Galaxy Next Generation Reduces Consolidated Debt by $5 Million
TOCCOA, Ga., Feb. 06, 2019 (GLOBE NEWSWIRE) -- Galaxy Next Generation, Inc. (OTCQB:GAXY) (“Galaxy”), a U.S. distributor of interactive learning technology hardware and software that create fully collaborative instructional environments, is pleased to announce that effective February 6, 2019 the Company completed the transfer of the common stock of its wholly owned subsidiary, FLCR Entertainment, Inc. The transfer was made in fulfillment of and in compliance with the terms of the Merger Agreement it entered on June 6, 2018, as reported on its current report on 8-K filed with the SEC on that date.
CEO Gary Lecroy was excited by the news saying “This is among the best things that has occurred for the company since we became public as it is, in essence, a new beginning that allows us to target all of our energies into what we do best.”
The Company expects to release Q2 Earnings on/before February 15, 2019.
About Galaxy Next Generation, Inc.
Galaxy Next Generation (OTCQB: GAXY) is a U.S. distributor of interactive learning technology hardware and software 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.
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.
CONTACT: Galaxy Next Generation, Inc. Investor Relations firstname.lastname@example.org 317-361-2392