OTC Markets Removed Market Making Capability Due to Lack of Current Public Information
TOCCOA, Ga., March 19, 2024 /PRNewswire-PRWeb/ -- Galaxy Next Generation, Inc. (OTCQB: GAXY) ("Galaxy" or the "Company), a provider of school communication systems and emergency alerting platforms, is providing a public statement regarding its current business operations and public company status.
Despite the lack of transparency and trading in our stock since early January, Galaxy remains in business with strong operational growth. Its operations focus on being a leader in the education market for school communication systems which include, classroom audio voice-lift, bells, intercom, paging, clock and crisis communication. Galaxy's distribution channel has been expanding tremendously which consists of resellers across the U.S. who primarily sell the Company's products within the commercial and educational market.
In early January, OTC Markets moved the Company to their Expert Market due to the lack of publicly available current financial information on the Company.
As previously announced, on April 15, 2023, the Board of Directors of Galaxy Next Generation approved the dismissal of, and dismissed Somerset CPAs and Advisors and engaged Rodefer Moss & Co, PLLC to serve as the independent registered public accounting firm of the Company for the year ending June 30, 2023.
The change in auditors was spurred by the fact that Somerset CPAs and Advisors lost its PCAOB standing.
Since the auditor change, Galaxy, with the assistance of Rodefer Moss & Co, PLLC, filed its 10Q for the quarter ended March 31, 2023 on May 22, 2023.
In addition, Galaxy has engaged with Rodefer Moss & Co, PLLC in order for them to complete and file the 10K for the period ended June 30, 2023.
Unfortunately, because the previous auditor, Somerset CPAs and Advisors, lost its PCAOB standing, the new auditor, Rodefer Moss & Co, PLLC, will not rely solely on their past work. Therefore the annual audit is taking longer than expected.
The Company continues to work closely with Rodefer Moss & Co, PLLC in making them comfortable with past audits and has engaged with a third party accounting firm in order to expedite the situation and getting the work done in order to file its 10K for the period ended June 30, 2023. The Company is confident that they are very close to having the audit concluded and will push forward at that time to complete the necessary steps to move back off of the expert market. The current situation is not reflective in nature of the companies operations and abilities to remain a growing and thriving company in the Educational Technology and Audio Visual space. The Company will provide further information once we have completed the necessary steps needed for regular trading to resume.
For further information on the Expert Market please visit, https://blog.otcmarkets.com/2021/03/25/understanding-the-expert-market.
About Galaxy Next Generation, Inc.
Galaxy Next Generation (OTCQB: GAXY) is a leader in the education market for school communication systems which include, classroom audio voice-lift, bells, intercom, paging, clock and crisis communication. Galaxy's distribution channel has been expanding tremendously which consists of resellers across the U.S. who primarily sell the Company's products within the commercial and educational market.
For additional information, please visit our website at: www.galaxynext.us
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are based on the current plans and expectations of management and are subject to a number of uncertainties and risks that could significantly affect the company's current plans and expectations, as well as future results of operations and financial condition. A more extensive listing of risks and factors that may affect the company's business prospects and cause actual results to differ materially from those described in the forward-looking statements can be found in the reports and other documents filed by the company with the Securities and Exchange Commission. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Investors Contact:
p888-859-1274
Media Contact
Magen McGahee, Galaxy Next Generation, Inc., 1 706-391-5030, [email protected], www.galaxynext.us
SOURCE Galaxy Next Generation, Inc.
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