Galaxy Next Generation Inc (GAXYQ)

[xgin]

http://irdirect.net/prviewer/release_only/id/4536684

November 19, 2020
Galaxy Next Generation Continues to Convert Deferred Revenue and Backlog to Revenue, Ships Against Purchase Order from OEM Customer and Improves Balance Sheet

Remaining Convertible Debt Reduced to $1.35 Million

TOCCOA, GA / ACCESSWIRE / November 19, 2020 / Galaxy Next Generation, Inc. (OTCQB:GAXY) ("Galaxy" or the "Company), a provider of interactive learning technology solutions, is pleased to provide the following business and corporate update.

Since the end of the previous quarter ended September 30, 2020 when Galaxy had deferred revenue of $1.6 million and a backlog of $2.0 million, the Company has successfully converted a portion of the deferred revenue and backlog into revenue. Galaxy has shipped $0.5 million from its previously announced purchase order for an OEM customer.

Additionally, Galaxy has been awarded a new $170,000 purchase order from a school district in Texas.

On the corporate and financial side, Galaxy has strengthened its balance sheet by reducing its remaining convertible debt to $1.35 million.

Of note, CFO Magen McGahee purchased stock on the open market at prices ranging from $0.0026 to $0.0215. Please see SEC Form 4 filings from November 17, 2020:

https://www.sec.gov/Archives/edgar/data/1127993/000109181820000246/xslF345X03/primary_doc.xml

https://www.sec.gov/Archives/edgar/data/1127993/000109181820000245/xslF345X03/primary_doc.xml