ACCESS Newswire
07 Dec 2021, 19:13 GMT+10
No Additional Registered Shares to be Issued
Greatly Strengthened Balance Sheet and Provided Growth Capital
TOCCOA, GA / ACCESSWIRE / December 7, 2021 / Galaxy Next Generation, Inc. (OTCQB:GAXY) ('Galaxy' or the 'Company), a provider of interactive learning technology solutions, is pleased to provide the following Shareholder Update Letter.
Dear Shareholders:
It has always been a priority of our management team to provide continued communication to you. There have been lots of inquiries lately in relation to the outstanding share increases and the use of our Equity Line of Credit (ELOC) that was established at the beginning of this year. As of today, Galaxy has extinguished the equity line and there are no additional registered shares to be issued in relation to the S-1 which went effective on February 1, 2021.
The equity line of credit was originally established in order to assist the company with growth, financial stability, and to assist with cleaning up our balance sheet. Over the past 11 months, the company has issued shares under its effective S-1 to our institutional investor in exchange for cash. The company was able to control the timing of these issuances and was able to raise approximately $6.7 million at an average of price of $0.0134 per share, which has resulted in completion of the following goals.
And, most importantly the Equity Line of Credit has given the company the strength that it needs to move forward with a positive cash flow position and focus its efforts on growing our revenue and strengthening the EBITDA into a truly profitable number. Equally important was our ability to accomplish strength in our balance sheet to allow for more traditional banking needs and eliminate the need to continually issue equity in exchange for cash to cover our operational expenses.
I hope the above clarifies many of your questions and concerns about future increases in outstanding shares.
The company continues to see growth in our sales and marketing efforts, despite our current quarter normally being affected by our seasonality of school purchasing cycles. Our team has not experienced the slow down we normally have in years past coming into the holiday season. This is a testament to our increase in visibility of the ‘G2' brand. With the increase in visibility, namely G2 Secure, we have been awarded several 2021 best product awards from different respected publications in the Ed Tech industry. G2 Secure is a unique product offering that assists in keeping our students and teachers safe in emergency situations, an issue we truly hold near and dear to our hearts. We will continue to focus our development efforts on this new product line to ensure that we are doing all we can to help alleviate the stress of sending our kids back to school in a post-pandemic world.
As always, we appreciate the support you show; past, present, and future and look forward to a long, thriving future together.
My team continues to surpass my own expectations and prove how passionate they all are about the success of our company.
Sincerely,
Magen McGahee, CFO
and Management
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.
Investors Contact:
[email protected]
p888-859-1274
SOURCE: Galaxy Next Generation, Inc.
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