TOCCOA, GA / ACCESSWIRE / June 10, 2021 / Galaxy Next Generation, Inc. (OTCQB:GAXY) ('Galaxy' or the 'Company), a provider of interactive learning technology solutions, is pleased to provide the following Shareholder Update Letter.
Thank you for your continued support throughout our growth and these very exciting times. We are coming up on our 3-year anniversary together. Galaxy transitioned from a privately held company to an OTC company in June of 2018 and we have experienced major strides towards our long-term goals since then. Shortly after our transition we were able to quickly meet requirements to OTCQB from previously held ‘Pink' status and have maintained those requirements throughout the ups and downs of the market during the COVID-19 pandemic. It is our continued desire to ‘up' our listing status even more and continue to make vast improvements every quarter towards that goal.
In the last 3 years we have increased our development team, both through organic hiring and via acquisitions. We have added a team that is not only highly skilled but extremely enthusiastic. Since 2018, we have launched a multitude of new products, including an entire line specifically targeting other brands through an OEM channel. We have been awarded 2 patents, one in our ‘Interactive panel' line and the other in our ‘audio distribution and connectivity' line and are excited about what this will bring towards future long-term success. In addition, we have applied for 3 other patents related to our Bell, Intercom, and Paging solutions that are current in publication, pending issuance.
Also, since 2018 we have expanded our physical footprint. While we are headquartered in Toccoa, Georgia, we now have offices in Florida, Colorado, and Arizona with additional remote employees in Texas and Utah.
To date, our solutions have been sold into multiple states and even into other countries outside the US. When Galaxy was first founded, we supported 8 employees. We have now grown to over 25 full time employees, technicians, and consultants. And, despite the Covid-19 pandemic, we have sustained our employment count and made sure that our company culture was supported through these difficult times. You all, as shareholders, deserve accolades for supporting us and our employees as well. Due to the increase in financial support to school districts and government facilities, we are still actively recruiting new hires and hope to fill those positions quickly, in order to support the increase in interest of G2 products.
For anyone that has personally been affected by the COVID-19 virus, my deepest sympathy is extended. I wish all of you will continue to stay safe and healthy. As for us, it's personal, and our children/students have been at the forefront of our rebut. The market for interactive solutions and educational technology is growing dramatically and our order volumes have increased in response. We have also seen a large increase in our sales pipeline as schools start to prepare for their budget allocations being supplemented by the government funding. Mainly due to the social and emotional needs of our students, we are looking forward to the full return of traditional learning in a safe classroom environment.
With a robust product offering, we are in a position to not only provide learning tools, but also in-building security and at-home support for those that may have ‘lost time' due to not having the in-classroom experience. While we still are seeing our own logistical issues, we have made adjustments to our product fulfillment channels to ensure we are able to capitalize on the additional spending in Ed-tech, and look forward to pushing ahead in both support of the company and the support of our students.
As you all know, we have been fortunate to secure some traditional funding (by way of bank support and accounts receivable financing) as well as the backing of a strong and long-term equity investor. The combination of your support, along with market trends and increased needs for our product offering, has truly set us up for the success we know we were meant to achieve.
We will continue to expand our presence in marketing, in sales, and in shareholder value as we DO understand fully the value in each. Our fiscal year end is upcoming on June 30th and my main focus is to make sure we are able to financially report all of the improvements that we are and have experienced in our time together. We will continue to push forward in a ‘hard press' manner and again greatly appreciate the support you have all shown.
Magen McGahee CFO
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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