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Surge Holdings subsidiary, Surge Logics sees January sales increase nearly tenfold

CEO Brian Cox said subsidiary Surge Logics is headed for an annualized revenue run-rate in excess of $10 million

Surge Holdings, Inc. - Surge Holdings brought in nearly $1M in gross revenue last month
Through its subsidiaries, the company provides financial and telecom services while offering subsidized wireless service to low income customers

Surge Holdings Inc (OTCMKTS:SURG), developer of the SurgePays Marketplace Network for convenience stores, bodegas and community markets that provide products to the underbanked, said its subsidiary Surge Logics brought in nearly $1 million in gross revenue last month. 

“We are generating significant traction in our Surge Logics subsidiary,” said CEO Brian Cox in a statement Wednesday.

“This is best illustrated by the fact we achieved unaudited gross revenue of nearly $1 million in January 2020, close to a ten-fold increase versus the same period last year. This puts us at an annualized revenue run-rate in excess of $10 million within this division alone.”

READ: Surge Holdings ranks on Deloitte Technology Fast 500 list

Carter Matzinger, president of Surge Logics, added: “The success of Surge Logics reflects our recent expansion initiatives including our investment in the development and launch of InTake Logistics, a proprietary intake management solution for law firms specializing in mass tort lawsuits. Our growth also reflects the synergies of our strategic equity stake in Centercom Global last year, which is having a sustained positive impact on our revenue.

"This investment supports our ability to rapidly scale the business, as Centercom provides sales support, outbound client qualification, reporting, database programming, software development, and other various operational support services for Surge Logics.”

Through its subsidiaries, the Memphis-based group provides financial and telecom services. It also offers subsidized wireless service to qualifying low-income customers.

Contact the author: [email protected]

Follow him on Twitter @PatrickMGraham

Quick facts: Surge Holdings, Inc.

Price: 0.2855 USD

OTCQB:SURG
Market: OTCQB
Market Cap: $29.5 m
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