NEXT GROUP HOLDINGS, INC. (OTCMKTS:PLKD) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01. Entry into a Definitive Material Agreement.
On April 26, 2017 Next Group Holdings, Inc, (NXGH or the Company)
signed a Purchase and Sale Agreement with Dean Keatin Marketing,
LLC (DKM) and related parties to sell back AIM (Accent
Intermedia, LLC) to DKM. This Agreement will release NXGH from
approximately $1.9 million in debt and other obligations. NXGH
acquired AIM from DKM when it signed the previous Purchase and
Sale Agreement on July 22, 2016.
As per the Agreement, NXGH shall sell, transfer and deliver to
DKM, 100% of the capital stock of Transaction Processing
Products, Inc. (TPP) and all AIM venture debt, for $1. DKM will
indemnify and hold harmless NXGH for any and all liabilities or
costs incurred by NXGH arising from AIM prior to July 7, 2016
including the approximate $2 million in payables currently being
carried by AIM. Upon execution, this $2 million in payables will
be removed from the consolidated financial statements of NXGH.
NXGH is responsible for any and all costs associated with the
termination of any employee of AIM that occurred after July 7,
2016 to the date of this Agreement.
As per the Agreement, NXGH shall be entitled to 45% of the gross
proceeds of any settlement or judgment obtained by AIM, DKM, TPP
or any of their assignees or successors in interest from its
litigation against ComData, Inc./FleetCor (the FleetCor
Litigation).
The parties have agreed to use their best efforts to complete all
pre-closing due diligence and enter into a definitive agreement.
Item 9.01 Exhibit
| 99.1 | PURCHASE AND SALE AGREEMENT |
About NEXT GROUP HOLDINGS, INC. (OTCMKTS:PLKD)
Next Group Holdings, Inc., formerly Pleasant Kids, Inc., through its operating subsidiaries, is engaged in the business of using its technology and certain licensed technology to provide mobile banking, mobility and telecommunications solutions to underserved, unbanked and emerging markets. The Company’s subsidiaries include Next Mobile 360 LLC (Next Mobile), Meimoun & Mammon, LLC (M&M), NxtGn, Inc. (NxtGn) and Next CALA, Inc (Next CALA). Next Mobile is a prepaid Mobile Virtual Network Operator (MVNO), which offers mobile voice, text and data services, as well as international calling services. NEXT CALA is a general purpose reloadable Visa Card. NxtGN is a provider of a multipoint high definition (HD) video platform. It researches, develops, builds, sells or licenses, and supports telecommunications software, equipment, solutions and services for PTTs, telcos, network operators, businesses, enterprises and other end users throughout the world. NEXT GROUP HOLDINGS, INC. (OTCMKTS:PLKD) Recent Trading Information
NEXT GROUP HOLDINGS, INC. (OTCMKTS:PLKD) closed its last trading session at 0.245 with shares trading hands.