Next Group Holdings, Inc. (OTCQB: NXGH) is engaged as a provider of telecommunications, mobile banking, and mobile computing to emerging markets worldwide. Shares of the mobile and telecommunications company are jumping 32.24%, through early trading on Tuesday, May 16, 2017. Over the past month, Next Group Holdings, Inc. has seen average daily volume of 538,244 shares. However, volume of 378,156 shares or dollar volume of $31,954, has already exchanged hands on Tuesday.
Shares of Next Group Holdings, Inc. are rallying today, after the company announced it has signed a Letter of Intent to acquire Limecom, Inc., a global telecommunications company. The cash and equity deal carries a value of $12 million, which was based on a $50 million valuation for the acquired company. In addition, Limecom, Inc. founder and CEO, Orlando Taddeo, will continue to be in charge of its operations. Here is the full press release detailing of the acquisition:
Next Group Holdings, Inc. Press Release:
MIAMI, May 16, 2017 (GLOBE NEWSWIRE) — In a release issued earlier today by Next Group Holdings, Inc. (OTCQB:NXGH), please note that in the headline and throughout the release, “Limecon” should have been spelled as “Limecom.” The corrected release follows:
Next Group Holdings, Inc. (OTCQB:NXGH) announced today that the Company has signed a Letter of Intent to wholly acquire global telecommunication company Limecom Inc. in a cash/equity deal valued at $12 million, based on a $50 million valuation of NXGH. In exchange, NXGH will acquire all Limecom assets, and Limecom will continue operations as a wholly-owned NXGH subsidiary, with Limecom Founder & CEO Orlando Taddeo remaining fully in charge of operations. Taddeo will also be appointed to NXGH’s Board of Directors.
“The acquisition of Limecom aligns perfectly with our plans for expansion of the Company’s businesses via our GPR (General Purpose Reload), Mio prepaid and Cuentas virtual banking card programs,” said Arik Maimon, CEO, Next Group Holdings, Inc. “The combination of Limecom’s vast global telecommunication network and large volume buying power, and NXGH’s consumer telecommunication and mobile banking services, including our lucrative reward programs for consumers, will enable us to offer the best products in the business, with greater rewards margins than anyone else.” Noted NXGH President Michael De Prado, “This acquisition, along with our recently announced acquisition (News: AZUGROUP) and revenue from other divisions of Next Group Holdings, places the Company’s projected 2017 annual revenue at approximately $140 million.”
“This is a match that immediately takes our business to the next level,” added Orlando Taddeo, Founder and CEO of Limecom Inc. “While Limecom currently facilitates more than 2 billion voice minutes and more than half a billion sms/mms annually, the power of this acquisition fuels the potential for 10 times that capacity. NXGH’s innovative business and marketing plans and consumer programs are game-changers for the industry, and we are pleased to be part of what we know will be the Company’s expansive future.”
NXGH is continuing to build its multi-threaded marketing strategy to reach the unbanked, underbanked and underserviced populations living in the USA. Currently, the Company is developing disruptive advertising and marketing programs in tandem with its equity advertising partner (News: Strategic Partnership). 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. Through the Company’s extended White Label Card Program Services agreement with its leading prepaid industry partner (News: Service Agreement), NXGH now has the potential to distribute its products and services through a vast network of retailers worldwide.
About Next Group Holdings, Inc.
Next Group Holdings, Inc. (OTCQB: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. Learn more at 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.
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.