Next Group Holdings Completed Major Milestones for Acquisition of Limecom Inc

MIAMI, October 19, 2017 /PRNewswire/ --

Next Group Holdings, Inc. (OTCQB: NXGH) (the "Company" or "NXGH") has completed a major milestone for the acquisition of global telecommunication company, Limecom Inc. ("Limecom"). The Definitive Agreement was executed on September 19, 2017 and 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 EBITA projected at $2.5 million.

On October 10, 2017, the Company received Limecom's financial statements for the years ended December 31,2016 and 2015 audited by Marcum LLP. The acquisition of Limecom by Next Group Holdings was contingent upon NXGH's receipt of Limecom's Audited Financial Statements and other ordinary closing items. Limecom's audited financial statements reported annual 2015 revenue of $109,372,246 and annual 2016 revenue of $124,956,469.

On October 10, 2017, Limecom co-signed a letter with NXGH confirming its agreement as of October 9, 2017 to lend the Company an aggregate sum of $513,872 paid over a period of eight months as a guarantee of available funds to repay the three major convertible noteholders as agreed on October 9, 2017. Although it was expected that Limecom would be a wholly-owned subsidiary of NXGH, the Company and major convertible noteholders agreed that the promised funds would need to be available in the event the acquisition was not completed for any reason, at which time, Limecom would be repaid in cash and/or shares of common stock in NXGH. On October 18, 2017, the Board of Directors of NXGH approved unanimously the acquisition of 100% of Limecom's issued and outstanding shares. The Company has 10 days to deliver 41,443,847 common shares to Heritage Ventures Limited and deliver 10,360,962 shares to Ainsworth & Clancy, the escrow agent.

"These very important events are leading NXGH to the goal of acquiring Limecom, a major carrier in the wholesale telecommunications industry," said Arik Maimon, Co-Founder and CEO of Next Group Holdings, Inc. "Limecom's state-of-the-art network infrastructure will serve NEXT CALA Mobile Banking customers who will be making free international calls that are subsidized by our Mobile Banking products," added Maimon.

"Completing these important steps for the acquisition of Limecom as a subsidiary of NXGH will augment the future potential of the enhanced Company," said Orlando Taddeo, Limecom Founder and CEO. "The telecommunications industry is under financial pressure and joining forces with NXGH and its subsidiary, NEXT CALA, with its Mobile Banking products, is a smart decision that will benefit Limecom and all segments of Next Group Holdings, Inc.," added Taddeo.

"The economies of scale and symbiotic relationships amongst the NXGH subsidiaries and divisions will benefit the Company as a group," stated Michael De Prado, NXGH Co-Founder and President. "The future for NXGH is looking brighter now that these milestones have been reached and we can now deliver our robust, unique financial products that we have been working on for the past 9 years," added De Prado.

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.

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.

Contacts:
NXGH Investor Relations:  
Dave Gentry
RedChip Companies Inc.
[email protected]
+1-407-491-4498    

For Next Group Holdings, Inc.:
Paul Gendreau
PGPR
[email protected]
+1-678-807-7945

SOURCE Next Group Holdings, Inc.