Next Group completes acquisition of Tel3

Next Group Holdings, Inc. (OTCQB: NXGH) has completed the acquisition of Tel3 from Arik Maimon, who serves as NXGH´s CEO and chairman, the company said.

Under the agreement, NXGH acquired the telecom marketing brand Tel3 together with the assets and client database of Tel3 from Maimon for the amount of USD10.00, instead of 9,000,000 shares in order to prevent shareholder dilution.

Tel3 is a marketing group that had revenues over USD3.0 million in 2015 with 31.5 percent gross margin, 25,000 active customers, and a database of 300,000 current and former clients.

NXGH said it plans to offer enhanced financial and telecom services and products to those Tel3 customers that opt-in to receive special offers and rewards based on their daily use of NEXTCALA and M&M Telecom offerings.

NXGH, through its wholly owned subsidiary, Meimoun & Mammon LLC (which does business as M&M Telecom) expects to increase the revenue streams that were historically achieved by Tel3.

NXGH is a corporation headquartered in Miami, Florida, which, through its operating subsidiaries, engages in the business of using proprietary technology and certain licensed technology to provide innovative mobile banking, mobility and telecommunications solutions.