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Newgioco Reports Full Year 2018 Results

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GGR Up 61%; 89% Increase in Handle;

 

Newgioco Group, Inc., a sports betting and gaming technology company providing regulated online and land-based gaming and wagering through licensed subsidiaries in Italy and Austria, and headquartered in Toronto, Canada, reported its financial and operating results for the 12 months ended December 31, 2018.

Full Year 2018 Financial and Business Highlights

  • Revenue of $34.6 million, up 51.2%
    • Gross gaming revenue (GGR) of $37.7 million, up 60.8%
    • Handle of $413.2 million, up 89.1%
  • Income from operations of $427,274, down 83.5% due to $3.1 million in non-recurring expenses including $1.0 million in investments for future growth, $1.6 million relating to legacy activities and items outside the normal course of business and $500,000 for executive compensation forgone in prior years
  • Net loss of $3.05 million compared to net income of $1.4 million in 2017
  • Adjusted EBITDA of $3.6 million compared to $2.6 million in 2017
  • Accelerated roll out in rapidly developing U.S. sports betting market
  • Significant progress made in strengthening management team and board of directors
  • Conference call scheduled for 4:30 p.m. ET on March 7, 2019

“Newgioco generated more than $413 million in total handle in 2018, an 89.1% improvement over 2017 volume, demonstrating our continued, strong growth,” commented Michele (Mike) Ciavarella, Newgioco Chief Executive Officer. “Our web-based handle grew 120.9% to $235.9 million, becoming our largest revenue stream. In addition, regulated products like online poker and online casino, continue to grow rapidly, reducing the impact of volatility from our sports betting revenue. As this trend continues, the quarter-to-quarter impact of sports betting on our profitability should decrease, giving us greater visibility and predictability into our quarterly revenues.”

“On the sportsbook side, the fourth quarter, while favorable for bettors, was a challenging one for the industry operators, and December especially so, resulting in abnormally low conversion ratios,” added Mr. Ciavarella. “However, our industry leading risk management capabilities enabled Newgioco to maintain hold ratios which far exceeded industry averages. Looking into 2019, we are expecting our handle exclusively from Italian operations to exceed $500 million. Growth from other geographies, regulated web-based revenue streams and software service fees in the U.S. and other markets are expected to be incremental to this baseline, helping accelerate our overall growth rates as we harvest the investments of the last year.”

“In the second-half of 2018, and especially in the fourth quarter, we increased our investments in anticipation of accelerating near-term growth,” concluded Mr. Ciavarella. “This included investments in our U.S. operation, a more expansive trade show presence and schedule, our expanded sales office in Naples, Italy, and our expanded risk management facility in Teramo, Italy, as well as the addition of six new vice presidents that recently joined Newgioco along with our new Chief Financial Officer. We expect these growth-related investments, which totaled more than $2 million in expenses in 2018, to drive accelerating growth in 2019 and beyond. In addition, we incurred $2.1 million in non-recurring charges, including $1.1 million in non-cash expenses, related to our convertible debentures, $508,000 in non-recurring charges and $500,000 for executive compensation forgone in prior years, which impacted our 2018 profitability.”

“With most of the investments behind us and our ELYS platform now fully developed, we believe we are poised for accelerated growth in 2019,” added Mr. Ciavarella. “We expect to add two to three U.S. tribal and/or non-tribal casinos as SaaS customers by the end of 2019, with a target of approximately 50,000 active U.S. domiciled players. With continued, steady growth in Italy, opportunities to expand in Europe, Africa, Asia and South America, and this greenfield opportunity in the U.S., we believe continued revenue growth is achievable and will lead to improved operating margins.”

Full Year 2018 Financial Summary

Revenue

For the full year 2018, revenue was $34.6 million, an increase of $11.7 million or 51.2%, compared to revenue of $22.9 million 2017. The revenue increase was mainly attributable to a significant increase in handle partially offset by a shift in gaming mix.

General and Administrative Expenses

General and administrative expenses for the year ended December 31, 2018 were $10.0 million compared to $5.6 million for the year ended December 31, 2017, an increase of 78.7%. The increase was primarily due to significant investments in growth of $1 million in technology development, marketing, legal and other professional fees in support of the company’s expansion to the U.S., $1 million related to legacy activities, $609,000 related to items outside the normal course of business and $500,000 for executive compensation that was forgone in prior years.

Direct Selling Costs

Direct selling costs represent the fees paid to the company’s network service provider, license fees and commissions for field agents and promoters and are based on percentage of handle (turnover). For the year ended December 31, 2018 direct selling costs were $24.1 million compared to $14.7 million for the year ended December 31, 2017, an increase of 64.5%. The increase was primarily due to the significant increase in handle.

