Gene Hew-Len, CEO of NXGen, Inc., stated, "We are very pleased with the completion of our restructuring and believe we now have the ground work to exponentially grow. We've essentially completed spending for technology infrastructure, thereby stabilizing future technology costs to be a variable related to specific customer requirements. This has reduced our overhead costs to a level that supports current activity without diminishing our service and support capabilities to our customers. NXGen has also succeeded in shifting to a scalable variable cost structure, reducing our breakeven costs by over half, and increasing our sales activity. Our realigned sales function has drastically reduced sales costs while simultaneously expanding our sales capacity, and we are currently experiencing increased dollar volume of sales interest. NXGen has worked diligently in 2007 to restructure our company, expecting that for fiscal year '08 we will be operating as a profitable company."
NXGen Holdings, Inc., through its wholly owned subsidiary NXGen, Inc., is focused on providing solutions to commercial fleet operators, enhancing their productivity and operating efficiencies. NXGen specializes in the emerging, multi-billion-dollar GPS/telematics industry. NXGen's mission is to become a recognized leader in this industry by aggressively investing in new acquisitions, building strategic alliances and securing strategic partnerships with companies on the cutting edge of the GPS and telematics development -- thereby creating value for its shareholders.
For more sales and product information, please visit the company website at www.nxgengps.com or call 360-782-0169.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: This press release may contain certain forward-looking statements within the meaning of Section 27A of the Securities and Exchange Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created thereby. Investors are cautioned that all forward-looking statements involve risks and uncertainties. Although NXGen Holdings, Inc. believes that the assumptions underlying the forward-looking statements contained herein are reasonable, any assumption could be inaccurate and, therefore, there can be no assurance that the forward-looking statements included in this press release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion should not be regarded as a representation by NXGen Holdings, Inc. or any other person that the objective and plans of NXGen Holdings, Inc. will be achieved. Contact Information: NXGen, Inc. Gene Hew-Len, 360-782-0169