No Toxic Debt Instruments Remain
TOCCOA, GA / ACCESSWIRE / January 4, 2021 / Galaxy Next Generation, Inc. (OTCQB:GAXY) ("Galaxy" or the "Company), a provider of interactive learning technology solutions, is pleased to announce that it has eliminated all variable convertible debt. As of January 1, 2021, the Company has no convertible toxic debt. The most recent convertible debt financing has been completely eliminated as the Company previously agreed to accelerate their ability to convert to equity ahead of schedule.
Gary LeCroy, Galaxy's Chief Executive Officer, commented, "While we had to do what we could to access capital over these past two years in order to grow our business, we recognize the negative effect certain structures and terms had on our stock price. We are extremely pleased to report that we are now debt free. With our sales ramping and our operations approaching positive cash flow generation, we expect to attract much more advantageous capital to assist our growth to the next level. Our team, partners and customers are very excited for what is ahead for 2021."
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.
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SOURCE: Galaxy Next Generation, Inc.