgePays™ platform through the AATAC network across an initial target of 40,000 independent retail locations nationwide, starting with markets in Florida, followed by Virginia and Texas.
Brian Cox, Chairman and CEO of Surge Holdings, commented, “We have now entered the activation phase of the rollout, which includes on-boarding stores and product delivery. The formal launch of our SurgePays™ Network with AATAC marks a major milestone for the company. For a rollout of this magnitude, we have worked tirelessly for months on the planning, product logistics, training, in store fixtures, and enrollment software. AATAC has been a tremendous resource providing data and knowledge to enable us to refine the onboarding and contract process. AATAC’s help has resulted in an enhanced 2.0 version of our SurgePays™ software as well as a SurgePhone point-of-sale display to showcase the SurgePhone and SIM Card products. While this additional work has taken time, I am confident that the investment will reap great rewards in both top line revenue, as well as faster onboarding of additional retail stores. Following the initial deployment phase, our plan is to incorporate feedback and make any necessary adjustments to enhance efficiency and improve the user experience. Our goal is to increase the amount of installations over the next 2-3 months, with the ultimate goal to install the system in at least 3,000-4,000 locations per month. We believe that we are on track to achieve our previously stated goal of installing the system in approximately 40,000 locations over the next twelve months.”
“We are extremely encouraged by feedback from both retailers and manufacturers, as we believe the SurgePays™ Network has the potential to transform the retail supply chain by eliminating middle-men distributors. The system empowers independent stores to select, order, and fulfill delivery of wholesale goods nationwide. At the same time, we believe the system enables manufacturers to efficiently achieve mass distribution through a cost-effective nationwide platform.”
“In addition to connecting retailers and manufacturers through the network, the network supports value added products such as SurgePhone™ Wireless, the SurgePays™ Visa® prepaid card, and a variety of consumer products. By offering aggressive wholesale pricing, we can offer retailers a new source of high margin revenue, thereby enhancing the value and profitability of our network.”
About Surge Holdings, Inc:
Surge Holdings, Inc. is a retail supply chain company leveraging blockchain technology to provide a virtual distribution hub for retailers, as well as offer telecom services for low income customers and financial payment services for the unbanked and under-banked. Surge products are delivered through a nationwide network of convenience stores and corner markets connected to the recently launched SurgePays™ retail blockchain network. This retail platform is designed to transform the traditional supply chain by providing local retailers seamless access to global products and to empower the corner store to select, order and fulfill delivery of wholesale goods from around the country. This platform also provides manufacturers a cost-effective and efficient platform to access local retailers. For more information on Surge Holdings and its subsidiaries, please visit: https://surgeholdings.com.
Forward Looking Statements
This press release contains information that constitutes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking terminology such as “believes”, “expects”, “may”, “will”, “should”, “anticipates”, “plans”, or similar expressions or the negative of these terms and similar expressions are intended to identify forward-looking statements. Any such forward-looking statements involve risk and uncertainties that could cause actual results to differ materially from any future results described by the forward-looking statements. Risk factors that could contribute to such differences include those matters more fully disclosed in the Company's reports filed with the U.S. Securities and Exchange Commission. The forward-looking information provided herein represents the Company's estimates as of the date of the press release, and subsequent events and developments may cause the Company's estimates to change. The Company specifically disclaims any obligation to update the forward-looking information in the future. Therefore, this forward-looking information should not be relied upon as representing the Company's estimates of its future financial performance as of any date subsequent to the date of this press release.
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