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.”
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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.
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