FYE June 2019 Growth of 8% to $4.4 Million Revenue
TOCCOA, GA / ACCESSWIRE / November 21, 2019 / Galaxy Next Generation, Inc. (OTCQB:GAXY) ("Galaxy" or the "Company), a provider of interactive learning technology solutions, today announced that it has provided 2 years of audited financials for its recently closed acquisition of Interlock Concepts, Inc. And Ehlert Solutions Group, Inc. and filed such in an amended 8-K with the U.S. Securities and Exchange Commission on November 12. The filing can be accessed here:
The Interlock Concepts acquisition, which closed on September 4, was audited by Somerset CPAs and Advisors, a PCAOB registered public accounting firm.
For the years ended June 30, 2019 and June 30, 2018, Interlock Concepts generated $4.4 million and $4.1 million revenue, respectively. Operating loss was reduced by $0.8 million or 60%, to $0.5 million for the year ended June 30, 2019, from $1.3 million for the year ended June 30, 2018.
Gary LeCroy, Galaxy's Chief Executive Officer, commented, "We are extremely excited to have Interlock Concepts and its innovative audio solutions as part of our ever-expanding total classroom technology offering. Our team believes we it can accelerate upon the 8% revenue growth they showed on a stand-alone basis and continue its path of diminshing losses and potentially turning profitable."
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
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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.