World News: 14:52 GMT Thursday 19th September 2019. [Exxe Group via Globe Newswire via SPi World News]
NEW YORK, Sept. 19, 2019 (GLOBE NEWSWIRE) -- a diversified company focused on synergistic acquisitions in real estate, sustainable technology, media, financial services and agribusiness, today announced that it has finalized an agreement with Joseph Cohen, who is Exxe Group Inc.'s largest and longest shareholder.
On September 18th, 2019, Exxe Group, Inc. entered into an exchange agreement with Mr. Joseph Cohen. This exchange agreement allows Mr. Cohen to convert 50 million of his AXXA common stock shares to the Issuer’s Series B Preferred Shares at a dollar for dollar exchange using yesterday’s AXXA common stock closing price of .02 and the Series C Preferred Share par value of $2.00. This transaction will reduce the AXXA outstanding shares by more than 10%. Mr. Cohen has been an original investor and part of Exxe Group, Inc for several years and the company offered him this deal in order to help reduce the common shares outstanding which will increase shareholder value. Mr. Cohen believes in the company and its success which is why this was an easy decision for him to make. Exxe Group, Inc. is committed to rewarding its investors.
As the leader of Neccentric and its predecessor Smartsoft 2.0, Mr. Joseph Cohen has led internal and external technology developments and projects for Exxe Group. Joseph has more than 20 years’ experience in system architecture design and management. Leading product development for Privatis, Joseph directs a team of software/mobile developers. Accomplished for his in-depth knowledge of the core programming languages required to build IT systems and platforms Joseph co-authored The Web Programmer’s Desk Reference (2005). A graduate of California State University, Northridge, Joseph holds a Bachelor of Science in Business Administration and Finance.
Exxe Group Inc is at a pivotal moment in our company’s history. We are excited that our hard work is paying off which is why leadership is currently exploring the feasibility, parameters, processes and the mechanics of designing a similar offering to all of its investors whereby they would have an opportunity to convert AXXA common shares to Series B Preferred, if they so desire. Potential structures could include warrants and special dividends. We are working diligently to finalize this offering and we expect to fully announce details and the proposed timeline in the upcoming quarter. This is another key part of Exxe Group Inc's plan to reward its investors with real long term value. We will take every necessary step in order to provide strong, consistent company value to our investors.
Full Speed Ahead on Filings, Audits, Up-listing Preparation
Separately, Exxe Group, Inc. is proud to announce that Exxe Group has hired a third party firm with over 20 years of SEC filing experience and management is working with internal counsel initiate all steps required to become fully reporting and audited. Exxe is pleased to announce that it is ahead of schedule in the preparation of a future up-listing of Exxe’s shares. In the nearterm Exxe Group will be frequently sharing its progress moving forward.
AXXA has submitted all of the required 8k documents for filing with the SEC. The filing is waiting for a CIK access code to be assigned as part of the final steps required for 8-K submissions. The company expects this to be completed in short order. Once the CIK code is assigned, investors will be able to see 8-K reports propagated in Edgar’s.
Finally, we will be updating investors on our $40 million pipeline of deals over the next few days which includes fintech and agribusiness deals we have recently closed, and several that are in the final stages of closing. We expect to meet or exceed our $250 million goal on time or slightly ahead of schedule.
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About Exxe Group Exxe Group is a diversified corporation focusing on acquisitions in the following sectors: real estate, technology, media, and financial services. Exxe Group is an acquisition-driven company. The Company strategy is to acquire controlling equity interests in undervalued companies and undertake an active role in improving their performance - accelerating their growth by providing both access to capital and management expertise.
CONTACT: Exxe Group IR:
Forward-Looking Statements This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In some cases, you can identify forward-looking statements by the following words: "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "ongoing," "plan," "potential," "predict," "project," "should," "will," "would," or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. Forward-looking statements are not a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking statements are based on information available at the time the statements are made and involve known and unknown risks, uncertainties and other factors that may cause our results, levels of activity, performance or achievements to be materially different from the information expressed or implied by the forward-looking statements in this press release.
Globe Newswire: 14:52 GMT Thursday 19th September 2019
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