MIAMI, August 10, 2017 /PRNewswire/ --
In a recent on-air interview with Jon Cunningham of 'RedChip Money Report', Michael De Prado, President and COO of Next Group Holdings, (OTCQB: NXGH) discussed the company's entry into the burgeoning virtual banking industry during the second half of 2017, with plans to target an underserved Hispanic customer base estimated at more than 100 million people living in the U.S. who are either completely unbanked or significantly underbanked.
De Prado laid out plans for the company's introduction of its new virtual banking solution - CUENTAS - into the marketplace, carefully pointing out that the product is meant for an extremely large, yet specific segment of the U.S. consumer audience. "Our target demographic is the unbanked and underbanked Latin population, many of whom live on either fixed, or uncertain, incomes each month, and who traditionally have not used banking and/or credit services like the rest of the population. Using our card, and the broad suite of services it provides, will give these customers access to a global financial marketplace most of us take for granted, including the use of debit cards and online payment capability," added De Prado.
De Prado explains that Next Group Holdings is building on our roots in telecommunications; moving and converting that composition into a financial product subset that yields savings to the consumer and, for us, a more multi-threaded customer base that we can grow into the future.
In the interview, De Prado also address two acquisitions the company has lined up through Letters of Intent, and explains, "Azugroup is extremely complimentary to what we are doing, and having it in our corporate family will take our cost of plastic card acquisition - a huge factor in our business - down about 70%, while adding $14-16 million annually in revenues. Limecom is a leading global telecom, and a perfect fit for us as well. With 2017 revenues projected at $140 million, this acquisition will also fuel our rewards programs across the board. CUENTAS customers are rewarded with international long distance - something that is very important to this customer base - and Limecom is a major facilitator of international voice and sms/mms communications."
De Prado wrapped the interview by pointing to some milestones investors can look for during the second half of 2017, "Executing on our LOIs to close those acquisitions and merging them into the product subsets that will deliver a projected $150 million in revenues, and a projected EBITDA (Earnings Before Income Tax, Depreciation and Amortization) of $5 million."
The entire interview can be seen at https://www.youtube.com/watch?v=veAFUZZicl0
Next Group Holdings, Inc. recently announced results for its first quarter of fiscal year 2017 which ended March 31, 2017, including record earnings of $811,458 - or .03 per fully diluted share.
About Next Group Holdings, Inc.
Next Group Holdings, Inc. (OTCQB: 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 the underserved, unbanked, and emerging markets. NXGH owns 94% of the issued and outstanding shares of NEXTCALA, one of the corporation's four operating subsidiaries.
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