Galaxy Next Generation Plans to Complete Merger on August 31
The Company’s Definitive Information Statement Accepted by SEC
TOCCOA, Ga., Aug. 13, 2018 (GLOBE NEWSWIRE) -- Galaxy Next Generation, Inc. (OTC: FLCR) (“Galaxy”), a U.S. distributor of interactive learning technology hardware and software, including touch screen panels for the educational and business sectors that create fully collaborative instructional environments, is pleased to announce that its Definitive Information Statement (“Information Statement”) was accepted by the U.S. Securities and Exchange Commission (“SEC”) on August 10, 2018. The acceptance of the filing by the SEC enables Galaxy to complete remaining reverse-merger-related activities.
The following actions will be effective twenty (20) days from the mailing of the Information Statement, which is expected to which is expected to take place on August 13, 2018, and such Actions will result in the following:
1) The Articles of Incorporation will be amended to change the name of the Company to Galaxy Next Generation, Inc.
2) The Articles of Incorporation will be amended to increase the Company’s authorized shares of preferred stock from 50,000,000 shares to 200,000,000 shares and the common shares from 200,000,000 to 4,200,000,000 both with a par value of $.0001. The preferred shares are blank check preferred and they may be issued with the preferences determined by the Board of Directors.
3) The Articles of Incorporation will be amended to effect a reverse stock split pursuant to which 350 shares of the Company’s common stock will be converted into one (1) share of common stock, and any fractional shares will be rounded up to one (1) whole share.
4) The Articles of Incorporation will be amended to add a Section which will provide for the indemnification of the officers and directors of the Company when they are acting on behalf of the Company.
“This is a major milestone for us as a public company,” commented Gary LeCroy, founder and CEO of Galaxy. “With the completion of the 'go-public' process, our resources are now 100% focused on the growth of Galaxy as we work to capitalize on ideally-timed, multi-billion-dollar opportunities in education technology and other key markets.”
About Galaxy Next Generation, Inc.
Galaxy Next Generation is a U.S. distributor of interactive learning technology hardware and software 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.
Forward-Looking Statements
Certain statements contained in this press release are forward-looking statements and are based on future expectations, plans and prospects for FLCR's business and operations and involve a number of risks and uncertainties. FLCR's forward-looking statements in this report are made as of the date hereof and FLCR disclaims any duty to supplement, update or revise such statements on a going forward basis, whether as a result of subsequent developments, change, expectations or otherwise. In connection with the "safe harbour" provision of the Private Securities Litigation Reform Act of 1995 FLCR is identifying certain forward-looking information regarding, among other things, the merger of GALAXY into GMS, which is a wholly owned subsidiary of FLCR. Actual events or results may differ materially from those contained in these forward-looking statements. Important factors that could cause further events or results to vary from those addressed in the forward-looking statements include, without limitation, risks and uncertainties arising from the ability of FLCR to successfully complete the merger, to implementation of Galaxy's business plan; uncertainties relating to the ability to realize the expected benefits of the merger; unanticipated or unfavorable regulatory matters; general economic conditions in the region and industry in which GALAXY operates, and other risk factors as discussed in FLCR' s other filings made from time to time with the United States Securities and Exchange Commission.
Contact:
Craig Brelsford
RedChip Companies
407.571.0902
