Business
Next Group Holdings Signs Definitive Binding Agreement to Acquire Leading Global Telecommunication Company Limecom Inc.
Next Group Holdings Signs Definitive Binding Agreement to Acquire Leading Global Telecommunication Company Limecom Inc..
About this update from Cuentas Inc.
[{"type":"text","content":"\n\n\n\nNext Group Holdings Signs Definitive Binding Agreement to Acquire Leading Global Telecommunication Company Limecom Inc.\n\n\n\n\n\nNext Group Holdings Signs Definitive Binding Agreement to Acquire Leading Global Telecommunication Company Limecom Inc.\nRevenues Projected to Exceed $125 Million in 2017, With Net Profit of $2.5 Million\nPR Newswire\nMIAMI, September 20, 2017\n\n\n\nMIAMI, September 20, 2017 /PRNewswire/ --\n\nNext Group Holdings, Inc. (OTCQB: NXGH) has signed a binding Definitive Agreement to acquire global telecommunication company, Limecom Inc. The Definitive Agreement replaces the Letter of Intent to acquire Limecom that was announced on May 16, 2017 ( http://www.otcmarkets.com/stock/NXGH/news/Next-Group-Holdings-Signs-Letter-of-Intent-to-Wholly-Acquire-Leading-Global-Telecommunication-Company-Limecon-Inc-?id=159214&b=y ). 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 net profit projected at $2.5 million.\n\nThe acquisition is scheduled to be completed by the end of September 2017, contingent upon NXGH's receipt of Limecom's Auditors Opinion. The purchase price is based on Limecom Inc. posting revenues of at least $125 million for 2017, with net profit for the same period in excess of $2.5 million. Under terms of the agreement, Limecom Inc. parent company Heritage Ventures Ltd. will receive a purchase price of $2 million plus 51.8 million shares of NXGH common stock. At time of completion, Heritage Ventures Ltd. will receive 41.44 million shares of NXGH common stock, 80% of the total common stock included in the purchase price of Limecom Inc. The remaining shares (10.36 million, or 20% of total included in the purchase price of Limecom Inc.), along with $2 million, will be delivered approximately eight months after completion of the acquisition, with the overall purchase price prorated should Limecom Inc. revenues and/or net profit fall short of projected performance.\n\n\"In addition to the boost to revenue and profit that this acquisition will provide NXGH, Limecom will now become an integral part of our GPR (General Purpose Reload), MIO prepaid card and CUENTAS virtual banking programs, and those are the future of our business,\" said Arik Maimon, Co-Founder and CEO of Next Group Holdi...