Revenues Projected to Exceed $125 Million in 2017, With Net Profit of $2.5 Million
MIAMI, September 20, 2017 /PRNewswire/ --
Next Group Holdings, Inc. (NXGH) has signed a binding Definitive Agreement to acquire global telecommunication company, Limecom Inc. The Definitive Agreement replaces the Letter of Intent to acquire Limecom that was announced on May 16, 2017 ( http://www.otcmarkets.com/stock/NXGH/news/Next-Group-Holdings-Signs-Letter-of-Intent-to-Wholly-Acquire-Leading-Global-Telecommunication-Company-Limecon-Inc-?id=159214&b=y ). Upon completion of the acquisition, Limecom Inc. will become a wholly-owned subsidiary of NXGH, with projected revenues in excess of $125 million for 2017, and net profit projected at $2.5 million.
The acquisition is scheduled to be completed by the end of September 2017, contingent upon NXGH's receipt of Limecom's Auditors Opinion. The purchase price is based on Limecom Inc. posting revenues of at least $125 million for 2017, with net profit for the same period in excess of $2.5 million. Under terms of the agreement, Limecom Inc. parent company Heritage Ventures Ltd. will receive a purchase price of $2 million plus 51.8 million shares of NXGH common stock. At time of completion, Heritage Ventures Ltd. will receive 41.44 million shares of NXGH common stock, 80% of the total common stock included in the purchase price of Limecom Inc. The remaining shares (10.36 million, or 20% of total included in the purchase price of Limecom Inc.), along with $2 million, will be delivered approximately eight months after completion of the acquisition, with the overall purchase price prorated should Limecom Inc. revenues and/or net profit fall short of projected performance.
"In addition to the boost to revenue and profit that this acquisition will provide NXGH, Limecom will now become an integral part of our GPR (General Purpose Reload), MIO prepaid card and CUENTAS virtual banking programs, and those are the future of our business," said Arik Maimon, Co-Founder and CEO of Next Group Holdings, Inc. "As we approach the launch of CUENTAS and MIO, Limecom's vast global telecommunication network and volume buying power are the perfect complement to our new consumer telecommunication and mobile banking services, including our lucrative reward programs for consumers."
"I have tremendous respect for, and confidence in, the team at NXGH, and bringing Limecom together with NXGH is smart for the future of both businesses," said Orlando Taddeo, Limecom Founder and CEO. "We are looking forward to merging our workforces at the company's Miami headquarters. NXGH's plans for launching MIO and CUENTAS are exciting opportunities, and I, like all shareholders in the Company, look forward to the tremendous success we expect to see in the coming weeks and months."
"All the pieces are coming together on our blueprint and execution, for what we know will be welcomed services in telecom and financial services for the vast network of unbanked, underbanked, and financially underserved individuals who will soon be able to become CUENTAS and MIO customers through both the large network of major retailers accessible through our previously announced partnership ( http://www.otcmarkets.com/stock/NXGH/news/Next-Group-Holdings-Extends-Agreement-With-InComm-Financial-Services--Paves-the-Way-for-Program-Growth-and-Enhanced-Customer-Experience?id=147795&b=y ), as well as through our recently announced proposed acquisition which will put CUENTAS and MIO into more than 38,000 single store operator convenience stores ( http://www.otcmarkets.com/stock/NXGH/news/Next-Group-Holdings-Signs-Letter-of-Intent-To-Acquire-Majority-Interest-in-SDI-Next-Distributions-LLC?id=168128&b=y )," added
Michael De Prado, NXGH Co-Founder and President.
NXGH is continuing to build its multi-threaded marketing strategy to reach the unbanked, underbanked and underserviced populations living in the USA. The Company is developing disruptive advertising and marketing programs in tandem with its equity advertising partner ( http://www.otcmarkets.com/stock/NXGH/news/Next-Group-Holdings-Announces-Strategic-Partnership-with-CP-B?id=129739&b=y ). NXGH's products and services include prepaid telecommunications products and mobile banking services, prepaid reloadable debit cards, open and closed loop programs, rewards cards, gift cards, loyalty programs, POS and Mobile Top Ups.
The Company recently released results for 2nd Quarter of 2017, including record revenue for the second consecutive quarter ( http://www.otcmarkets.com/stock/NXGH/news/Next-Group-Holdings--Inc--Announces-Record-Revenue-for-Second-Quarter-2017?id=168442&b=y ).
NXGH has signed Letters of Intent with the following entities and is performing due diligence to complete the acquisition process.
Effective March 30, 2017 the Company entered into a non-binding letter of intent with AZUGROUP USA, LLC to acquire assets owned or controlled by that company and its majority shareholder, Mr. Antonio Faranda. Together, AZUGROUP USA, LLC and Faranda own or control three Italian companies, known collectively as AZUGROUP which, together generated minimum US $10 million in revenue during the 2016 calendar year. (With the company being the surviving entity)
Effective August 22, 2017 the Company entered into a binding letter of intent to acquire 51% of SDI NEXT Distribution, along with the option to acquire 51% of SDI Black 011 LLC.
About Next Group Holdings, Inc.
NXGH is a corporation headquartered in Miami, Florida, which, through its operating subsidiaries, engages in the business of using proprietary technology and certain licensed technology to provide innovative mobile banking, mobility, and telecommunications solutions to underserved, unbanked, and emerging markets. NXGH's principal executive offices are located at 1111 Brickell Avenue, Suite 2200, Miami, Florida 33131, and its telephone number at that location is (800)611-3622. NXGH's web address is http://www.nextgroupholdings.com.
About Limecom Inc.
Established in 2006, Limecom Inc. is a leading global telecommunications company that provides innovative and high quality services to providers from all over the world. Limecom operates a unified global network built on state of the art IPO switching equipment, meeting the needs for high availability, performance and scalability. The Company facilitates more than 2 billion minutes of voice traffic and more than 500 million sms/mms annually.
About Heritage Ventures Ltd.
Heritage Ventures is a holding company and a venture capital fund based in Ireland which identifies, invests in and supports promising start-ups in the tech industries. The company's investment strategy spans all stages of a company's growth, from seeding innovations in emerging markets to funding early-stage companies in high-growth markets to fueling the further growth of market leaders. Heritage Ventures adds value and offers expert guidance throughout each company's life cycle.
This news release contains "forward-looking statements", as that term is defined in section 27a of the united states securities act of 1933, as amended, and section 21e of the united states securities exchange act of 1934, as amended. statements in this news release, which are not purely historical, are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Except for the historical information presented herein, matters discussed in this news release contain forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Statements that are not historical facts, including statements that are preceded by, followed by, or that include such words as "estimate", "anticipate", "believe", "plan" or "expect" or similar statements are forward-looking statements. Forward-looking statements contained in this news release include statements relating to other publicly available information regarding the company.