Galexxy Sells Subsidiary for Return of 50 million Shares to Treasury
Rhea-AI Summary
Galexxy Holdings (OTC Pink: GXXY) announced the sale of its subsidiary, Galexxy Corporation, to RxMM Health Ltd. This transaction resulted in a net reduction of 50 million shares of GXXY, as RxMM returned the shares to Galexxy's treasury. GXXY retains exclusive rights to the VRMS technology and GENUS products for North America. CEO Ross Lyndon-James described this sale as beneficial for stakeholders, aligning with GXXY's strategy to focus on North American market opportunities.
Positive
- Reduction of GXXY's total issued shares by 50 million, enhancing share value.
- Retention of exclusive commercial rights for VRMS and GENUS within North America.
Negative
- None.
News Market Reaction – GXXY
In the trading session that priced this news, GXXY declined 27.71%, reflecting a significant negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
CALIFORNIA, Newport Beach, July 19, 2022 (GLOBE NEWSWIRE) -- Galexxy Holdings Inc., (OTC Pink: GXXY) is pleased to announce that it has sold its
As payment, RxMM Health Ltd has returned 50 million GXXY shares to Galexxy Holdings treasury, which reduces GXXY’s total issued and outstanding shares by 50 million shares.
Galexxy Corporation owns the patent pending Virtual Retail Marketing System™ (VRMS) technology and the GENUS™ range of proprietary CBD consumer products.
GXXY will retain a perpetual exclusive license to the VRMS technology and all commercial rights to the GENUS products, exclusively for North America.
Ross Lyndon-James stated, “The sale of Galexxy Corporation, excluding the North American rights to VRMS and GENUS, for a net reduction of 50 million of GXXY’s issued shares is a positive result for all stakeholders and is consistent with GXXY focusing on the development of its North American market opportunities.”
Headquartered in Newport Beach, California with manufacturing facilities in Murietta, California, Galexxy’s shares are publicly traded on the OTC Markets (OTC Pink: GXXY). Galexxy entered the rapidly developing markets for premium CBD consumer products through its acquisition of Galexxy Corporation in April 2021.
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.
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