NEWPORT BEACH, CA / ACCESSWIRE / June 20, 2023 / Galexxy Holdings Inc., ("Galexxy" or "Company") (OTC PINK:GXXY) is sharing this outlook for its operating companies, current lines of business, and distribution growth initiatives. This will generate future announcements, including a funding update, a critical Supplier Agreement, and the release date of Galexxy's audited financials and Shareholder Annual Meeting Notice.
Galexxy recently arranged substantial non-dilutive funding to expand its business operations. A new Executive Management Team has been appointed through the promotion of the former CEO of Wellbeing Farms (WBF), Michael Biagi to CEO and the hiring COO Mark Askey, a former HUD Director, and FEMA Branch Chief, and CMO Dan Gay with an executive background in major tech, telecom, and functional health products.
Galexxy's CEO, Michael Biagi stated, "Our Executive Management Team has been busy negotiating key contracts and new Go-to-Market channels to expand product offerings and increase revenues, which will enable us to up-list onto NASDAQ." Mr. Biagi went on to say, "Galexxy's new VendGenie™ Program expands our product availability to consumers 24x7 through patent-pending smart vending kiosks which feature ID verification, facial recognition, remote IP, and our Smart App."
The Company recently expanded into wholesale and private label operations with VendGenie installations going into Texas and Pennsylvania, with California planned in Q-3. A future press release outlining a VendGenie Wholesale Participation Program is anticipated in July.
The global functional mushroom market size was $26.7 billion in 2021 and is anticipated to grow at a 10.8% CAGR from 2022 to 2030 based on Grandview Research's recent report. WBF's Functional Mushroom business will expand from online-only sales to 1). Big box retail and, 2). Wholesale distribution channels. Globally, consumers are recognizing the true benefits of functional mushroom products in their diets, beverages, and health supplements. WBF will continue to remain at the forefront of this global trend.
Last year's acquisition by Galexxy of a 69% majority controlling interest in ABC Wholesale LLC., based in Gainesville, Georgia is generating profitable revenues. ABC Wholesale continues to market its proprietaryAVALOO™ quality CBD consumer products online, future brick-and-mortar stores, and through over 20 wholesale agreements along the East Coast. White label and cross-marketing between the Galexxy company products will benefit each company's future growth.
Galexxy is headquartered in Newport Beach and its shares are publicly traded on the OTC Markets (OTC PINK:GXXY). Galexxy entered the rapidly developing markets for premium natural plant-based health supplements and superfoods 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.
Michael Biagi, CEO
Galexxy Holdings Inc.
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.
SOURCE: Galexxy Holdings Inc.
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