MIAMI, December 19, 2017 /PRNewswire/ --
Next Group Holdings, Inc. (OTCQB: NXGH) today announced that the Company has fulfilled the terms of the Definitive Material Agreements with its three major convertible noteholders, thereby retiring all convertible debt held by them. Under terms of the agreements, NXGH has delivered to the three noteholders an aggregate of $400,000 cash, and has ordered issuance of 20 million shares of NXGH common stock. With the retirement of the Convertible Notes, all shares previously held in reserve accounts have been released and returned to NXGH Treasury.
Arik Maimon, Next Group Holdings CEO, said "The Company incurred this debt to help fund operations through an important phase of development and growth, and we are extremely pleased to let our shareholders know that it has been fully repaid. We are proud of NXGH management's ability to manage complex situations such as this, and to resolve the debt as quickly as possible. We are especially grateful to Orlando Taddeo and the team at our new wholly owned subsidiary, Limecom, for their tremendous support in bringing about what we know will be a whole new chapter of success for Next Group."
"With the favorable retirement of this convertible debt and return to the NXGH Treasury of all the shares that were once held in reserve accounts against those notes, NXGH has preserved considerable shareholder value in the Company," said Michael De Prado, Next Group Holdings President. "With our recently completed acquisitions of Limecom, Inc. and SDI Next Distribution, this company is poised for a great new year of growth and profitability."
Following are the noteholders, and their agreed-upon proceeds in exchange for retirement of convertible notes:
- LG Capital Funding LLC has surrendered $681,565 in convertible notes in exchange for $280,000 in cash and 11,473,289 shares of NXGH common stock.
- Cerberus Finance Group, Ltd. has surrendered $259,438 in convertible notes in exchange for $60,000 in cash and 5,698,321 shares of NXGH common stock.
- Quarum Holdings, LLC has surrendered $158,997 in convertible notes in exchange for $60,000 in cash and 2,828,480 shares of NXGH common stock.
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 http://www.nextgroupholdings.com.
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