Galaxy Next Generation Awarded Renewal Contract from Colorado Springs Schools for District-Wide Audio/Visual Installation

Rhea-AI Summary

Galaxy Next Generation, Inc. (OTCQB:GAXY) announced a contract renewal with Colorado Springs School District 11 for a second year, extending their Audio/Visual Installation services. This renewal reflects strong customer satisfaction and the effectiveness of Galaxy's business model, which prioritizes recurring revenue. The initial contract, awarded in October 2021, generated over $100,000 in revenue. CEO Gary LeCroy emphasized the importance of securing renewals to enhance their service to large school districts, supporting future growth opportunities.

Positive

• Renewal of contract with Colorado Springs School District 11 indicates strong customer satisfaction.
• The contract renewal contributes over $100,000 in revenue, showcasing a successful recurring revenue model.
• CEO's emphasis on service quality may lead to additional contracts with other large school districts.

Negative

• None.

Contract extension for Galaxy's AV solutions reflects positive market reception and momentum with recurring business model

TOCCOA, GA / ACCESSWIRE / July 18, 2022 / Galaxy Next Generation, Inc. (OTCQB:GAXY) ("Galaxy" or the "Company"), a provider of interactive learning technology solutions and school communication platforms, was awarded a renewal contract from Colorado Springs School District 11 for a 2nd year.

The Audio/Visual Installation contract was originally awarded in October 2021.

Located centrally in Colorado Springs, Colorado, District 11 represents the headquarters of the city, including 55 schools as well as alternative education opportunities, and its near 30,000 students.

"Securing renewal contracts is a testament to our customer service and superior products," said Gary LeCroy, Chief Executive Officer of Galaxy. "This customer chose to extend their contract with us for an additional year after working with us for several months, which proves our ability to service larger school districts and provides an excellent use case to win additional business with other large school districts."

"This single contract accounted for over $100,000 in revenue from October 2021 through the renewal period of July 1, 2022," said Magen McGahee, Chief Financial Officer. "We are excited about the opportunity to continue servicing this school district and we look forward to further expanding our relationship with them through the renewal period. These contracts demonstrate the robustness of our reoccurring revenue business model and drives our ability to cash-flow our own operations."

For more information on Colorado Springs Schools, District 11 please visit, https://www.d11.org/domain/170

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.

Company Contact

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

Investor Relations

Brooks Hamilton
MZ North America
+1 949-546-6326
GAXY@mzgroup.us

SOURCE: Galaxy Next Generation, Inc.

View source version on accesswire.com:
https://www.accesswire.com/708878/Galaxy-Next-Generation-Awarded-Renewal-Contract-from-Colorado-Springs-Schools-for-District-Wide-AudioVisual-Installation

FAQ

What contract did Galaxy Next Generation secure on July 18, 2022?

On July 18, 2022, Galaxy Next Generation secured a contract renewal with Colorado Springs School District 11 for Audio/Visual Installation services.

How much revenue did the original contract with Colorado Springs School District generate?

The original contract generated over $100,000 in revenue from October 2021 through July 2022.

What is the significance of the contract renewal for GAXY investors?

The contract renewal signifies strong customer satisfaction and reinforces Galaxy's recurring revenue model, which is beneficial for GAXY investors.

How does the contract renewal affect Galaxy's future business prospects?

The renewal enhances Galaxy's prospects for securing additional contracts with other large school districts, potentially increasing revenue.