Galexxy Holdings Executes a Binding Term Sheet to Acquire ABC Wholesale LLC

Rhea-AI Summary

Galexxy Holdings Inc. (OTC: GXXY) has signed a binding Term Sheet to acquire a majority interest in ABC Wholesale LLC, based in Gainesville, Georgia. This acquisition will generate profitable revenues and open access to 11 eastern states through 20 distributors. The deal aligns with Galexxy's expansion strategy, enhancing cross-marketing opportunities with its existing product range from Wellbeing Farms. CEO Ross Lyndon-James emphasized the acquisition's strategic importance, stating it supports the company’s growth trajectory.

Positive

• Acquisition of ABC Wholesale LLC expected to generate profitable revenues.
• Access to new markets in 11 eastern states through 20 wholesale distributors.
• Synergies and cross-marketing opportunities with Wellbeing Farms.

Negative

• None.

Newport Beach, CALIFORNIA, Aug. 10, 2022 (GLOBE NEWSWIRE) -- Galexxy Holdings Inc., (“Galexxy,” “GXXY”) (OTC: GXXY) is pleased to announce that it has signed a binding Term Sheet to acquire a majority controlling interest in ABC Wholesale LLC. (ABC). ABC is based in Gainesville, Georgia, where it produces and is successfully marketing a range of quality CBD consumer products.

ABC’s acquisition, which is being structured as a GXXY subsidiary, will generate profitable revenues, and enable access to new markets in 11 eastern states through 20 wholesale distributors that sell ABC products to a significant number of retail outlets. The ABC acquisition will also provide white labeling and cross-marketing opportunities between both ABC and Wellbeing Farms’ product ranges for their respective markets.

Ross Lyndon-James, Galexxy’s CEO stated: “This is a very positive acquisition for us and is consistent with Galexxy’s strategic business expansion plans. We look forward to advising shareholders with more commercial details and further new business developments in the near future”.

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

FAQ

What is the purpose of Galexxy's acquisition of ABC Wholesale LLC?

The acquisition aims to generate profitable revenues and access new markets through established distributors.

How will the acquisition impact Galexxy Holdings Inc. (GXXY)?

It will enhance market reach, create cross-marketing opportunities, and align with Galexxy's expansion strategy.

When was the acquisition of ABC Wholesale LLC announced by GXXY?

The acquisition was announced on August 10, 2022.

What is the significance of ABC Wholesale LLC to Galexxy's business?

ABC provides access to a network of distributors, expanding Galexxy's presence in the CBD market.