Galexxy Holdings Announces its Strategic Alliance and Purchase Option to Acquire eVendco Inc.

Rhea-AI Summary

Galexxy Holdings Inc. (OTC: GXXY) has entered a Strategic Alliance Agreement with eVendco Inc., enabling the supply, installation, and service of smart vending kiosks for its CBD and Functional Mushroom products. The Alliance includes an option for Galexxy to acquire 100% of eVendco, with 20 million GXXY shares issued for the three-year purchase option. eVendco holds exclusive distribution rights in North America with TCN Vending Machine Co. for its vending systems. Galexxy plans to install over 1,000 kiosks in strategic locations within two years, enhancing its market presence.

Positive

• Strategic Alliance with eVendco to expand distribution of CBD and Functional Mushroom products.
• Option to acquire 100% of eVendco enhances future growth potential.
• Installation of over 1,000 smart vending kiosks anticipated, boosting product accessibility.

Negative

• None.

Newport Beach, CALIFORNIA, Aug. 24, 2022 (GLOBE NEWSWIRE) -- Galexxy Holdings Inc., (“Galexxy”) (OTC: GXXY) is pleased to announce that its recently acquired subsidiary, Wellbeing Farms LLC., (WBF) has executed a Strategic Alliance Agreement with eVendco Inc., for supply, installation and service of smart vending kiosks for convenient rapid delivery of its CBD and Functional Mushroom health supplement products.

The Alliance provides Galexxy with an option to acquire 100% of eVendco Inc., (eVendco). Galexxy issued 20 million GXXY restricted shares for its 3-year eVendco purchase option, which would be credited against the purchase price when exercised. 

eVendco is a California based importer and distributor of smart vending systems that has an exclusive distribution agreement for North America with TCN Vending Machine Co., Ltd (TCN) of China, and a non-exclusive worldwide arrangement for eVendco’s customized models.

TCN is one of the world’s largest vending machine manufacturers. WBF, eVendco and TCN jointly collaborated on customizing specific TCN vending kiosk models incorporating Wellbeing’s patent pending IP. This collaboration has resulted in TCN assigning over 100 of its sales prospects to eVendco for both North America and other international markets, including the United Kingdom and the EU.

TCN has an annual capacity of 300,000 vending machines from a 2 million sq. ft. production base in Hunan Province China, where it manufactures and exports vending machines and retail self-service systems to over 100 countries and regions worldwide.

Wellbeing Farms is a 100% owned subsidiary of Galexxy specializing in the production and marketing of proprietary CBD-Functional Mushroom health supplements. WBF’s marketing plan anticipates installing over 1,000 smart vending kiosks in strategic locations over the next 2 years. 

Headquartered in Newport Beach, California with manufacturing facilities in Murietta, California, Galexxy’s shares are publicly traded on the OTC Markets (OTC: GXXY). Galexxy entered the rapidly developing markets for premium CBD consumer products in April 2021 and completed its acquisition of Wellbeing Farms LLC., on August 4, 2022 and purchased 69% of ABC Wholesale Products LLC., on August 12, 2022.

Galexxy Holdings Inc.
Ross Lyndon-James
E: ross@galexxy.com
M: (949) 456 3972

Forward-Looking Information
This press release contains “forward-looking information” and “forward-looking statements” (collectively, “statements”). All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this press release.

www.wellbeingfarms.com

https://twitter.com/GXXYHoldings

http://www.evendco.com/  

https://www.tcnvend.com/company-overview-12.html

Attachment

• Galexxy Holdings Announces its Strategic Alliance and Purchase Option to Acquire eVendco Inc.

FAQ

What is the purpose of the Strategic Alliance between Galexxy and eVendco?

The Strategic Alliance aims to enhance the distribution of Galexxy's CBD and Functional Mushroom products through smart vending kiosks.

How many shares did Galexxy issue for the purchase option of eVendco?

Galexxy issued 20 million GXXY restricted shares for the three-year purchase option of eVendco.

What are the expected outcomes of the partnership with eVendco?

The partnership is expected to significantly increase the market presence of Galexxy's products with the installation of over 1,000 smart vending kiosks.

Who manufactures the smart vending systems for Galexxy?

The smart vending systems are imported and distributed by eVendco, which has an exclusive agreement with TCN Vending Machine Co., one of the largest manufacturers in the world.

When was Wellbeing Farms LLC acquired by Galexxy?

Galexxy completed its acquisition of Wellbeing Farms LLC on August 4, 2022.