NxGen Brands, Inc. Sets Out Strategic Vision for Growth in 2024

Rhea-AI Summary

NxGen Brands, Inc. (NXGB) announces the appointment of industry veteran Joseph Lawanson as CEO, outlining a growth strategy focused on acquisitions in the Nutritional Supplement space. Mr. Lawanson's extensive experience in the industry, including roles at GAT Sports, MusclePharm, and EAS, will drive the company's revenue growth through athlete and influencer partnerships. The company aims to reach $10m in annualized revenues in 2024, with a focus on acquiring profitable businesses. However, concerns arise from the retirement of 14m shares and the issuance of 40m shares to the new CEO, with restrictions until 2026, potentially impacting shareholder value.

Positive

• Appointment of industry veteran Joseph Lawanson as CEO
• Focus on acquisitions in the Nutritional Supplement space
• Plans to reach $10m in annualized revenues in 2024
• Emphasis on acquiring profitable businesses

Negative

• Retirement of 14m shares and issuance of 40m shares to the new CEO with restrictions until 2026

Industry Veteran Joseph Lawanson joins NXGB as New CEO

WHEAT RIDGE, Colo., Nov. 28, 2023 /PRNewswire/ -- NxGen Brands, Inc. (OTCMKTS: NXGB) ("NxGen" or the "Company"), (www.nxgenbrands.com) sets out its future strategy for growth as Industry Veteran, Joseph Lawanson, is appointed CEO.

Throughout 2024, the Company intends to make acquisitions in the Nutritional Supplement space under the leadership of industry veteran Joseph Lawanson and to build a powerful and profitable company in this space, growing revenues significantly over the coming twelve months.

Throughout his long career in Nutritional Supplements, Mr. Lawanson has served many roles from Managing Sales at GAT© Sports, Director of Athletes at MusclePharm© and Director of Athletes at EAS©. Most recently, until earlier in 2023, Joseph was a director at Supplement Group and he has a career built on taking quality brands to market and aligning them with the right sports individuals to represent the brands core missions and values. A large part of the success strategy, according to the Company, will be the continued alignment of athletes, social media influencers of value and sports teams in order to quickly grow revenues.

Joseph Lawanson, CEO of NxGen commented that: "I am here to deliver growth. Growth in revenue and growth in shareholder value. I will do this through an aggressive acquisition strategy with my 2024 plan to see topline revenues hit $10m when annualized and I shall have a firm grip on costs meaning that our bottom line will be healthy too. In 2024, our acquisition strategy will focus on growing businesses that have a demonstrable net profit. This way, we shall show growth in investor value and are already in discussions to acquire a profitable nutritional supplement brand that has the potential to show incredible growth, incredibly quickly. Expect an incredibly exciting update on that in December 2023."

The company has already agreed with former officers to purchase and retire around 14m shares. A further 40 million shares issued to new CEO Joseph Lawanson are ineligible to have any restrictions removed until 2026. Only 5.6 million are currently held at DTC in the free trading float and the Issued Share Capital is 63,079,566.

About NxGen Brands, Inc.
NxGen Holdings, Inc. is a publicly traded company under the symbol NXGB. The Company building build a profitable Nutritional Supplements company, comprising of several brands.

Forward-Looking Statements
This press release may contain forward-looking statements, including information about management's view of NxGen Brands, Inc.'s future expectations, plans and prospects. In particular, when used in the preceding discussion, the words "believes," "expects," "intends," "plans," "anticipates," or "may," and similar conditional expressions are intended to identify forward-looking statements. Any statements made in this news release other than those of historical fact, about an action, event or development, are forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors, which may cause the results of NxGen, its subsidiaries and concepts to be materially different than those expressed or implied in such statements. Unknown or unpredictable factors also could have material adverse effects on NxGen's future results. The forward-looking statements included in this press release are made only as of the date hereof. NxGen cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, NxGen undertakes no obligation to update these statements after the date of this release, except as required by law, and also takes no obligation to update or correct information prepared by third parties that are not paid for by NxGen.

www.nxgenbrands.com

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SOURCE NxGen Brands, Inc.

FAQ

Who is the new CEO of NxGen Brands, Inc. and what is the ticker symbol?

Joseph Lawanson has been appointed as the new CEO of NxGen Brands, Inc. The ticker symbol is NXGB.

What is the growth strategy outlined by NxGen Brands, Inc.?

The company plans to focus on acquisitions in the Nutritional Supplement space under the leadership of Joseph Lawanson, aiming to reach $10m in annualized revenues in 2024.

What is Joseph Lawanson's experience in the Nutritional Supplement industry?

Joseph Lawanson has held roles at GAT Sports, MusclePharm, and EAS, with a career focused on taking quality brands to market and aligning them with sports individuals and influencers.

What are the concerns regarding the company's shares?

The retirement of 14m shares and the issuance of 40m shares to the new CEO, with restrictions until 2026, may impact shareholder value.