MIAMI, October 11, 2016 /PRNewswire/ --
Next Group Holdings, Inc.'s (OTCQB: NXGH) (the "Company") subsidiary, Meimoun & Mammon, LLC (M&M) through its Tel 3, STI Mobile and Next Mobile 360 brands generated record monthly revenue of $181,500 in September through the telecom subsidiary. These revenue figures do not include revenues earned by another subsidiary of NGH, AIM which specializes in digital & physical gift cards.
In September, the Company began the rollout, sale, and installation of its state-of-the-art, "super-functional" point of sale system, InsightPOS. During the month NGH completed 28 retailer signups and selection of several master distributors throughout the country. The revenue from the POS systems will be reflected in the 4th quarter financial reports. The POS system manages the sale and inventory of hard goods, food, fuels, long distance telephone service, cellular "top ups" (US & International) and bill pay for utilities. In the fourth quarter, the system should be enabled for US & International money transfers, rewards programs, general purpose reload debit cards (VISA®, Mastercard®), digital gift cards, and other financial products.
"We're extremely pleased to the recent performance of NGH's telecom assets," stated Arik Maimon, the Company's Chairman and CEO. "As we move forward with our next phase of expansion, rolling out our innovative Cash Register/POS system, we believe we are well-positioned to drive strong sales growth for our Tel 3, STI Mobile and Next Mobile 360 brands. More importantly, these systems open extensive additional revenue opportunities for NXGH, for our prepaid pin-less and mobility telecommunications services, as well as the resale of third party telecom, financial and bill pay services ."
NXGH is targeting an affiliated database of approximately 8,800 active retail stores that sell prepaid telecommunications products to primarily unbanked populations. With the InsightPOS system, these retail stores will be able to augment their offerings with international cellular top-ups, utility payments, digital & physical gift cards and financial services targeted to the needs of their unbanked consumers.
For more information, visit the website http://www.pos.nxtgn.net
About Next Group Holdings (NXGH):
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.
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NEXT Group Holdings, Inc.
SOURCE Next Group Holdings, Inc.