Galaxy Next Generation Issues Shareholder Update

Rhea-AI Summary

Galaxy Next Generation, Inc. (OTCQB:GAXY) issued a shareholder update on October 9, 2020, highlighting a significant increase in daily trading volume, reaching approximately $1,826,000. The company acknowledges both growth and challenges, including acquisitions and product launches. They emphasize their focus on seeking new capital and the importance of turning growth into profitable revenue. With nearly 90% of sales coming from the K-12 education market, Galaxy continues to be optimistic about future expansion and the support from shareholders.

Positive

• Daily average trading volume increased significantly to approximately $1,826,000.
• Company is focusing on growth and expansion through acquisitions and new product launches.
• Strong interest in products observed in the past quarter.

Negative

• Stock price affected by selling pressure due to convertible capital financing.
• Ongoing challenges alongside growth may impact financial stability.

TOCCOA, GA / ACCESSWIRE / October 9, 2020 / Galaxy Next Generation, Inc. (OTCQB:GAXY) ("Galaxy" or the "Company), a provider of interactive learning technology solutions, today provided a Shareholder update and issued the following letter to its shareholders.

Dear Shareholders:

It is apparent to us, as management, that we have had a steady increase, in both long, and short -term shareholders. First, we appreciate all the interest in our company and the confidence you have shown through social media, chat rooms, and the constant outreach via email, text, phone, or otherwise. It has been exciting for us to see the reaction to our recent growth.

This time last year the stock was trading (albeit a higher price) approximately $8,176 in daily average volume. This month, we are glad to show a daily average trading volume of approximately $1,826,000.

Gary LeCroy and I, co-founded Galaxy Next Generation, Inc in late 2014 and ran it as a private company through the reverse merger date in June of 2018. Our business plan consisted of concentrating on our growth and expansion and raising the new capital necessary to implement our plan. Galaxy has experienced both tremendous growth and challenges this year with acquisitions, new product launches, expectations of customers and partners. This high growth was supported by our access to this new capital, some of which was convertible at a discount to market into equity. It is unfortunate that at times the stock price was affected due to the selling pressure but we believe that in the long term we made the right decision to finance growth when the potential is as large as the opportunity presented to us to take our company to the next level both market wise, but more importantly business wise.

We will continue to strive for our goals, seek accretive acquisitions, and focus on turning our growth in to a profitable revenue. This past quarter ending September 30th we saw increased interest in our products and we are pushing very hard to reveal our quarter end numbers to the market as quickly as we are able to complete our Q1, 10Q.

Your continued support is important to us as a company and we look forward to the next fiscal year having you as part of our shareholder community.

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:
IR@GalaxyNext.us
P:888-859-1274

SOURCE: Galaxy Next Generation, Inc.

View source version on accesswire.com:
https://www.accesswire.com/609840/Galaxy-Next-Generation-Issues-Shareholder-Update

FAQ

What was the trading volume for GAXY in October 2020?

The trading volume for Galaxy Next Generation, Inc. (GAXY) reached approximately $1,826,000.

How does Galaxy Next Generation plan to achieve profitable revenue?

Galaxy Next Generation aims to turn its growth into profitable revenue by focusing on accretive acquisitions and capitalizing on increased product interest.

What percentage of GAXY's sales comes from the K-12 education market?

Nearly 90% of Galaxy Next Generation's sales come from the K-12 education market.

What challenges did GAXY face that impacted its stock price?

Galaxy Next Generation experienced selling pressure on its stock price due to financing activities, including convertible capital.