Business
Next Group Holdings Agrees to Acquire Tel3 from Arik Maimon
Next Group Holdings Agrees to Acquire Tel3 from Arik Maimon.
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[{"type":"text","content":"\n\n\n\nNext Group Holdings Agrees to Acquire Tel3 from Arik Maimon\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nNext Group Holdings Agrees to Acquire Tel3 from Arik Maimon\nPR Newswire\nMIAMI, June 9, 2016\n\n\n\nMIAMI, June 9, 2016 /PRNewswire/ - Next Group Holdings, Inc. (OTCQB: NXGH) announced today that it has signed an agreement with Arik Maimon, who serves as NXGH's CEO and Chairman, under which, subject to the receipt of a fairness opinion from an independent expert on such transactions, NXGH will acquire the telecom marketing brand \"Tel3\" together with the assets and client database of Tel3 from Mr. Maimon.  NXGH's Board of Directors approved the transaction unanimously and expects to close the acquisition of Tel3 by June 20, 2016.\n\nTel3 is a marketing group that had revenues over $3 million in 2015 with 31.5% gross margin, 25,000 active customers, and a database of 300,000 current and former clients. \n\nMr. Maimon, who recently acquired Tel3 from a third party, has agreed to sell Tel3 to NXGH on substantially similar terms to the terms of the transaction under which he personally acquired the Tel3 assets, subject to the fairness opinion, a unanimous vote in favor of the transaction by all disinterest members of NXGH's board, and other regulatory considerations. \n\n\"I believe that NXGH's acquisition of Tel3 will provide great value and substantial benefits to NXGH and its shareholders, as this deal will bring us a significant new revenue stream, additional profits and a large new customer base', said Michael De Prado, President and COO of NXGH. \"This is a major step forward that will enhance NXGH's position in the markets for its telecommunications and its financial products\", added De Prado.\n\nNXGH plans to offer enhanced financial and telecom services and products to those Tel3 customers that opt-In to receive special offers and rewards based on their daily use of NEXTCALA and M&M Telecom offerings. \n\nNEXTCALA financial products will provide attractive pricing and extra benefits to unbanked and underbanked consumers.  Rewards progr...