Subsequent Group Holdings, Inc. (OTCMKTS:PLKD) introduced right now that on December 6, 2017 the Firm has accomplished its acquisition of 51% of SDI NEXT Distribution LLC, beforehand introduced August 24 as a Letter of Intent (Letter of Intent to Purchase Majority Curiosity in SDI Subsequent Distributors LLC) with Fisk Holdings, LLC.
As Managing Member of the newly fashioned LLC, Subsequent Group Holdings, Inc. will contribute a complete of $500,000, to be paid per an agreed-upon schedule over a twelve-month interval starting December 2017. The finished acquisition consists of a longtime distribution enterprise for third-party reward playing cards, cell prime up, monetary companies and content material, which presently consists of greater than 30,000 U.S. retail places, together with retailer places, comfort shops, bodegas, retailer fronts, and so forth. The Firm’s 51% stake in SDI NEXT additionally offers distribution for the Firm’s just lately introduced CUENTAS and MIO digital cell banking options aimed toward unbanked, underbanked and financially underserved customers, making them obtainable to clients on the greater than 30,000 retail places SDI presently serves.
With third occasion reward playing cards already delivered to SDI NEXT’s warehouse in New York, we are actually rolling out our first product line, and will have retail places up and working with a number of the top-selling third occasion reward playing cards obtainable inside the coming weeks,” stated Arik Maimon, CEO, Subsequent Group Holdings, Inc.
Sohel Kapadia, SDI CEO, famous “Our huge buyer base all through the U.S. are people for whom bodily reward playing cards, cell prime up and monetary companies are a part of each day life. We anticipate that bringing this new product line of premium third occasion reward playing cards to them by way of these small, owner-operated bodegas shall be extraordinarily profitable.
Added Michael De Prado, Subsequent Group Holdings President:
Importantly, we anticipate recognizing income from this 30,000+ retail location launch starting within the last quarter of 2017, giving the Firm one other nice ongoing increase to income.
The acquisition will play a key function within the upcoming broad-based launch for the Firm’s GPR (Common Goal Reload) CUENTAS digital banking and MIO pay as you go single use card packages. Together with the Firm’s beforehand introduced entry to eight,800 shops, these merchandise are anticipated to launch to customers in 40% of the entire U.S. small, single operator bodegas they’re apt to go to each day.