Accretive Acquisition to More Than Double
North American Technology E-Commerce Product Sales and
Recurring Revenue through Consumer, Commercial and Government
Customer Sales
COCONUT
GROVE, Fla., March 26,
2024 /PRNewswire/ -- NextPlat Corp (NASDAQ: NXPL,
NXPLW) ("NextPlat" or the "Company"), a global e-Commerce
provider, today announced the significant expansion of its North
American e-commerce business with the acquisition of Outfitter
Satellite Inc. ("Outfitter") through an all-cash transaction. The
transaction is expected to close on April 1,
2024.
Based in Nashville, Tennessee,
for over two decades, Outfitter has provided consumers, commercial
and government customers, with advanced satellite-based
connectivity solutions from leading brands including Iridium,
Inmarsat and Globalstar. The accretive acquisition is expected to
more than double NextPlat's existing North American technology
e-commerce product sales and recurring revenue. Furthermore, this
transaction is expected to drive increased profitability through
improved business efficiencies and shared resources while
supporting future domestic operations and distribution utilizing
Outfitter's leased office and warehousing space. The Company
anticipates integrating Outfitters' operations onto its global
e-commerce platform, significantly expanding its product offerings,
and enabling it to begin selling into international markets as
NextPlat continues to further penetrate high growth markets for
technology and healthcare domestically and internationally.
"Outfitter is an ideal addition to our technology e-commerce
portfolio, delivering immediate synergies and value, quickly and
profitably adding scale to our North American operations. Through
acquisitions such as Outfitter and the introduction of new
technology and healthcare e-commerce offerings expected later this
year, we are executing against our growth plan by expanding our
business in the United States and
in other large markets around the world," said Charles M. Fernandez, Executive Chairman and CEO
of NextPlat Corp.
David Phipps, President of
NextPlat and CEO of Global Operations, added, "We continue to see
consumer and commercial demand for connectivity products and
services, especially in large geographies such as the United States where we have previously had
limited exposure. I look forward to working with the Outfitter team
to quickly leverage the capabilities of our global e-commerce
platform to further support their customers while driving valuable
new technology e-commerce growth for NextPlat."
For more information about NextPlat, please visit
www.NextPlat.com and connect with us on Facebook and X (formerly
Twitter).
About NextPlat Corp
NextPlat is a global e-commerce
platform company created to capitalize on multiple high-growth
sectors and markets including technology and healthcare. Through
acquisitions, joint ventures and collaborations, the Company
intends to assist businesses in selling their goods online,
domestically, and internationally, allowing customers and partners
to optimize their e-commerce presence and revenue. NextPlat
currently operates an e-commerce communications division offering
voice, data, tracking, and IoT products and services worldwide and
pharmacy and healthcare data management services in the United States through its subsidiary,
Progressive Care Inc. (OTCQB: RXMD).
Forward-Looking Statements
Certain statements in this
release constitute forward-looking statements. These statements
include the capabilities and success of the Company's business and
any of its products, services or solutions. The words "believe,"
"forecast," "project," "intend," "expect," "plan," "should,"
"would," and similar expressions and all statements, which are not
historical facts, are intended to identify forward-looking
statements. These forward-looking statements involve and are
subject to known and unknown risks, uncertainties and other
factors, including the Company's ability to launch additional
e-commerce capabilities for physical and digital assets, transact
business in crypto currencies and its ability to
grow and expand as intended, any of which could cause the Company
to not achieve some or all of its goals or the Company's previously
reported actual results, performance (finance or operating),
including those expressed or implied by such forward-looking
statements. More detailed information about the Company and the
risk factors that may affect the realization of forward-looking
statements is set forth in the Company's filings with the
Securities and Exchange Commission (the "SEC"), copies of which may
be obtained from the SEC's website at www.sec.gov. The Company
assumes no, and hereby disclaims any, obligation to update the
forward-looking statements contained in this press release.
Media and Investor Contact for NextPlat
Corp:
Michael Glickman
MWGCO, Inc.
917-397-2272
mike@mwgco.net
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SOURCE NextPlat Corp.