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Next Group Holdings Completed Major Milestones for Acquisition of Limecom Inc
Next Group Holdings Completed Major Milestones for Acquisition of Limecom Inc.
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[{"type":"text","content":"\n\n\n\nNext Group Holdings Completed Major Milestones for Acquisition of Limecom Inc\n\n\n\n\n\nNext Group Holdings Completed Major Milestones for Acquisition of Limecom Inc\nPR Newswire\nMIAMI, October 19, 2017\n\n\n\nMIAMI, October 19, 2017 /PRNewswire/ --\n\nNext Group Holdings, Inc. (OTCQB: NXGH) (the \"Company\" or \"NXGH\") has completed a major milestone for the acquisition of global telecommunication company, Limecom Inc. (\"Limecom\"). The Definitive Agreement was executed on September 19, 2017 and upon completion of the acquisition, Limecom Inc. will become a wholly-owned subsidiary of NXGH, with projected revenues in excess of $125 million for 2017, and EBITA projected at $2.5 million.\n\nOn October 10, 2017, the Company received Limecom's financial statements for the years ended December 31,2016 and 2015 audited by Marcum LLP. The acquisition of Limecom by Next Group Holdings was contingent upon NXGH's receipt of Limecom's Audited Financial Statements and other ordinary closing items. Limecom's audited financial statements reported annual 2015 revenue of $109,372,246 and annual 2016 revenue of $124,956,469.\n\nOn October 10, 2017, Limecom co-signed a letter with NXGH confirming its agreement as of October 9, 2017 to lend the Company an aggregate sum of $513,872 paid over a period of eight months as a guarantee of available funds to repay the three major convertible noteholders as agreed on October 9, 2017. Although it was expected that Limecom would be a wholly-owned subsidiary of NXGH, the Company and major convertible noteholders agreed that the promised funds would need to be available in the event the acquisition was not completed for any reason, at which time, Limecom would be repaid in cash and/or shares of common stock in NXGH. On October 18, 2017, the Board of Directors of NXGH approved unanimously the acquisition of 100% of Limecom's issued and outstanding shares. The Company has 10 days to deliver 41,443,847 common shares to Heritage Ventures Limited and deliver 10,360,962 shares to Ainsworth & Clancy, the escrow agent.\n\n\"These very important events are leading NXGH to the goal of acquiring Limecom, a major carrier in the wholesale telecommunications industry,\" said Arik Maimon, Co-Founder and CEO of Next Group Holdings, Inc. \"Limecom's state-of-the-art network infrastruct...