MIAMI, April 27, 2017 /PRNewswire/ -- Next Group Holdings, Inc. (OTCQB: NXGH) (the "Company") today announces that it has signed a Purchase and Sale Agreement with Dean Keatin Marketing, LLC ("DKM") and related parties, to sell back portions of the previous acquisition of a controlling interest in Accent Intermedia (AIM) and to work together on certain projects. NXGH originally acquired AIM from DKM when it signed the previous "Purchase and Sale Agreement" on July 22, 2016.
NXGH shall sell, transfer and deliver to DKM 100% of the capital stock of Transaction Processing Products, Inc. ("TPP") and all AIM venture debt, for $1. DKM will indemnify and hold harmless NXGH for any and all liabilities or costs incurred by NXGH arising from AIM prior to July 7, 2016 including the approximate $2 million in payables currently being carried by AIM. Upon execution, this $2 million in payables will be removed from the consolidated financial statements of NXGH.
NXGH shall be entitled to 45% of the gross proceeds of any settlement or judgment obtained by AIM, DKM, TPP or any of their assignees or successors in interest from its litigation against ComData, Inc./FleetCor (the "FleetCor Litigation).
NXGH is responsible for any and all costs associated with the termination of any employee of AIM that occurred after July 7, 2016 to the date of this Agreement.
"Selling back AIM to Dean Keatin Marketing LLC will help the financial status of Next Group Holdings as it removes almost $2 million in debt from our balance sheet," said Arik Maimon, NXGH's Chairman and CEO. "We have agreed to work together with the AIM personnel on specific projects of mutual interest. The potential upside from the FleetCor legislation could have a major impact on our profitability in the future." added Maimon.
About Us: 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 www.nextgroupholdings.com.
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 CONTAINED IN THIS NEWS RELEASE INCLUDE STATEMENTS RELATING TO OTHER PUBLICLY AVAILABLE INFORMATION REGARDING THE COMPANY.
NEXT Group Holdings, Inc. (OTCQB: NXGH) Telephone: +1-800-611-3622
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SOURCE Next Group Holdings, Inc.