Adds Industry Recognized Audio-Visual Products for the K-12 Education and Increases Profitability on Current Offerings
TOCCOA, GA / ACCESSWIRE / October 16, 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 closed its asset purchase of Classroom Technology Solutions ('CTS'), a designer, manufacturer, importer and integrator of audio-visual products, with headquarters in Jacksonville, Florida.
The purchase of CTS's assets will prove to be accretive to Galaxy's bottom line. As part of the purchase agreement, Galaxy is gaining access to not only years of customer support to the CTS brands, but also years of buying power from the CTS president, Cy Marshall. Cy will be joining the Galaxy team as part of the acquisition as Galaxy's Product Officer. His relationships with global vendors has already proven to be helpful to Galaxy's import activity by decreasing Galaxy's cost of goods, by an average of 50%, on several products sold under the G2 brands. This is an important step for the Company as management strives towards profitability in the coming quarters.
CTS's current product offerings include complementary components to the ever-changing and ever-growing product line of Galaxy. Galaxy will be adding their line of projector and panel mounts to their offerings, as well as their classroom speaker line, which is being manufactured in the Jacksonville office (an important addition to Galaxy's OEM product development). Galaxy will be keeping the Florida office as a satelite office and will utilize the location to better serve customers and import needs.
CTS received the 2020 Best of Jacksonville Award in the Audio-Visual Supplier category and has also been recognized as one of the 'Fastest Growing Private Companies in Northeast Florida' as well as 'Largest Technology Service Companies' and 'Top Integrators' by the Jacksonville Business Journal. CTS has a robust portfolio of new products that will be released over the coming year. Many of these products will enhance the current and future Galaxy product offerings. CTS is a leader in the development of sophisticated technologies used in the education marketplace and other collaborative environments. Many of CTS's products qualify for the 'Made in America' distinction while other are a combination of U.S. and offshore products.
Gary LeCroy, Galaxy's Chief Executive Officer, commented, 'I am excited to finally close on this acquisition. We are looking forward to the additions that CTS and Mr. Marshall bring to the Galaxy brand and team. The impact this purchase has already had, and will continue to have, on Galaxy's future revenue and profit is meaningful.'
Cy Marshall, Classroom Technology Solutions' Chief Executive Officer, stated, 'Joining the Galaxy team has been an easy and smooth transition. I look forward to marrying my experience and ideas with Galaxy's ability to be a big mover in the education and other collaborative markets. I see our future being a very bright one with the products and team we have developed together.'
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.
SOURCE: Galaxy Next Generation, Inc.
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