MIAMI, August 31, 2017 /PRNewswire/ --
Next Group Holdings, Inc. (OTCQB: NXGH) Next Group Holdings, Inc. (OTCQB: NXGH) (the "Company") today is providing an Update to its Shareholders to advise them of important recent developments expected to positively impact the Company in the short term:
The Company is pleased to announce that recently, it was successful in renegotiating terms with four separate finance groups that hold an aggregated value of $994,828 in Convertible Notes, effectively allowing the Company to buy back between 75% and 80% of its outstanding notes by September 11, 2017. Importantly, the finance groups are have agreed not to convert any outstanding principal or interest on the notes through September 11, 2017. Beginning on September 11, 2017 the conversion price floor will increase from $0.02 per share to $0.10 per share on total principal of $940,931 if the Company raises between $2,000,000 and $2,999,999, and will increase to $0.15 per share if the Company raises $3,000,000 or more, allowing NXGH the opportunity to raise funding, which it expects to do. Regarding the other $53,879 in Convertible Notes, the conversion price is set at $0.10 per share.
"We are extremely grateful for the confidence our noteholders have expressed in the Company, as indicated by this, their third extension on these notes," said NXGH CEO and Co-Founder Arik Maimon. "We are working very hard to line up the requisite financing by September 11, and have every reason to believe we will accomplish that.
In order to further ensure the Company reaches its near-term goals while strengthening the its core values, the Company's executive officers have taken the following personal actions: CEO and Co-Founder Arik Maimon has indefinitely deferred approximately $100,000 in compensation. President and Co-Founder Michael De Prado was owed approximately $295,000 which was exchanged for shares of common stock in NXGH in March 2017.
Said De Prado, "Arik and I are fully committed to the vision with which we founded this company, and we believe in - and are working diligently for - its future as a formidable player in the telecommunications and financial services industries. We know that with the upcoming launch of our MIO prepaid card and CUENTAS alternative banking solution that will target the more than 103 million individuals in this country who are unbanked, underbanked and otherwise financially underserved, our company will fulfill the promise we set out with when we launched it."
In preparation for the demands of the future and to achieve greater fiscal health, several months ago, NXGH was able to "unwind" an acquisition that carried $1.8 million in hidden debt, improving its balance sheet and eliminating the burden.
NXGH has filed its 10Q for the quarterly periods ended March 31, 2017 and June 30, 2017 and is current with the SEC. NXGH's internal procedures and new personnel appointments should ensure on time filing for all future reports. The company recently reported record revenue for the second consecutive quarter (Next Group Holdings Second Quarter Results).
Looking forward, NXGH has recently negotiated a number of strong partnerships and acquisitions, and has announced the signing of several Letters of Intent in the telecommunications and financial industries. Individually, completing these acquisitions and alliances strengthen the Company significantly, but collectively, the Company believes they provide the unlimited growth potential management and shareholders alike are looking forward to. Completion of the previously announced Limecom (Letter of Intent to Acquire Limecom) and AZUGROUP (Letter of Intent to Acquire AZUGROUP) alone will put NXGH revenue at a projected $150 million for 2018.
"We are working day and night to complete due diligence and definitive agreements for these acquisitions", stated Arik Maimon, Co-Founder and CEO of NXGH. Co-Founder, President & COO Michael De Prado added that "This is a very intense and exciting time for NXGH as the growth potential is much greater than originally forecast. These pending acquisitions can make NXGH a disruptive powerhouse in the years to come, as we revolutionize the banking and telecommunications industries."
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.
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.
SOURCE Next Group Holdings, Inc.