MIAMI, October 12, 2017 /PRNewswire/ --
Next Group Holdings, Inc. NXGH (the "Company") today announces that it has signed Convertible Note Redemption and Adjustment Agreements with two finance groups that hold an aggregated value of $1,059,259 in Convertible Notes issued by Next Group.
NXGH has reached agreements with Cerberus Finance Group, Ltd. and LG Capital Funding, LLC to repay $44,000 and $11,000 respectively per month for eight months commencing on November 9, 2017. In the event that Next Group is able to repay 70% of the remaining Convertible Notes by December 31, 2017, these lenders would delay future conversions until June 2018. The current note amounts are: $266,310 for Cerberus Finance Group, Ltd. and $792,949 for LG Capital Funding, LLC.
"In anticipation that Next Group Holdings, Inc. closes on our acquisition of Limecom, Inc, we expect yearly revenue and profit to provide us the ability to take control of our finances and solidify our complete corporate structure," said Arik Maimon, NXGH's Chairman and CEO. "This renegotiation of financial instruments will strengthen our company and provide future stability for continued development of projects that will bring NXGH to the next levels of profitability and value for our shareholders," added Maimon.
"We appreciate the support that Cerberus and LG Capital have provided NXGH from the beginning, however now, with the anticipated acquisition of Limecom, we expect to become a $130,000,000 revenue and $2,500,000 EBITA Financial Technology company," said Michael De Prado NXGH's President & COO. "We expect to reach new levels of growth and stability, and have tremendous faith in the future of NXGH organic revenues and profitability," added De Prado.
"It's been a pleasure for me to be part of NXGH's recent achievement and I am very glad Limecom is able to help the company speed up the heavy lifting process," said Orlando Taddeo, Limecom CEO & President. "The company is well positioned now to accomplish its goals," added Taddeo.
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.
Contact:
NEXT Group Holdings, Inc. NXGH Telephone: +1-800-611-3622
SOURCE Next Group Holdings, Inc.
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