MIAMI, November 29, 2017 /PRNewswire/ --
Next Group Holdings, Inc. (OTCQB: NXGH) today announced that the Company has signed Definitive Material Agreements with its four current and only Convertible Note Holders that will retire all convertible debt held by them, in exchange for one-time total cash payments of $430,000, and 20,600,000 total common shares of NXGH stock. All shares currently held in reserve accounts by the noteholders will be released and returned to NXGH Treasury.
"This is a tremendous step forward for the Company, as Next Group is no longer encumbered by this convertible debt, for which we negotiated extremely favorable retirement agreements," said Michael De Prado, Next Group Holdings President.
Added Arik Maimon, Next Group Holdings CEO, "Now that all shares that have been held in reserve accounts by the noteholders with the company transfer agent will return to the Company Treasury , we will deliver shares to Limecom Inc., owners and their escrow agent, in compliance with their agreed-upon extension to deliver NXGH common shares on or before December 1. With Limecom's annual revenue for 2017 expected to exceed $125,000,000, we are truly on our way to building what we know will be a leading global prepaid product and payment technology, including a telecommunications rewards program that is destined to be an industry standout."
Following are the noteholders, and their agreed-upon proceeds in exchange for retirement of convertible notes:
- LG Capital Funding LLC will surrender $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. will surrender $259,438 in convertible notes in exchange for $60,000 in cash and 5,698,321 shares of NXGH common stock.
- Quarum Holdings, LLC will surrender $158,997 in convertible notes in exchange for $60,000 in cash and 2,828,480 shares of NXGH common stock.
- Mountain Ranch Partners Inc. will surrender $51,000 in convertible note in exchange for $30,000 in cash and 600,000 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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SOURCE Next Group Holdings, Inc.