Newport Beach, CALIFORNIA, Sept. 20, 2022 (GLOBE NEWSWIRE) -- Galexxy Holdings Inc., (“Galexxy” or “Company”) (OTC: GXXY) is pleased to announce it has arranged a $1,000,000 non-dilutive revolving credit line, from a related party, to fund the initial roll out of Wellbeing Farms Inc’s (WBF) smart vending kiosk marketing program. Galexxy has received $400,000 from its first draw down from this credit line.
Galexxy’s CEO, Iain Saul stated that; “I’m excited to arrange this line of credit to GXXY, as it shows my commitment to the Company, and this credit line will enable Galexxy to fund short term needs and acquire its first shipment of Kiosks, as well as the inventory for expected demand from our upcoming marketing campaigns. Importantly, it avoids toxic convertible debt that many OTC listed companies usually have to rely on to fund growth."
Wellbeing Farms first shipment of 44 smart vending kiosks is expected in early October. These kiosks have been modified with Wellbeing Farms proprietary IP and are being imported from TCN Vending Machine Co., Ltd (TCN) of China. eVendco has an exclusive distribution agreement with TCN.
WBF, eVendco and TCN jointly collaborated on customizing specific TCN vending kiosk models incorporating Wellbeing’s proprietary IP. Iain Saul further stated that “With our option agreement to purchase eVendco we are also pleased to announce that this technology collaboration also resulted in TCN assigning over 100 of its sales prospects to eVendco for both North America and other international markets. This assignment of sales prospects could make eVendco, even more attractive to us if and when we exercise our option agreement in the future”.
TCN is one of the largest kiosk manufacturers with an annual capacity of 300,000 vending machines from a 2 million sq. ft. production base in Hunan Province China, where it manufactures and exports vending machines and retail self-service systems to over 100 countries and regions worldwide.
Wellbeing Farms is a 100% owned subsidiary of Galexxy specializing in the production and marketing of proprietary Functional Mushroom and Phytocannabinoid health supplements. WBF’s marketing plan anticipates installing several thousand of its specially customized smart vending kiosks in strategic locations over the next 2 years.
Galexxy is headquartered in Newport Beach. Wellbeing Farms has 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 natural plant-based consumer health supplement products in April 2021 and completed its acquisition of Wellbeing Farms LLC., on August 4, 2022 and purchased 69% of ABC Wholesale Products LLC., on August 12, 2022.
Galexxy Holdings Inc.
Iain Saul
E: iain@galexxyholdings.com
M: (801) 243 9570
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
http://www.evendco.com/
https://www.tcnvend.com/company-overview-12.html
