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Next Group Holdings Signs Letter of Intent To Acquire Majority Interest in SDI Next Distributions LLC
Next Group Holdings Signs Letter of Intent To Acquire Majority Interest in SDI Next Distributions LLC.
About this update from Cuentas Inc.
[{"type":"text","content":"\n\n\n\nNext Group Holdings Signs Letter of Intent To Acquire Majority Interest in SDI Next Distributions LLC\n\n\n\n\n\nNext Group Holdings Signs Letter of Intent To Acquire Majority Interest in SDI Next Distributions LLC\nAcquisition Provides Direct Distribution for Company's CUENTAS and MIO Products Through Fisk Holdings LLC's Network of More Than 30,000 Retail Locations\nPR Newswire\nMIAMI, August 24, 2017\n\n\n\nMIAMI, August 24, 2017 /PRNewswire/ --\n\nNext Group Holdings, Inc. (OTCQB: NXGH) announced today that the Company has signed a Letter of Intent with Fisk Holdings LLC, a New York corporation, to acquire 51% of SDI NEXT Distributions LLC, to be comprised of Fisk Holdings' established distribution business for third-party physical gift cards, mobile top up, financial services and content, which presently includes more than 30,000 U.S. retail locations, including store locations, convenience stores, bodegas, store fronts, etc. Upon completion, the acquisition will provide immediate Third Party Physical Gift Card distribution on a consignment basis to the stores, for the Company's recently announced CUENTAS and MIO virtual mobile banking solutions (https://finance.yahoo.com/news/next-group-holdings-inc-announces-123000038.html) aimed at unbanked and underbanked consumers, making them available to consumers at the more than 30,000 retail locations Fisk Holdings presently serves. This will immediately enable these distributors to add all the top selling U.S. Physical Third Party Gift Card brands, on a consignment basis with first usage activations.\n\nTo facilitate sales and reloads of CUENTAS and MIO at the retail level, as part of Next Group Holdings' previously announced agreement with InsightPOS (https://finance.yahoo.com/news/next-group-holdings-announces-agreement-123000355.html ), SDI NEXT will enable these locations with interactive POS Point of Sale system or Portal web based platform. In so doing, the Company will enhance the sales efforts of retail stores, while providing more services and benefits to consumers. Our collective group and related parties currently has rights to a database of approximately 8,800 active retail stores that sell prepaid telecommunications products, and this acquisition will bring that total to approximately 39,000 locations, nearly 40% of the estimated 95,000 single store operator c...