NEXT GROUP HOLDINGS, INC. (OTCMKTS:PLKD) Files An 8-K Other Events
Item 8.01. Entry into a Definitive Material Agreement.
Effective May 16, 2017 Next Group Holdings, Inc, (NXGH or the
Company) entered into a non-binding letter of intent (LOI) with
LIMECOM INC. (LIMECOM), to acquire assets owned or controlled by
LIMECOM INC. and its President CEO, Mr. Orlando Taddeo.
Under the terms of the LOI, subject to a definitive agreement and
customary due diligence and shareholder approval, the Company
will acquire the assets of or merge with LIMECOM, which is
expected to generate approximately $125,000,000 (One hundred
twenty five Million US Dollars) of revenue with $2.5 million
EBITA in fiscal year 2017.
Upon closing of the contemplated transaction, and subject to
satisfactory review and approval, the Company will appoint
Orlando Taddeo as a Director of the Company. NXGH will issue $10
million worth of shares and financial consideration upon raising
of capital. Limecom will be maintained as a wholly owned
subsidiary of NXGH and be managed autonomously.
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 | LETTER OF INTENT |
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.
