Next Group Holdings, Inc. ($NXGH) has signed a binding Definitive Agreement to acquire global telecommunication company, Limecom Inc. The Definitive Agreement replaces the Letter of Intent to acquire Limecom that was announced on May 16, 2017 ( http://www.otcmarkets.com/stock/NXGH/news/Next-Group-Holdings-Signs-Letter-of-Intent-to-Wholly-Acquire-Leading-Global-Telecommunication-Company-Limecon-Inc-?id=159214&b=y ). Upon completion of the acquisition, Limecom Inc. will become a wholly-owned subsidiary of NXGH, with projected revenues in excess of $125 million for 2017, and net profit projected at $2.5 million.
The acquisition is scheduled to be completed by the end of September 2017, contingent upon NXGH's receipt of Limecom's Auditors Opinion. The purchase price is based on Limecom Inc. posting revenues of at least $125 million for 2017, with net profit for the same period in excess of $2.5 million. Under terms of the agreement, Limecom Inc. parent company Heritage Ventures Ltd. will receive a purchase price of $2 million plus 51.8 million shares of NXGH common stock. At time of completion, Heritage Ventures Ltd. will receive 41.44 million shares of NXGH common stock, 80% of the total common stock included in the purchase price of Limecom Inc. The remaining shares (10.36 million, or 20% of total included in the purchase price of Limecom Inc.), along with $2 million, will be delivered approximately eight months after completion of the acquisition, with the overall purchase price prorated should Limecom Inc. revenues and/or net profit fall short of projected performance.
"In addition to the boost to revenue and profit that this acquisition will provide NXGH, Limecom will now become an integral part of our GPR (General Purpose Reload), MIO prepaid card and CUENTAS virtual banking programs, and those are the future of our business," said Arik Maimon, Co-Founder and CEO of Next Group Holdings, Inc. "As we approach the launch of CUENTAS and MIO, Limecom's vast global telecommunication network and volume buying power are the perfect complement to our new consumer telecommunication and mobile banking services, including our lucrative reward programs for consumers."
"I have tremendous respect for, and confidence in, the team at NXGH, and bringing Limecom together with NXGH is smart for the future of both businesses," said Orlando Taddeo, Limecom Founder and CEO. "We are looking forward to merging our workforces at the company's Miamiheadquarters. NXGH's plans for launching MIO and CUENTAS are exciting opportunities, and I, like all shareholders in the Company, look forward to the tremendous success we expect to see in the coming weeks and months."
"All the pieces are coming together on our blueprint and execution, for what we know will be welcomed services in telecom and financial services for the vast network of unbanked, underbanked, and financially underserved individuals who will soon be able to become CUENTAS and MIO customers through both the large network of major retailers accessible through our previously announced partnership ( http://www.otcmarkets.com/stock/NXGH/news/Next-Group-Holdings-Extends-Agreement-With-InComm-Financial-Services--Paves-the-Way-for-Program-Growth-and-Enhanced-Customer-Experience?id=147795&b=y ), as well as through our recently announced proposed acquisition which will put CUENTAS and MIO into more than 38,000 single store operator convenience stores ( http://www.otcmarkets.com/stock/NXGH/news/Next-Group-Holdings-Signs-Letter-of-Intent-To-Acquire-Majority-Interest-in-SDI-Next-Distributions-LLC?id=168128&b=y )," added
Michael De Prado, NXGH Co-Founder and President.
NXGH is continuing to build its multi-threaded marketing strategy to reach the unbanked, underbanked and underserviced populations living in the USA. The Company is developing disruptive advertising and marketing programs in tandem with its equity advertising partner ( http://www.otcmarkets.com/stock/NXGH/news/Next-Group-Holdings-Announces-Strategic-Partnership-with-CP-B?id=129739&b=y ). NXGH's products and services include prepaid telecommunications products and mobile banking services, prepaid reloadable debit cards, open and closed loop programs, rewards cards, gift cards, loyalty programs, POS and Mobile Top Ups.
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