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| Galaxy Closes Synergistic, Blockbuster Acquisition: Potentially Adds Over 1,000 New Customers |
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 Hot Stock to Watch |
Company: Galaxy Next Generation, Inc. (OTCQB: GAXY)
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Last:
Price: 1.25
Change (%): + 0.15 (13.64)
Volume: 100,023 |
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Galaxy Next Generation Closes Acquisition of Interlock Concepts
Innovative Audio Acquisition Adds Technology, Expansion to West Coast, and Revenue
TOCCOA, Ga., Sept. 05, 2019 (GLOBE NEWSWIRE) — Galaxy Next Generation, Inc. (OTCQB: GAXY) (“Galaxy” or the “Company), a provider of interactive learning technology solutions, today announced the closing of its acquisition of Interlock Concepts, Inc., a west coast based audio company focused on creating innovative products that provide fundamental tools used for building notification systems.
The acquisition is comprised of a combination of cash and stock. Interlock Concepts generated approximately $4 million (unaudited) in revenue through the twelve month period ending June 30, 2019.
Interlock Concepts products and services allow institutions access to intercom, scheduling and notification systems they use every day with improved ease of use. It provides an open architecture solution which allows its products to be used in many existing and new environments. Intercom, PA, Bell and control solutions are easily added and integrated with its first to market open architecture design and current software model. Its products combine elements not normally found together over a common IP network, which minimizes infrastructure requirements and reduces costs by combining systems. This strategy also places it at the forefront of school safety and communication.
Gary LeCroy, Galaxy’s Chief Executive Officer, commented, “We are pleased to close this acquisition ahead of schedule, as we previously announced our target date of end of September. We are very excited to add Interlock Concepts’ innovative audio technology to our product suite, as its something that our end customers, especially in the K-12 market segment have been demanding. Interlocks strong growth in the first half of 2019 supports our belief that their technology and positioning in the marketplace will help accelerate our growth. We look forward to working with Brad Ehlert, who successfully started Interlock Concepts and bootstrapped the company from inception. Brad has created solutions implemented in over 1,000 schools valued over $5 billion in 5 years.”
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