Surge Logics Reports Record $2.98 Million in Sales for March 2020
Monthly sales increase 121% sequentially from February 2020 and more than nine-fold from March 2019
Memphis, TN, April 22, 2020 (GLOBE NEWSWIRE) -- Surge Holdings, Inc. (“Surge”) (OTCQB: SURG), developer of the SurgePays™ Marketplace Network for convenience stores, bodegas and community markets that provide products to the underbanked, today reported record unaudited sales of $2.98 million for March 2020 within the Company’s wholly owned subsidiary Surge Logics, compared to approximately $1.35 million for February 2020 and $319,012 for March of 2019.
Carter Matzinger, President of Surge Logics, Inc. commented, “Since launching our proprietary Intake Logics software in the fourth quarter of last year we have seen an incredible increase in our efficiency and overall revenue. We are witnessing both sales growth within our existing client base, as well as the addition of new clients, many of which are referrals coming from existing clients. In March, we have added 20 new hires, 2 new reporting staff, and 18 agents to accommodate the increased volume of calls and leads. Additionally, we will be integrating with a medical records retrieval company to create additional automation within our Intake Logics CRM system to assist clients in obtaining better qualified cases and complete case packages.”
Anthony Nuzzo, President & COO of Surge Holdings, commented, “We achieved another month of record shattering revenue within our Surge Logics subsidiary with revenue increasing 121% sequentially, and over nine-fold versus the same period last year. I attribute this success to the exceptional execution of the Surge Logics team combined with our 2019 investment into developing the Intake Logistics CRM software. Another key factor was our investment into the expansion of CenterCom Global BPO. This revenue increase demonstrates the positive impact of CenterCom Global, our bi-lingual BPO, on our ongoing operations. We believe CenterCom Global provides Surge a true competitive advantage not only within Surge Logics but across all Surge Wireless and SurgePays™ Marketplace operations. This is an extremely exciting time for Surge Holdings as we have completed our core product development in all areas of the Company and are fully focused on executing and increasing revenues.”
About Surge Holdings, Inc:
Surge Holdings, Inc. operates the SurgePays™ Marketplace, a product sales channel that disrupts the traditional c-store supply chain model by providing independent and local retailers direct access to regional manufacturers from around the country. Surge leverages its wholly owned subsidiaries (value driven prepaid wireless and fintech products) to build relationships with convenience stores, bodegas, tiendas and community markets that serve the underbanked and unbanked - approximately 25% of the US population. Once a store is onboarded to the SurgePays™ Marketplace, and the trusted profit partnership is established, Surge upsells other consumable goods by connecting manufacturers directly to these retail stores. The SurgePays™ Marketplace provides manufacturers measurable cost savings by cutting out distributors and offers an efficient platform to access independent retailers to sell products nationwide with improved payment terms. 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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Released April 22, 2020