NEW YORK, Oct. 5, 2020 /PRNewswire/ -- Exxe Group, Inc. (OTC PINK: AXXA), a diversified company focused on synergistic acquisitions in critical, fast-growing industries, has acquired a controlling interest in Swiss medical supply company MMeditech GmbH. MMeditech's primary revenue drivers are focused on the provision of globally sourced, high-use consumable medical supplies. These include hygiene products, syringes, bandages, and sterilization materiel.
Among other elements, the MMeditech acquisition brings immediate revenues to Exxe, a high level of operating profitability, and a backlog of $2.8 million for 2021. The company is also engaged in other related health care product sales and product development which could bear considerable fruit in future quarters.
MMeditech GmbH is currently on track to generate revenues of $2.7 million in 2020 and is targeting revenues of $3.6 million and EBITDA of $1.2M in 2021. By comparison, in 2019 the company generated revenues of $869K with EBITDA of $328K.
Eduard Nazmiev, Ph.D., CEO, and President of Exxe Group commented: "MMeditech GmbH is AXXA's first medical supply company acquisition and further solidifies our $30.8 million revenue estimate for FY2021. The acquisition provides Exxe with a channel to leverage its existing medical supply chain relationships in order to grow MMeditech's revenues and global supply chain footprint."
Dr. Martin Horst founded MMeditech in 2004 as a sole proprietorship before incorporating as MMeditech GmbH in 2019. The company services the Swiss B2B medical supply market with globally sourced medical supply products. In addition, it is a financial partner at all stages of venture and post-venture, private, and public – partnering in the biotech sector.
About Exxe Group
Exxe Group is a diversified corporation focusing on acquisitions in the following sectors: real estate, sustainable technology, media, agribusiness, and financial services. Exxe Group is an acquisition-driven company. The Company strategy is to acquire controlling equity interests in undervalued companies and undertake an active role in improving their performance - accelerating their growth by providing both access to capital and management expertise. For additional information go to www.exxegroup.com.
CONTACT: Exxe Group IR: firstname.lastname@example.org, +1-855-285-2285
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SOURCE Exxe Group, Inc.