Galexxy Holdings Inc. (OTCMKTS:GXXY) has announced about arranging $1,000,000 non-dilutive revolving credit line, from a related party, to fund the initial roll out of Wellbeing Farms Inc’s smart vending kiosk marketing program.
On Tuesday, GXXY stock slumped 2.64% to $0.1847 with 40.20K share, compared to its average volume 206.27K shares. The stock moved within a range of $0.1650 – 0.1847 after opening trade at $0.1651.
Galexxy Holdings Announces a $1,000,000 Non-Dilutive Revolving Credit Facility
As of now, Galexxy has received $400,000 from its first draw down from this credit line. The first shipment of Wellbeing Farms, consisting of 44 smart vending kiosks is expected in early October. These kiosks have been modified with Wellbeing Farms proprietary IP and are being imported from TCN Vending Machine Co., Ltd (TCN) of China. eVendco has an exclusive distribution agreement with TCN.
WBF, eVendco and TCN jointly collaborated on customizing specific TCN vending kiosk models incorporating Wellbeing’s proprietary IP. Galexxy’s CEO, Iain Saul, said that with the option agreement to purchase eVendco they are pleased to announce that this technology collaboration also resulted in TCN assigning over 100 of its sales prospects to eVendco for both North America and other international markets.
This assignment of sales prospects could make eVendco even more appealing if and when they exercise their option agreement in the future. TCN is one of the largest kiosk manufacturers with an annual capacity of 300,000 vending machines from a 2 million sq. ft. production base in Hunan Province China, where it manufactures and exports vending machines and retail self-service systems to over 100 countries and regions worldwide.
Iain Saul further stated that “With our option agreement to purchase eVendco we are also pleased to announce that this technology collaboration also resulted in TCN assigning over 100 of its sales prospects to eVendco for both North America and other international markets. This assignment of sales prospects could make eVendco, even more attractive to us if and when we exercise our option agreement in the future”.
GXXY stock is trading above the 20-Day and 200-Day Moving averages of $0.18 and $0.12 respectively. However, the stock is trading below the 50-Day moving average of $0.20.