BARTLETT, Tenn., Sept. 17, 2026 (GLOBE NEWSWIRE) -- SurgePays, Inc. (NASDAQ: SURG) (“SurgePays” or the “Company”), a wireless and fintech company, today announced that it has signed a non-binding letter of intent with All Prepaid, LLC, dba LowWeeklyPayments (“LWP”), to form a joint venture to scale the smartphone rent-to-own program across the SurgePays independent retail dealer network.
“We know people want great smartphones, but we also know many cannot afford them. Additionally, dealers have inventories of phones they need to move…”The LWP rent-to-own program allows subprime consumers to take home a smartphone under a rent-to-own agreement with low weekly payments, and to own the device outright once the payments are complete. Any consumer can apply regardless of credit history or bank account, which makes the program a natural fit with the subprime and underserved customers who already shop in the SurgePays dealer network. The joint venture will be operated through LWP-SURGE, LLC, a Wyoming limited liability company formed on September 2, 2026.
Under the terms of the letter of intent, SurgePays will hold a 51% interest in the joint venture and serve as its Managing Member, and LWP will hold a 49% interest. The joint venture will combine SurgePays’ independent retail dealer distribution channel, dealer recruiting and field enablement, and shared corporate infrastructure with LWP’s proprietary rent-to-own platform, approval matrix, and in-store payment technology.
“At LWP, we built our approval matrix and rent-to-own platform to reach the customers that traditional financing programs turn away, the same subprime and underserved consumers SurgePays built its business around, and their dealer network gives that platform a distribution footprint we could not reach on our own,” said Enrique Hirlemann, Co-Founder of LWP. “Signing this letter of intent is a big step toward building that reach together, and we are looking forward to bringing this program to many more dealers and customers.”
“The purpose of this joint venture is to maximize the preliminary success of the rent-to-own business we have seen firsthand,” said Derron Winfrey, President, Sales and Operations, of SurgePays. “We know people want great smartphones, but we also know many cannot afford them. Additionally, dealers have inventories of phones they need to move consistently, and we saw an opportunity where dealers, customers, and SurgePays all win. Adding the LWP platform to our product suite has driven some of the best store acquisition results we have seen, helping us onboard more than 100 dealers already.”
The parties are now working to finalize a definitive operating agreement to formalize the joint venture, incorporating the governance, funding, and operating terms outlined in the letter of intent. SurgePays believes this joint venture represents a meaningful opportunity to build long term shareholder value, and the Company will provide additional updates as the venture advances.
About SurgePays, Inc.
SurgePays, Inc. (NASDAQ: SURG) is a wireless and fintech company connecting subprime and underserved consumers to essential mobile and financial services. The Company operates a nationwide retail network and proprietary technology platform that enables the distribution of wireless services, financial products, and essential services to consumers who primarily transact in person. By combining physical distribution with data driven technology, SurgePays is building a scalable platform designed to increase engagement and drive recurring revenue across multiple product categories. For more information, please visit www.surgepays.com.
About LowWeeklyPayments
All Prepaid, LLC, dba LowWeeklyPayments (“LWP”), is a Florida limited liability company headquartered in Doral, Florida that operates a rent-to-own platform focused on making quality smartphones and other electronics accessible to underbanked and subprime consumers. Under the LWP program, LWP purchases the product from participating retailers and rents the device to the customer under a low weekly payment structure until it is paid off, at which point the customer owns the device outright. The LWP approval matrix is designed to deliver materially higher approval rates than traditional programs, enabling retail dealers to convert customers who would otherwise be turned away at the counter. For more information, please visit www.AllPrepaidRTO.com.
Forward-Looking Statements
This press release contains forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the proposed joint venture between SurgePays and LWP, the anticipated growth, scale, and expansion of the smartphone rent-to-own program, target store counts, the timing of the negotiation and execution of definitive agreements and the commencement of operations of LWP-SURGE, LLC, and the future performance of the Company. These statements are based on current expectations and assumptions that are subject to risks and uncertainties, and actual results could differ materially from those expressed or implied. The letter of intent described in this release is non-binding except as expressly provided therein, and there can be no assurance that the parties will negotiate or execute definitive agreements, meet the target dates described herein, achieve the store counts described herein, or complete the proposed joint venture on the terms described herein or at all. Factors that could cause actual results to differ materially include, among others, the risks and uncertainties described in the filings of the Company with the U.S. Securities and Exchange Commission, including its most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q. SurgePays undertakes no obligation to update or revise any forward looking statements, except as required by law.
Investor Relations Contact
SurgePays, Inc.
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