Cuentas Inc (CUEN)

[PENNYPUNCHER]

NXGH Posts Record Quarterly Revenue of $500,327 and Record Quarterly Earnings of $811,458

Next Group Holdings, Inc. (OTCQB: NXGH) today announced results for its first quarter of fiscal year 2017 which ended March 31, 2017, including record revenue and earnings. The results were posted in the company's most recent Form 10-Q, filed with the SEC on July 7, 2017.

Revenue for the first quarter of fiscal year 2017 was a record $500,591, compared to $82,303 for the same period last year, an increase of 608%, and is largely attributable to the 2016 acquisition of Tel3, a business segment of an existing retail calling minutes company, and which contributed revenues of $500,327 during the three months ended March 31, 2017.

Net income attributable to Next Group Holdings, Inc. for the three months ending March 31, 2017 was a record $811,458-or .03 per fully diluted share - compared to a loss of $754,877 for the same period of 2016. Income for the quarter was due to a significant one-time gain from the sale of its interest in Transaction Processing Products, Inc. ("TPP"), which holds a 64% interest in Accent InterMedia, LLC ("AIM") and no other assets or liabilities. TPP was acquired by the Company in July of 2016. AIM operated as a leading gift card provider but was discontinued on March 31, 2017.

Cost of goods sold for the three months ended March 31, 2017 was $335,257, compared to $107,171 for the same period of the prior year, resulting in higher gross margins; $165,334 for the current quarter, compared to negative $24,858 for the same quarter of the prior year. The increase in cost of goods sold was the result of the acquisition of Tel3 in fiscal year 2016 and the incremental costs associated with offering telecom minutes for customers.

The company's working capital deficit at the end of the current quarter was $7,946,033, down $1,777,086 (18%) from $9,723,119 posted at the end of the first quarter of 2016.

Full contents of the 10-Q filing can be found at https://www.sec.gov/Archives/edgar/data/1424657/000121390017007236/0001213900-17-007236-index.htm

NXGH has signed Letters of Intent with the following entities and is performing due diligence to complete the acquisition process.

During the current quarter the Company entered into a non-binding letter of intent with AZUGROUP USA, LLC to acquire assets owned or controlled by that company and its majority shareholder, Mr. Antonio Faranda. Together, AZUGROUP USA, LLC and Feranda own or control three Italian companies, known collectively as AZUGROUP which, together generated US $14.2 million in revenue during the 2016 calendar year.

During the current quarter the Company also entered into a non-binding letter of intent with LIMECOM INC to acquire assets owned or controlled by that company. LIMECOM is expected to generate US$125 million in revenue with US$2.5 million EBITA during the fiscal 2017 calendar year.