Galaxy Next Generation, Inc.
Under the Symbol:
Galaxy Next Generation Signs Letter of Intent to Acquire an Innovative Audio Company
Thursday, August 8, 2019 8:00 AM
Adds Technology, Expansion to West Coast, and Revenue
TOCCOA, GA / ACCESSWIRE / August 8, 2019 / Galaxy Next Generation, Inc. (OTCQB:GAXY) (“Galaxy” or the “Company), a provider of interactive learning technology solutions, today announced the signing of a letter of intent to acquire a west coast based audio company focused on creating innovative products that provide fundamental tools used for building notification systems.
The proposed acquisition is for a combination of cash and stock. The target company generated approximately $4 million in revenue through the twelve month period ending June 30, 2019.
The target’s products and services allow institutions access to intercom, scheduling and notification systems they use every day with improved ease of use. It provides an open architecture solution which allows its products to be used in many existing and new environments. Intercom, PA, Bell and control solutions are easily added and integrated with its first to market open architecture design and current software model. Its products combine elements not normally found together over a common IP network, which minimizes infrastructure requirements and reduces costs by combining systems. This strategy also places it at the forefront of school safety and communication.
Gary LeCroy, Galaxy’s Chief Executive Officer, commented, “We are excited to add innovative audio technology to our product suite, as its something that our end customers, especially in the K-12 market segment have been demanding. This is evident by their strong revenue growth in the first half of 2019. We believe this is the first company to provide an open architecture solution that allows existing components to be used and to look beyond the space of intercom to extend capabilities of the system for other applications. The proposed acquisition also has 4 patents pending and expands our geographical footprint to the west coast. We are looking forward to advancing this transaction to the definitive stage and expect to close by the end of September.”
About Galaxy Next Generation, Inc.
Galaxy Next Generation (OTCQB:GAXY) is a provider of interactive learning technology solutions that allows the presenter and participant to engage in a fully collaborative instructional environment. Galaxy's products include Galaxy's own private-label interactive touch screen panel as well as numerous other national and international branded peripheral and communication devices. Galaxy's distribution channel consists of 22+ resellers across the U.S. who primarily sell the Company's products within the commercial and educational market. Galaxy does not control where resellers focus their resell efforts, although generally, the K-12 education market is the largest customer base for Galaxy products - comprising nearly 90% of Galaxy's sales.
For additional information, please visit our website at: www.galaxynext.us
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are based on the current plans and expectations of management and are subject to a number of uncertainties and risks that could significantly affect the company's current plans and expectations, as well as future results of operations and financial condition. A more extensive listing of risks and factors that may affect the company's business prospects and cause actual results to differ materially from those described in the forward-looking statements can be found in the reports and other documents filed by the company with the Securities and Exchange Commission. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE: Galaxy Next Generation, Inc.