MIAMI, April 06, 2017 (GLOBE NEWSWIRE) -- Next Group Holdings, Inc. (OTCQB:NXGH) (the "Company") announced today that it has signed a Letter of Intent (“LOI”) to acquire AZUGROUP, a leader in the plastic/paper debit, credit, gift card and financial card industries.
“AZUGROUP’s production, technology, and logistics capabilities are anticipated to lower Next Cala, CUENTAS, and MIO® product costs significantly, providing for additional profits and the ability to distribute our financial products at lower cost to consumers,” stated Arik Maimon, the Next Group Holdings’ Chairman and CEO. “These significantly lower costs will enable us to reach millions of consumers with our products”, added Maimon.
The Company’s proprietary technology includes manufacturing, logistics, packaging, and process solutions for credit, debit, reward, loyalty, and gift card programs. AZUGROUP also provides solutions for NFC (Near Field Communications) and Contactless ISO cards, key tags, specialty stickers and labels.
“AZUGROUP has developed a strong position in the European market, and the proposed transaction with Next Group Holdings will allow our companies to accelerate expansion across the U.S. market,” stated Antonio L. Faranda, President of AZUGROUP.
AZUGROUP, through its wholly-owned Italian subsidiaries generated €13.2 Million (US$14.2 Million @ 1.07) in revenue during 2016. AZUGROUP has current revenue and assets valued at €10.2 Million (US$11 Million @ 1.07).
According to the terms of the LOI, Next Group Holdings will acquire 100% of the unencumbered rights and assets of AZUGROUP in exchange for shares in NXGH. Mr. Antonio L. Faranda, president and majority shareholder in AZUGROUP, will be appointed as President of Next Group Holdings following completion of the proposed transaction.
Mutually agreed accounting and audit firms will be appointed for due diligence and future operations. Final details of the agreement will be announced once mutually agreed accounting and audit firms complete due diligence and a definitive agreement is entered into.
Michael De Prado, President & COO of Next Group Holdings, stated, “We continue to execute on our multi-threaded Financial Technology (FINTEC) strategy to reach the unbanked, underbanked and underserviced populations in the U.S., and AZUGROUP is a perfect complement to these plans.”
For more information, visit the website http://www.nextgroupholdings.com.
About Next Group Holdings (NXGH):
NXGH is a corporation headquartered in Miami, Florida, which, through its operating subsidiaries, engages in the business of using proprietary technology and certain licensed technology to provide innovative mobile banking, mobility, and telecommunications solutions to underserved, unbanked, and emerging markets. Learn more at http://www.nextgroupholdings.com.
About AZUGROUP (AZUGROUP):
AZUGROUP is a corporation registered in Florida, which, through its operating companies in Italy, provides products, technology and support services to the prepaid financial industry. Learn more at http://www.AZUGROUP.com.
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Contact: Next Group Holdings, Inc. Telephone: +1-800-611-3622 email@example.com
Source:Next Group Holdings, Inc.