Adds Industry Recognized Audio-Visual Products for the K-12 Education and Collaboration Market
TOCCOA, GA / ACCESSWIRE / May 21, 2020 / Galaxy Next Generation, Inc. (OTCQB:GAXY) ("Galaxy" or the "Company"), a provider of interactive learning technology solutions, is pleased to announce that it has signed a Letter of Intent ("LOI") to acquire Classroom Technology Solutions ("CTS"), a designer, manufacturer, importer and integrator of audio-visual products, with headquarters in Jacksonville, Florida.
The terms of the "Asset Purchase Agreement" shall consist of Promissory Notes and/or Cash and Stock. The exact terms shall be covered in the "Definitive Agreement" and disclosed at closing, subject to pre and/or post agreement audits.
CTS owns and markets under several industry recognized brands:
- "A-VisionMounts", projector and flat panel mounts, carts and stands
- "ClassCam", line of connected and wireless document cameras
- "ClassSlate", wireless interactive tablets
- "TouchWorks", interactive white boards
CTS has a robust portfolio of new products that will be released over the coming year. Many of these products will enhance the current and future Galaxy product offerings. CTS is a leader in the development of sophisticated technologies used in the education marketplace and other collaborative environments. Many of CTS's products qualify for the "Made in America" distrinction while other are a combination of U.S. and offshore products.
Recently, CTS received the 2020 Best of Jacksonville Award in the Audio-Visual Supplier category and has also been recognized as one of the "Fastest Growing Private Companies in Northeast Florida" as well as "Largest Technology Service Companies" and "Top Integrators" by the Jacksonville Business Journal.
Gary LeCroy, Galaxy's Chief Executive Officer, commented, "We are excited to add CTS and its audio-visual product portfolio and customers to our organization, as we look to expand our K-12 classroom collaboration technology offerings and geographic footprint. We welcome Cy Marshall to our team and are confident he can help accelerate our growth, based on the greater than $35 million revenue he and CTS have generated over the past 11 years."
Cy Marshall, Classroom Technology Solutions' Chief Executive Officer, stated, "I look forward to joining forces with the Galaxy team and becoming part of a like-minded organiztion that is focused on providing quality, cost-effective products to the K-12 education and collaboration market place. In the near-term, we will blend the more than 5,000 end users, dealers, and distributors of CTS with the Galaxy customer base to identify cross-sell opportunities where our combined offerings represent opportunities to upsell each other's products. In the future, our combined K-12 education offerings complement more of the total classroom solution and will give us a better opportunity to grow our top line revenue, increase our profit margin and reduce our operating cost allowing us to complete for new additional business."
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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