Interest Expense

Net interest expense was $2.6 million for the year ended December 31, 2018, including $2.0 million of Non-cash interest associated with debentures issued in 2018. The increase from $482,000 in 2017 was the  result of interest expense incurred on debentures issued in 2018.

Net Income (Loss)

As a result of all of the above, for the year ended December 31, 2018, net loss was $3.0 million, or ($0.04) per diluted share based on a weighted average of 75,887,946 shares outstanding. In comparison, for the year ended December 31, 2017 the company reported net income of $1.4 million, or $0.02 per diluted share based on a fully-diluted weighted average shares outstanding of 75,344,948. Net loss for the period included $1.1 million in costs related to the repayment of convertible notes, and $1 million in investments related to the U.S. launch and product readiness efforts. In addition, the 2018 net loss included $300,000 in reimbursement for the CEO’s relocation to the United States to support the U.S. launch, $308,000 in costs directly related to product readiness and the expansion of offices to support future growth, and $500,000 in compensation catch-up related to executive salary forgone in prior years.

Other Comprehensive Income / (Loss)

For the year ended December 31, 2018 the Company recorded an expense of approximately $831,000 for foreign currency translation adjustment, compared to income of approximately $166,000 for foreign currency translation adjustment for the year ended December 31, 2017.

Adjusted EBITDA

Excluding the $3.1 million in charges described above, adjusted EBITDA for the year ended December 31, 2018 was $3.6 million compared to $2.6 million for the full year 2017. A reconciliation from Comprehensive Income (Loss), as shown in the company’s Consolidated Statements of Operations and Comprehensive Income (Loss), to Adjusted EBITDA is included in the tables of this press release.

Balance Sheet Summary

The Company had $6.3 million in unrestricted cash and cash equivalents as of December 31, 2018 compared to $6.5 million as of December 31, 2017. The Company also increased its Restricted Cash by approximately $1 million from $588,000 to $1.6 million.

Total debt outstanding was $5.4 million as of December 31, 2018 compared to $2.2 million as of December 31, 2017.

Non-GAAP Financial Measure – Adjusted EBITDA

This news release includes information on Adjusted EBITDA, which is a non-GAAP financial measure as defined by SEC Regulation G.

Management believes that Adjusted EBITDA, when viewed with our results under GAAP and the accompanying reconciliations, provides useful information about our period-over-period growth. Adjusted EBITDA is presented because management believes it provides additional information with respect to the performance of our fundamental business activities and is also frequently used by securities analysts, investors and other interested parties in the evaluation of comparable companies. We also rely on Adjusted EBITDA as a primary measure to review and assess the operating performance of our Company and our management team.

Adjusted EBITDA is a non-GAAP financial measure. We calculate adjusted EBITDA by taking comprehensive income (loss) and adding back the expenses related to foreign currency translation adjustment, total other expenses(loss), income taxes, product readiness and U.S market launch and adjustment for salary figures in prior years. Investors are cautioned that there are material limitations associated with the use of non-GAAP financial measures as an analytical tool. In addition, these measures may be different from non-GAAP financial measures used by other companies, limiting their usefulness for comparison purposes. We compensate for these limitations by providing specific information regarding the GAAP amounts excluded from these non-GAAP financial measures. Adjusted EBITDA should not be construed as a substitute for comprehensive income (loss) (as determined in accordance with GAAP) for the purpose of analyzing our operating performance or financial position, as Adjusted EBITDA is not defined by GAAP. A reconciliation of Adjusted EBITDA to comprehensive income (loss) is provided in the tables at the end of this press release.

Conference Call Information

The Company will host a conference call with investors and interested parties to review the results today at 4:30 p.m. ET. To access the conference call dial:

•  United States:

1-877-407-0792 

•  Toll-free:

1-201-689-8263





Reference confirmation code: 13688357

A replay will be available until March 21, 2019 which can be accessed by dialing 1-844-512-2921 if calling within the United States or 1-412-317-6671 if calling internationally. Please use passcode 13688357 to access the replay.

The call will also be accompanied live by webcast over the Internet and accessible at http://public.viavid.com/index.php?id=133543.

About Newgioco Group, Inc.

Newgioco Group, Inc., headquartered in Toronto, Canada, is a vertically-integrated leisure gaming technology company, with fully licensed online and land-based gaming operations and innovative betting technology platforms that provide bet processing for casinos and other gaming operators. The Company conducts its business under the registered brand Newgioco primarily through its internet-based betting distribution network on its website, www.newgioco.it as well as retail neighborhood betting shops situated throughout Italy.

