Next Group Holdings, Inc. announced today (May 16 2017) that the Company has signed a Letter of Intent to wholly acquire global telecommunication company Limecom Inc. in a cash/equity deal valued at $12 million, based on a $50 million valuation of NXGH. In exchange, NXGH will acquire all Limecom assets, and Limecom will continue operations as a wholly-owned NXGH subsidiary, with Limecom Founder & CEO Orlando Taddeo remaining fully in charge of operations. Taddeo will also be appointed to NXGH’s Board of Directors.
“The acquisition of Limecom aligns perfectly with our plans for expansion of the Company’s businesses via our GPR (General Purpose Reload), Mio prepaid and Cuentas virtual banking card programs,” said Arik Maimon, CEO, Next Group Holdings, Inc. “The combination of Limecom’s vast global telecommunication network and large volume buying power, and NXGH’s consumer telecommunication and mobile banking services, including our lucrative reward programs for consumers, will enable us to offer the best products in the business, with greater rewards margins than anyone else.” Noted President NXGH Michael De Prado, “This acquisition, along with our recently announced acquisition and revenue from other divisions of Next Group Holdings, places the Company’s projected 2017 annual revenue at approximately $140 million.”
“This is a match that immediately takes our business to the next level,” added Orlando Taddeo, Founder and CEO of Limecom Inc. “While Limecom currently facilitates more than 2 billion voice minutes and more than half a billion sms/mms annually, the power of this acquisition fuels the potential for 10 times that capacity. NXGH’s innovative business and marketing plans and consumer programs are game-changers for the industry, and we are pleased to be part of what we know will be the Company’s expansive future.”
NXGH is continuing to build its multi-threaded marketing strategy to reach the unbanked, underbanked and underserviced populations living in the USA. Currently, the Company is developing disruptive advertising and marketing programs in tandem with its equity advertising partner. NXGH’s products and services include prepaid telecommunications products and mobile banking services, prepaid reloadable debit cards, open and closed loop programs, rewards cards, gift cards, loyalty programs, POS and Mobile Top Ups. Through the Company’s extended White Label Card Program Services agreement with its leading prepaid industry partner, NXGH now has the potential to distribute its products and services through a vast network of retailers worldwide.
Based on globenswire.com article