Enters 2023 With Largest Sales Pipeline in Company History
TOCCOA, GA / ACCESSWIRE / January 3, 2023 / Galaxy Next Generation, Inc. (OTCQB:GAXY) ("Galaxy" or the "Company), a provider of interactive learning technology solutions and school communication platforms, is pleased to provide the following Shareholder Update Letter and preview for 2023.
Dear Shareholders:
To all our current shareholders, we appreciate the continued support you have shown as we navigated a difficult market and completed a transitional yet pivotal calendar year for us all. Our hope is that this update also reaches new and potential shareholders and gives insight into our future plans for growth and sustainability.
At the beginning of 2022, we successfully launched two new product lines, G2 Link (a Classroom Audio Amplification System) and G2 Secure (an Emergency Communication Platform). These two new products were a result of heavy Research and Development investments in 2021 and continued additions with features in 2022. The launch of G2 Link also was a big transitional point for us as we moved our classroom audio product line under the ‘G2' brand directly and away from supplying our technology under an OEM relationship, to another US based company. With this transition, we are now able to offer a fully integrated solution for all things communication within the classroom and throughout the school. Our fully integrated communication platform can be used as a school's regular intercom and voice lift system as well as provide controlled communication during a crisis situation. This fully integrated solution which is completely flexible and scalable into any school environment has already proven to be a catalyst within our organization and will be responsible for our growth coming into 2023. As we continue to focus on these new products over the next 12-month period, we will also continue to see improvements in our profit margins (as evidenced in our last quarterly report reflecting the increase in profit margins from ~40% to 57%).
Towards the end of 2022, we also hired a Chief Revenue Officer, Todd Eddy. With Todd's connections into the AV and Ed Tech reseller community, we have been able to secure relationships with some of the top AV dealers in the US. Our new integrated all-in-one solutions coupled with these new relationships have created our largest sales pipeline in company history.
Overcoming the challenge of servicing a larger pipeline with limited cash resources has been our main focus to accommodate accelerated growth. In order to do this without relying solely on our equity in an already poor market, we were able to get approval for Purchase Order financing through a traditional bank. With this type of financing in place, we are able to turn orders into a revenue much faster than in past years.
2023 is already presenting itself as a record opportunity for Galaxy and we are excited to place the trials and tribulations of 2022 behind us and focus on reaching our goals of larger revenue numbers in the months to come.
Aside from the operational growth and opportunities, we have also been tirelessly working on positioning ourselves for growth in the market as well. Our hope is that as our country begins to recover from our current economic state, that we will be in a much better position to continue forward with our Investment Banking relationship and eventual uplist to a major national exchange. Recently we have already began to take some of the necessary steps in preparation for this goal. As noted in the most recent 8K, filed on December 15th, the majority of our preferred stockholders converted their preferred series F stock into common stock. Their ownership of this stock is valued at $0.37 per share. However, understanding the larger picture of our growth and plans for the future, they have agreed to make the conversion and hold their common stock even at our current undervalued prices. This is a large testament to the support we have from these original investors and their continued belief in our company and our products.
To achieve this conversion, along with managing some of our outside debt obligations, we also recently filed a Preliminary Information Statement outlining the increase of our authorized share count. The reflection of both our current market cap and the undervalued stock price led to the decision of this increase. This increase is also a necessary step to continue forward with the underwriting process of the uplist goal.
As we look back on 2022, one word comes to mind, ‘transitional'. There were many necessary changes that we had to implement in relation to both our operations and the market alike. We feel that making these changes is what has positioned us for a fantastic 2023 and we look forward to your new or continued support as we march forward with achieving our planned goals.
Sincerely,
Gary LeCroy, CEO
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.