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NextPlat Corp (NXPL) Annoounces Acquisition of Outfitter Satellite Inc.

March 26, 2024 8:01 AM

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).

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