Next Group Holdings, Inc. Announces Record Revenue for Third Quarter 2017

MIAMI, Nov. 28, 2017 /PRNewswire/ -- Next Group Holdings, Inc. (OTCQB: NXGH) today announced results for its third quarter of fiscal year 2017 which ended September 30, 2017, including record revenue for the third consecutive quarter.  The results were posted in the company's most recent Form 10-Q, filed with the SEC on November 20, 2017.

Total revenue for the third quarter of fiscal year 2017 was a record $625,188, compared to $515,230 for the same period last year, with the 21% increase in revenue attributable to executive management's focus on clean up of debt and the creation of new business lines. Operating expenses for the three months dropped significantly during the three months ended September 30, 2017, from $1,868,409 the prior year to $522,183.  The dramatic decrease of 72% in operating expenses is due mainly to a decrease in stock based compensation included in officer compensation and professional fees.

Net income before non-controlling interest for the three months ending September 30, 2017 was a record $1,686,608 – or $.0047 per fully diluted share – compared to a loss of $1,015,864 for the same period of 2016.  The significant improvement is due mainly to a decrease in stock based compensation in the current period partially offset by increased losses on the fair value measurement of derivative liabilities.  Net income before non-controlling interest for the nine months ended September 30, 2017 was $51,243, compared to a loss of $4,765,325 for the nine months ended September 30, 2016.                

Full contents of the 10-Q filing can be found at NXGH 10-Q for Nine Month Period Ending September 30, 2017

The previously-announced acquisition of LIMECOM was recently completed, and the Company will be delivering required shares on December 1, per an arrangement worked out with some of the Company's Noteholders, which will free up all reserved shares with the Transfer Agent and return them to Company treasury.

NXGH has signed Letters of Intent with the following entities and is performing due diligence to complete the acquisition process.

Effective March 30, 2017 the Company entered into a non-binding letter of intent with AZUGROUP USA, LLC to acquire assets owned or controlled by that company and its majority shareholder, Mr. Antonio Faranda.  Together, AZUGROUP USA, LLC and Feranda own or control three Italian companies, known collectively as AZUGROUP which, together generated minimum US $10 million in revenue during the 2016 calendar year. (With the company being the surviving entity)

Effective August 22, 2017 the Company entered into a binding letter of intent to acquire 51% of SDI NEXT Distribution, along with the option to acquire 51% of SDI Black 011 LLC.  The Company expects to complete this acquisition soon, and doing so will include distribution of the Company's CUENTAS and MIO virtual banking products, as well as top-selling Third Party Gift Card brands, at more than 30,000 U.S. retail locations, most of which are single-owner bodegas which serve loyal repeat customers.

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, including wireless MVNO, 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. 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