MIAMI, September 21, 2016 /PRNewswire/ --
Next Group Holdings, Inc. (OTCQB: NXGH) (the "Company") today is providing an Update to its Shareholders to advise them of the important steps and accomplishments that the Company has recently achieved and is working on for the very near future.
On July 29, 2016 NGH announced that it had signed definitive Agreements with four separate Finance Groups that hold an aggregated value of $713,250 in Convertible Notes. These Note Conversion Agreements were originally to be completed by September 22, 2016 but the process has taken longer than expected, so the note holders have extended the agreements through October 22, 2016. This "Buy Back" of notes is extremely important for NGH and its shareholders because it will avoid the issuance of a significant number of common shares into the public market. The Company recognizes the importance of this procedure and is taking important steps to enhance the stock value for its shareholders.
The Company has retained the New York City-based law firm of Ellenoff Grossman & Schole LLP (EGS) to act as counsel to the Company and its affiliates with respect to financial opportunities as well as corporate and securities matters. The firm's website, located at http://www.egsllp.com states that "The Firm's Corporate and Securities Practice Group is comprised of more than 30 professionals and is one of the leading practices in the U.S. focusing on smaller public and private companies." "The Firm provides legal services for companies in a variety of industries, including life sciences consumer products, social networking, information processing, telecommunications, Internet and software and real estate."
Next Group Holdings, Inc. is proud to announce the promotion of its interim CFO, Christian Carnell, to Corporate Chief Financial Officer. Christian has been instrumental to lead, coordinate and complete the recent SEC 10Q filings, which, due to the merger in January 2016, were complex. Mr. Carnell has 10 years of experience in private and public accounting including forecasting, financial reporting and implementation of internal controls. He has worked with over thirty publicly traded companies to assist with financial statement preparation and financial reporting. He is a licensed Certified Public Accountant through the state of California and holds a Bachelor's degree in accounting from the University of Utah.
The Company, through its subsidiary Meimoun & Mammon, LLC and its marketing brand, Tel3, have begun the rollout, sale and installation of its State of the Art, "Super Functional" Point Of Sale - POS/Cash Register that has received great attention due to its sleek, modern, efficient design and amazing combination of interactive tools that make the retail experience friendlier, quicker and better both for the shopper and for store management. The system can currently manage sale and inventory of hard goods, food, fuels, long distance telephone service, cellular "TopUps" (US & International) and Bill Pay for utilities. Within the next 90 days, the system should be enabled for US & International Money Transfers, Rewards Programs, General Purpose Reload Debit cards (VISA®, Mastercard®), Digital gift cards and other financial products. The Company's aggressive program to install the POS/Cash register systems in qualifying stores and through vertical markets has been well received. The Company's strong Financial Technology, Telecom and Mobility assets will play a major role in the development and deployment of our strategies. For more information, visit the website http://www.pos.nxtgn.net
"The steps summarized above should help to restore investor confidence in NXGH and confirm that we are taking important steps and making the right investments to support the Company." said Michael De Prado NXGH's President and COO. "We believe that these actions and future plans we have architected and plan to execute will be supported by new products, revenues and profits within the next 3-6 months, that in turn should reflect on additional shareholder value and further support." added De Prado.
"Next Group Holdings has a fantastic group of products and services that we believe will have a major impact to improve the consumer experience," said Arik Maimon, the Company's Chairman and CEO. "We expect NXGH, through its products and services, to become an integral part of daily life for the unbanked, underbanked and underserved populations in the US. NXGH plans to provide effective, simple, financial, lifestyle and telecommunications solutions to consumers - at very reasonable prices." added Maimon.
About Us: 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 CONTAINED IN THIS NEWS RELEASE INCLUDE STATEMENTS RELATING TO OTHER PUBLICLY AVAILABLE INFORMATION REGARDING THE COMPANY.
SOURCE Next Group Holdings, Inc.