Black Pearl Investments Signs $650M Strategic Investment & Partnership Agreement With TPT Global Tech Inc.
New Funding Engagement for Green Smart City Projects throughout the U.S.
NEW YORK, November 15, 2022 (Newswire.com) - Black Pearl Investments, https://blackpearlinvestments.com, a rapidly emerging NYC-based investment firm focused on capital advisory, structured finance, commercial real estate and alternative investments, today announced it has agreed to a funding and strategic partnership to invest $650 Million USD with TPT GLOBAL TECH, INC. ("TPTW' or "TPT Global Tech") (OTCBB:TPTW) www.tptglobaltech.com to initiate its 'Green Smart City Projects' beginning with Tuskegee, Alabama.
TPTW is based in San Diego, California, and is a leading-edge technology company with divisions providing telecommunications, medical technology and media content for domestic and international syndication as well as smart city technology solutions. TPTW's Alabama Green Smart City and Green Smart Industrial Park projects will be the primary driver for the development through a separate TPT Global Tech, Inc. SPV (Special Purpose Vehicle) with BPI.
All lead development, construction activities and operations for the Green Smart projects will be handled through TPT Global's Real Estate and Development Technology division, TPT Strategic (OTCBB:INOQ), which recently closed its acquisition of Information Systems Technology (IST), a South East regional General Contractor and Construction Company based in Huntsville Alabama. IST has additional offices in Texas, Louisiana, Washington, Tennessee and Mississippi.
Mr. John Richard (J.R.) Chantengco, Founder & Managing Director of Black Pearl Investments, said, "We are always seeking cutting-edge opportunities for funding as well as synergies which will allow us to contribute strategically through our varied expertise and strengths. We are joint venturing with TPT Global Tech, Inc. because of their strong sense of the future needs of communities, whether it is smart living, smart working or smart sustainability. This resonates very well with our investment mandate, which is to support next-generation businesses, clean technologies and renewable energy that will truly make a difference in our society."
According to the document descriptions as provided by BPI to date, they will be providing investments related to the "Green Smart City Projects" identified as Proposed Transactions through the SPA, starting with those based in Tuskegee and Birmingham, Alabama. As stated, the proposed investment from BPI would be approx. $650 Million over a yet-to-be-determined period, which will be invested through dedicated credit facilities and structured funds within each phase and/or project SPV according to the capital stack requirements subject to conditions precedent (i.e. engagement, setup fee, due diligence, underwriting, appraisal, feasibility, market studies, financial analyses, legal, compliance, final approval, et al).
BPI will provide investments through bonds, structured capital or other feasible investments for the first projects in Tuskegee and Birmingham, Alabama. TPT and BPI will finalize the exact terms, language and conditions for all engagements and projects through a detailed SPV operations agreement that is in the process of being drafted.
TPT Global Tech's Chairman & CEO Stephen J. Thomas III said, "The 'Green Smart City Development' projects domestically and internationally have been a substantial part of our broader strategic plans and with the investment from BPI and the revenue projections from Alabama, we believe BPI will surely drive shareholder value for some years to come. We are buoyed by the confidence that J.R. has shown with his decision to enter into a Strategic Partnership and Funding Agreement with TPTW. He clearly understands the long-term relevance that new 'Green Smart City Development' initiatives will have on our communities and in the sustainable economic environment of regions in need across the United States and abroad."
Source: Black Pearl Investments