Innovative Audio Acquisition Adds Technology, Expansion to West Coast, and Revenue
TOCCOA, GA / ACCESSWIRE / September 5, 2019 / Galaxy Next Generation, Inc. (OTCQB:GAXY) ("Galaxy" or the "Company), a provider of interactive learning technology solutions, today announced the closing of its acquisition of Interlock Concepts, Inc., a west coast based audio company focused on creating innovative products that provide fundamental tools used for building notification systems.
The acquisition is comprised of a combination of cash and stock. Interlock Concepts generated approximately $4 million (unaudited) in revenue through the twelve month period ending June 30, 2019.
Interlock Concepts products and services allow institutions access to intercom, scheduling and notification systems they use every day with improved ease of use. It provides an open architecture solution which allows its products to be used in many existing and new environments. Intercom, PA, Bell and control solutions are easily added and integrated with its first to market open architecture design and current software model. Its products combine elements not normally found together over a common IP network, which minimizes infrastructure requirements and reduces costs by combining systems. This strategy also places it at the forefront of school safety and communication.
Gary LeCroy, Galaxy's Chief Executive Officer, commented, "We are pleased to close this acquisition ahead of schedule, as we previously announced our target date of end of September. We are very excited to add Interlock Concepts' innovative audio technology to our product suite, as its something that our end customers, especially in the K-12 market segment have been demanding. Interlocks strong growth in the first half of 2019 supports our belief that their technology and positioning in the marketplace will help accelerate our growth. We look forward to working with Brad Ehlert, who successfully started Interlock Concepts and bootstrapped the company from inception. Brad has created solutions implemented in over 1,000 schools valued over $5 billion in 5 years."
Interlock Concepts Key Products:
- Phoenix Software Suite (Notification and building communication platform)
- Classroom Audio Product Suite (Amplifier, Lanyard Microphone, Handheld Microphone and speakers)
- Intercom Product Suite (Call Buttons, Microphones and Alert Buttons)
- IP Notification Devices (Clock and Speakers)
- Notification Software
- Speakers (Soundbar, In-ceiling and Wall)
About Galaxy Next Generation, Inc.
Galaxy Next Generation (OTCQB:GAXY) is a provider of interactive learning technology solutions 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.
For additional information, please 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.
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SOURCE: Galaxy Next Generation, Inc.
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