Galaxy Next Generation Receives $1.5 Million Purchase Order Under its Supply Agreement from an OEM Customer

Rhea-AI Summary

Galaxy Next Generation (OTCQB:GAXY) announced a follow-on purchase order valued at $1.5 million from an OEM customer for 2,200 audio products aimed at the K-12 education market. This order complements an earlier order of 1,000 units. The supply agreement covers a total of 4,000 units in the first year, with options for renewal. CEO Gary LeCroy expressed optimism about the company's growth in the OEM division and ongoing relationships with strategic partners.

Positive

• Secured a follow-on purchase order worth $1.5 million.
• Total of 4,000 units contracted under supply agreement for first year.
• Expansion of the OEM division is part of the company's growth strategy.

Negative

• None.

Audio Products and Accessories for the K-12 Education Market

TOCCOA, GA / ACCESSWIRE / September 21, 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 received a follow-on purchase order of $1.5 million from an OEM customer to provide its innovative audio products and accessories for use in the K-12 education market.

This purchase order for 2,200 units is in addition to the initial order of 1,000 units, which are currently being shipped. The purchase orders are being provided under a supply agreement for the 4,000 units in the first year, and is renewable for up to two additional years.

Gary LeCroy, Galaxy's Chief Executive Officer, commented, "We are very pleased to have been chosen by this OEM customer to enable its audio system solution targeted for the K-12 education market. We believe that both its existing and future customers will be utilizing and implementing audio systems to integrate into their total district, school and classroom technology solutions."

"Our OEM division is part of our vast expansion plan," continued, LeCroy. "As we continue to cultivate and grow the existing relationships we have, we are also developing new products and new relationships, with strategic partners, in our OEM distribution channel."

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
p888-859-1274

SOURCE: Galaxy Next Generation, Inc.

View source version on accesswire.com:
https://www.accesswire.com/606927/Galaxy-Next-Generation-Receives-15-Million-Purchase-Order-Under-its-Supply-Agreement-from-an-OEM-Customer

FAQ

What is the recent purchase order Galaxy Next Generation received?

Galaxy Next Generation received a $1.5 million purchase order for 2,200 audio products for the K-12 education market.

How many units are included in Galaxy's supply agreement?

The supply agreement includes a total of 4,000 units for the first year.

What is the significance of the OEM division for Galaxy Next Generation?

The OEM division is pivotal for Galaxy, as it focuses on expanding relationships and developing new products.

When was the purchase order announced?

The purchase order was announced on September 21, 2020.

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

Approximately 90% of Galaxy's sales are derived from the K-12 education market.