Galaxy Enterprises, Receives First Round of Private Equity Funding
Thursday February 4, 9:04 am Eastern Time
Company Press Release
Galaxy Enterprises, Receives First Round of Private Equity Funding
OREM, Utah--(BUSINESS WIRE)--Feb. 4, 1999--Galaxy Enterprises, Inc. (OTC BB:GLXY - news) announced Wednesday that the Company has received $250,000, the initial portion of a $1.2 million equity package from a private investment fund.
Galaxy is also working with several other investment funds, discussing additional equity funding of $5-$6 million.
Galaxy's President and CEO, John J. Poelman, said, ''We have grown the company over the past three years without outside funding, and have been operating profitably by paying attention to the fundamental infrastructure of our business. This strong foundation, and the addition of equity capital, will allow us to accelerate our already proven marketing strategies, which will translate into more revenue.
"We have also started an aggressive path toward becoming listed as a Nasdaq SmallCap company, and with these funds we will stay on track to achieving that goal."
Poelman continued, "Everyone sees the explosive growth potential of the Internet, and it is changing the way people do business. Good examples of this are the recent acquisitions taking place in our industry such as Yahoo (Nasdaq:YHOO - news) and Geocities, Netscape (Nasdaq:NSCP - news) and AOL (NYSE:AOL - news), @Home (Nasdaq:ATHM - news) and Excite (Nasdaq:XCIT - news). Galaxy will use the proceeds to increase the marketing of the Company's current products and services, engage both a public and investor relations firm, and advance its strategic partners and acquisitions plans."
Galaxy has several profit centers which will benefit from the funding. Galaxy Mall (http://www.galaxymall.com) is a wholly owned subsidiary of Galaxy Enterprises. It is one of the fastest growing malls on the Internet with approximately 1,700 storefronts. Galaxy Center, which allows Internet users to dynamically create a fully-functional e-commerce site, and MatchSite (http://www.matchsite.com) Galaxy's search engine are also profit centers.
For more information about Galaxy Enterprises or any of its profit centers, please contact Daren Baird at 801/227-0004, ext 3317 or send an e-mail to daren@galaxymall.com
Certain of the above statements may be forward looking statements that involve risks and uncertainties. In such instances, actual results could differ materially as a result of a variety of factors, including competitive developments and risk factors listed from time to time in the companies' SEC reports.
-----------------------------------------------------
For a quote on Galaxy visit: cbs.marketwatch.com
wealthstocks.com
*********************************************************************************
Wealth Stocks.com, Inc. Disclaimer
*********************************************************************************
All company information has been provided to Wealthstocks.com by the
respective companies. The information is believed to be true in its presentation.
Wealthstocks.com will not be held liable for the information provided by the Top
Featured Companies. The opinions, comments, and information on
Wealthstocks.com are not to be construed as an offer to sell or a solicitation to
buy any securities or investments directly or indirectly herein. The company
featured in this Wealthstocks.com wealth report, has paid Wealthstocks.com, Inc.
a fee for the services provided herein. Wealthstocks.com has received a one time
payment, with no additional compensation in form of stock or warrants directly
from the company or indirectly from any of it's affiliates. For more information
please visit wealthstocks.com |
