Digerati Technologies reports Q2 EPS 0c vs. (8c) last year

Reports Q2 revenue $7.94M vs. $4.02M last year. Arthur Smith, CEO of Digerati, commented, "We are very pleased with our quarterly results which reflect continued positive trends in all of our financial metrics in spite of the short-term revenue loss we experienced in Southwest Florida due to Hurricane Ian. Initiatives during our 2nd fiscal quarter included winding down legacy revenue streams that do not meet our profitability objectives and re-organizing our sales team to maximize sales productivity. These initiatives and continued integration of our operating units have resulted in a business built to scale with stronger gross margins and improved operating profitability. We now serve nearly 4,500 business customers and approximately 45,000 users, predominantly in Florida, Texas and California.We continue to make progress on our proposed merger with Minority Equality Opportunities Acquisition and listing on Nasdaq. We expect the second S-4/A registration statement regarding the business combination to be filed with the Securities and Exchange Commission once MEOA files its 10-K for the year ended December 31, 2022. As previously reported, the transaction results in a $105 million enterprise valuation for Digerati and has been approved by the board of directors of both of Digerati and MEOA, with an expected closing in the second quarter of CY 2023."