MIAMI, June 8, 2016 /PRNewswire/ - Next Group Holdings, Inc. (OTCQB: NXGH) announced today that its subsidiary, NEXTCALA, Inc. ("NEXTCALA") signed an agreement with Glocal Payment Solutions, Inc. ("GLOCAL"), to form a Joint Venture to be named NextGlocal that will provide financial solutions to the underbanked population.
The NextGlocal financial products will provide attractive pricing and extra benefits to unbanked and underbanked consumers.
NEXTCALA will make available to the Joint Venture every feature of NEXTCALA's prepaid card financial services program platform, including without limitation, its standard GPR (General Purpose Reload) features, functions, and support, co-branded and customized for GLOCAL's business and consumer customers through a distinct NextGlocal co-branding program to meet demand created by NextGlocal.
GLOCAL is a multi-media commerce payment solutions company engaged in creating and sustaining a state-of-the-art payment processing solution and network that encompasses a wide range of participating suppliers, incentives, and affinity across multiple business and consumer network groups. GLOCAL will expand its ongoing successes in the travel and tourism, health and travel insurance, restaurant and retail, corporate solutions and non-profit business segments in the United States and in soon-to-be-announced international markets. GLOCAL, together with its existing engagements, will enable NextGlocal to target a universal sample space of 30,000,000 users from the launch of the Pilot Program in June 2016, transitioning into the potential universal sample space of 100,000,000 users globally through year three.
"The synergy and common objectives between NEXTCALA and GLOCAL will enable the Joint Venture to develop new market segments that have a distinct need and hunger for NEXTCALA's financial solutions," said Arik Maimon, NXGH's Chairman and Chief Executive Officer. "We believe that creating this Joint Venture will produce significant market penetration, revenue growth, and profitability for NXGH."
"This is an exciting and a natural evolution in our efforts to sustain a comprehensive, multi-media payments and settlement, rewards platform for our suppliers and customers. NEXTCALA will impart the critical components needed for GLOCAL to harness and sustain a constantly evolving payment and settlement platform," said Sudhan Thomas, Chairman and Chief Executive Officer of GLOCAL. Mr. Thomas has been appointed Chief Executive Officer of the NextGlocal Joint Venture and will run its day-to-day operations.
"I believe this is a very good strategy for NXGH as this Joint Venture should provide great value and substantial benefits to NXGH and its shareholders," said Michael De Prado, President and Chief Operating Officer of NXGH. "This is a significant step forward that will enhance NXGH's position in the markets for its financial products and shareholders," added Mr. DePrado.
"We are excited about the launch of the NextGlocal Joint Venture and look forward to deploying all of the Glocal assets to the success of the Joint Venture," said Paul Appel, ESQ, President and Chief Operating Officer of GLOCAL.
NXGH owns 94% of the issued and outstanding shares of NEXTCALA, which is one of its four operating subsidiaries. NXGH will own 60% of the Joint Venture entity and GLOCAL will own 40%.
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.
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SOURCE Next Group Holdings, Inc.