NXGen Brands Completes Debt Cleanup and Shares Retirements
News related to:NXGen Brands · 2 min read
LAS VEGAS, Oct. 19, 2026 /CourierPR/ -- NXGen Brands, Inc. (OTC: NXGB) has completed a significant restructuring that includes acquiring a controlling share block from Marjorie Schaefer and retiring a substantial portion of its outstanding debt. The company announced these milestones as part of its ongoing efforts to strengthen its capital structure and support business development.
According to the press release, BLAQclouds, Inc. (OTC: BCDS) acquired 2,178,000,000 shares of NXGen common stock and 1,000,000 shares of preferred stock from Marjorie Schaefer. This transaction transferred control of NXGen Brands to BLAQclouds, setting the stage for a management transition. BLAQclouds also acquired all of NXGen's outstanding convertible debt from attorney Vic Devlaeminck, P.C., representing $375,000 in convertible debt obligations. Additionally, NXGen terminated legacy debt obligations associated with instruments dated January 4, 2021, February 4, 2021, and April 30, 2020. Following the completed debt cleanup, BLAQclouds has forgiven its recently acquired outstanding debt, and the company reports that its total outstanding debt balance is zero.
In a further move to streamline its capital structure, new management has completed the retirement of 1,000,000,000 common shares through the company’s transfer agent. This action reduced NXGen Brands’ total issued and outstanding common shares from 3,341,779,566 to 2,341,779,566. The company expects its OTC Markets Security Details page to reflect the reduced outstanding share count in the coming days.
NXGen Brands continues to advance Operation “Cleanup” in collaboration with BLAQclouds and Apollo Direct. The company is finalizing the acquisition of a BLAQclouds subsidiary that plays a key role in BLAQclouds’ Four Pillars strategy. The transaction is expected to close on October 21, 2026, and the company will provide additional updates upon closing.
Dr. Todd Zang, known to theAlley community as “Doc Z,” has been appointed as the new Chief Executive Officer (CEO) of NXGen Brands. Dr. Zang, a Nevada podiatrist with an established private practice serving facilities in Las Vegas and Reno, brings years of experience in entrepreneurship and corporate oversight to the company’s leadership team. As CEO, Dr. Zang will focus on advancing Operation “Cleanup,” building an in-house sales team, establishing strategic partnerships, and developing clearly defined revenue channels for NXGen Brands. He will also work closely with BLAQclouds to expand commercial opportunities for both companies.
Shannon Hill, who has served as NXGen Brands’ interim CEO, will transition to full-time service on the company’s Board of Directors and as CEO of BLAQclouds.
The company plans to update its officer and director information in the Nevada Secretary of State's Orion portal during the week of October 19, 2026, to reflect the leadership transition.