(Marketwire Via Acquire Media NewsEdge) MESA, AZ -- (Marketwired) -- 05/14/14 --
NexGen Holdings, Corp. (PINKSHEETS: XGEN) announced today that it has acquired Camelback Pools, LLC d/b/a Paddock Pools as part of an Equity Exchange Agreement. Paddock Pools, an iconic backyard products company serving Arizona customers for over 55 years, and has been the premier pool builder in the Valley since 1958.
With this acquisition NexGen Pools and Spas becomes a complete outdoor products company that delivers the essential elements for a successful "backyard experience"; Water, Fire, Food, Furniture and Fun. The combined company has doubled its annual revenue to over $14 million dollars. Paddock Pools is located in Scottsdale, Arizona and is one of the most recognizable brands in the swimming pool industry. Their 20,000 square foot show room sells quality furniture, barbecues, fire-pits, spas and pool supplies. The Company plans to combine the operations but not necessarily the brands of Paddock with its Cameo Pools Company under its NexGen Pools and Spas, Inc. subsidiary, creating one of Arizona's largest swimming pool companies.
John Myers, CEO of both NexGen Holdings and NexGen Pools and Spas, stated, "This transaction adds substantial revenue and completes our product offering and is consistent with our business plan to build our brands through acquisitions and organic growth."
Craig Maggi, Paddock's President and the new President and Chief Operating Officer of NexGen Pools and Spas, added, "We are pleased to be a part of NexGen Pools and Spas and will continue to provide the best backyard experience for all of our customers. The commitment and passion from John Myers and his team to deliver the best products and services in this market is why my decision was easy to join them. I am confident that together we can build the number one outdoor products company in Arizona."
Steven Vollaro, President of Cameo and the new Director of Sales for NexGen Pools and Spas, said, "I'm very excited about the synergies between Cameo and Paddock. This will give Cameo instant access to new high margin products and with our technology and the combination of the Paddock and Cameo brands we will be able to increase both revenue and margins significantly."
About NexGen Holdings, Corp.
NexGen Holdings, Corp. is a public holding company that is an acquirer and operator of fundamentally sound subsidiaries that are market accepted, scalable and demonstrate a quantifiable value proposition. To enhance shareholder value our focus is on establishing a foot print in a specific industry through the acquisition of a subsidiary that has strong market presence, brand awareness, talented and dedicated management teams with the potential to achieve exceptional performance over time. Once acquired these companies can expand through additional acquisitions, aggressive marketing and access to our operational support, management approach, and ability to access financial markets for operational and growth capital to build a market leader. NexGen Holdings, Corp. currently has two subsidiaries: WindPower Solutions Inc., which repairs and remanufactures wind power turbines and solar power plants for operators across the U.S., and NexGen Pools and Spas, Inc., which operates Cameo Pools & Paddock Pools that builds and renovates swimming pools and markets outdoor products to consumers in the Phoenix, Arizona Metropolitan Area. -- For more information go to our websites at: www.wpienergy.com, www.cameopools.com
About NexGen Pools and Spas, Inc.
NexGen Pools and Spas, Inc. is the subsidiary of NexGen Holdings, Inc. that focuses on acquiring, and managing growth companies selling outdoor products that deliver the 5 (five) essential elements for a successful "backyard experience"; Water, Fire, Food, Furniture & Music. For more information, go to our website at; www.nexgenpools.com
About Paddock Pools
Paddock Pools has been a recognizable brand in the Arizona swimming pool market for over 55 years. Paddock has built pools for many of the large resorts including the popular area water parks and tens of thousands of pools in homes since the brand was founded in 1958. The Company offers a full product line including Backyard furniture, spas, fire-pits and new and remodeled swimming pools. Customers can also purchase their pool supplies at the store or online. Paddock also offers swimming pool maintenance and repair services. For more information visit our website at www.paddockpoolsandspas.com
About Cameo Pools
Cameo Pools is a NexGen company that focuses on delivering to consumers the 5 (five) essential elements for a successful "backyard experience"; Water, Fire, Food, Furniture & Music as it has for over 37 years, with such well known-quality brand names as Cameo Pools, Cameo Landscaping, & Cameo Solar. As the oldest swimming pool builder in Mesa, Arizona, Cameo has been committed to excellence for so long that we are able to offer a valuable lifetime warranty on the hand-crafted products we create for our customers. Cameo repairs, maintains, designs and installs swimming pools, water features, spas, outdoor furniture and landscaping and solar options. For more information, go to our website at: www.cameopools.com
Forward-Looking Statements Disclaimer:
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, including those regarding NexGen Holdings, Inc. expectations, intentions, strategies and beliefs pertaining to future events or future financial performance. All statements contained herein are based upon current information available to NexGen Holdings, Inc.'s management as of this date. The business and operations of the Company are subject to substantial risks which increase the uncertainty that forward-looking results will be achieved and actual events or results may vary materially as a result of various important factors including those which management has little or no control. We undertake no duty to update any of the forward-looking statements, whether as a result of new information, future events or otherwise. In light of the foregoing, readers are cautioned not to place undue reliance on such forward-looking statements.
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Source: NexGen Holdings, Corp.