Newport Beach, CALIFORNIA, Aug. 17, 2022 (GLOBE NEWSWIRE) -- Galexxy Holdings Inc., (“Galexxy”) (“GXXY”) (OTC: GXXY) is pleased to announce that it has completed the acquisition of the majority controlling interest in ABC Wholesale Products, LLC. (ABC). Based in Gainesville, Georgia, ABC produces and successfully markets a distinctive range of high-quality CBD consumer products under its trademarked AVALOO™ brand.
Since its start-up 2 years ago, ABC’s impressive growth is largely due to a highly motivated management team, a quality product range including top selling formulations, and fast wholesale order fulfillment for its interstate distributors. ABC is profitable with revenues expected to exceed $1.5 million in 2022 and is projecting revenues of $3 million for 2023. Galexxy will advance the release of the AVALOO retail website for consumer direct sales combined with a social media campaign. An aggressive expansion of the Company’s distribution network throughout North America is planned to start next month.
The acquisition price for 69% of ABC’s business is $1,000,000 which is being paid in the form of $100,000 in cash, plus 6,000,000 GXXY Reg-A shares. Under the terms of the Acquisition Agreement these shares are restricted from sale for 6 months. The shares will then be subject to further restrictions, limiting selling at a rate of not more than 1.5 million shares per month.
This acquisition will enable Galexxy to consolidate ABC’s revenue and profits. It also enables Galexxy’s recently acquired Wellbeing Farms to access new markets in over 10 Eastern states through 20 existing wholesale distributors currently marketing the AVALOO brand to several hundred retail outlets. The acquisition also provides both ABC and Wellbeing Farms with white labelling and cross marketing opportunities for their respective products and markets.
Iain Saul, Galexxy’s new CEO stated that; “This is a very positive acquisition that is generating profits which will underpin Galexxy’s growth. My focus is to continue the strategic development of Galexxy Holdings, both through organic growth and additional acquisitions to achieve share price growth and the uplift of GXXY to OTC-QX status, as a forerunner to a further planned up listing”.
Headquartered in Newport Beach, California with 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 CBD consumer products in April 2021 and recently completed its acquisition of Wellbeing Farms LLC., on August 4, 2022.
Galexxy Holdings Inc.
Ross Lyndon-James
E: ross@galexxy.com
M: (949) 456 3972
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://avaloousa.com/#/
https://twitter.com/GXXYHoldings
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