Galaxy Next Generation Expects to Close Acquisition of Classroom Technology Solutions, Inc. by Mid-October
Galaxy Next Generation (OTCQB:GAXY) announced plans to close its acquisition of Classroom Technology Solutions (CTS) by mid-October 2020. This acquisition, initially outlined in a Letter of Intent in late May, aims to enhance Galaxy's product offerings in the K-12 education and collaboration market. CTS has been recognized for its audio-visual products and robust growth, making it a strategic addition. Galaxy's CEO expressed confidence in increased revenue growth, while CTS's CEO noted collaboration on new products despite pandemic-related delays.
- Acquisition of Classroom Technology Solutions expected to enhance product offerings and revenue growth.
- CTS recognized for excellence and has a strong portfolio, promising to benefit Galaxy.
- Geographic expansion and technology integration could lead to increased market presence.
- Pandemic-related delays may affect the timeline and integration process of the acquisition.
Adds Industry Recognized Audio-Visual Products for the K-12 Education and Collaboration Market
TOCCOA, GA / ACCESSWIRE / September 24, 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 targeted mid-October to close its previously announced acquisition of Classroom Technology Solutions ("CTS").
The proposed acquisition was signed as a Letter of Intent ("LOI") in late-May to acquire a designer, manufacturer, importer and integrator of audio-visual products, with headquarters in Jacksonville, Florida.
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. 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" distinction while others are a combination of U.S. and offshore products.
Gary LeCroy, Galaxy's Chief Executive Officer, commented, "We are confident that by adding CTS' collaboration technology offerings and geographic footprint, that it will help accelerate our revenue growth. We are excited about advancing our due diligence and documentation to now target a closing over the next few weeks."
Cy Marshall, Classroom Technology Solutions' Chief Executive Officer, stated, "today that, while the pandemic, unfortunately, has slowed down the closing process of our deal with Galaxy we continue to work closely together to bring this to fruition. We are excited about the future and have been working behind the scenes on numerous new products that will catapult the Galaxy brand. Customer-focused solutions have been the driver of both Galaxy and CTS and will continue as we move forward together."
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
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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FAQ
What is the acquisition of Classroom Technology Solutions by Galaxy Next Generation?
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