The Company offers its clients a full suite of leisure gaming products and services, such as sports betting, virtual sports, online casino, poker, bingo, interactive games and slots. Newgioco also owns and operates innovative betting platform software providing both B2B and B2C bet processing for casinos, sports betting and other online and land-based gaming operators. Additional information including information about EBITDA presentation is available on our corporate website at www.newgiocogroup.com and will remain on our website indefinitely as we will continue to present values for EBITDA.

Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are identified by the use of the words “could,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “may,” “continue,” “predict,” “potential,” “project” and similar expressions that are intended to identify forward-looking statements and includes statements such as the quarter-to-quarter impact of sports betting on our profitability decreasing, our handle exclusively from Italian operations exceeding $500 million with industry leading conversion ratios, growth-related investments driving accelerating growth in 2019 and beyond, being poised for accelerated growth in 2019, adding two to three U.S. tribal and/or non-tribal casinos as SaaS customers by the end of 2019, and achieving revenue growth of 25% to 35%, with operating margins in the 10 to 15% range . These forward-looking statements are based on management’s expectations and assumptions as of the date of this press release and are subject to a number of risks and uncertainties, many of which are difficult to predict that could cause actual results to differ materially from current expectations and assumptions from those set forth or implied by any forward-looking statements. Important factors that could cause actual results to differ materially from current expectations include our ability to decrease the quarter-to-quarter impact of sports betting on our profitability, our ability to generate a handle exclusively from Italian operations exceeding $500 million with industry leading conversion ratios, our ability to implement growth-related investments to drive accelerating growth in 2019 and beyond, our ability to achieve accelerated growth in 2019, our ability to add two to three U.S. tribal and/or non-tribal casinos as SaaS customers by the end of 2019, our ability to achieve revenue growth of 25% to 35%, with operating margins in the 10 to 15% range, and the risk factors described in Newgioco’s Annual Report on Form 10-K and subsequent filings with the U.S. Securities and Exchange Commission, including subsequent periodic reports on Forms 10-Q and 8-K. The information in this release is provided only as of the date of this release, and we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events, except as required by law.

— Tables Follow –

NEWGIOCO GROUP, INC.

Consolidated Balance Sheets







December 31,

2018



December 31,

2017

Current Assets









Cash and cash equivalents



$

6,289,903





$

6,469,858



Accounts receivable





10,082







116,489



Gaming accounts receivable





1,021,052







1,163,831



Prepaid expenses





124,712







87,692



Related party receivable





49,914









Other current assets





55,700







12,543



Total Current Assets





7,551,363







7,850,413





















Noncurrent Assets

















Restricted cash





1,560,539







587,905



Property, plant and equipment





354,799







280,111



Intangible assets





12,583,457







3,245,748



Goodwill





262,552







260,318



Investment in non-consolidated entities





275,000







1



Total Noncurrent Assets





15,036,347







4,374,083



          Total Assets



$

22,587,710





$

12,224,496







































Current Liabilities

















Line of credit – bank



$

750,000





$

177,060



Accounts payable and accrued liabilities





4,603,608







1,606,560



Gaming accounts balances





1,049,423







1,274,856



Taxes payable





1,056,430







1,555,371



Advances from stockholders





39,237







547,809



Liability in connection with acquisition











142,245



Debentures, net of discount





3,942,523







1,148,107



Derivative liability











222,915



Promissory notes payable – other











100,749



Promissory notes payable – related party





318,078







318,078



Bank loan payable – current portion





120,920







121,208



Total Current Liabilities





11,880,219







7,214,958





















Bank loan payable





225,131







362,808



Other long-term liabilities





608,728







532,680



Total Liabilities





12,714,078







8,110,446





















Stockholders’ Equity

















Preferred stock, $0.0001 par value; 20,000,000 shares authorized, none issued













Common Stock, $0.0001 par value, 160,000,000 shares authorized; 75,540,298

and 74,143,590 shares issued and outstanding as of December 31, 2018 and

2017





7,555







7,415



Additional paid-in capital





23,956,309







14,254,582



Accumulated other comprehensive income





(1,081,338)







(250,327)



Accumulated deficit





(13,008,894)







(9,897,620)



Total Stockholders’ Equity





9,873,632







4,114,050



Total Liabilities and Stockholders’ Equity



$

22,587,710





$

12,224,496



NEWGIOCO GROUP, INC.

Consolidated Statements of Operations and Comprehensive Income (Loss)







For the year ended December 31,





2018



2017

Revenue



$

34,575,097





$

22,865,146





















Costs and Expenses

















Selling expenses





24,142,110







14,672,099



General and administrative expenses





10,005,713







5,597,881



Total Costs and Expenses





34,147,823







20,269,980





















Income (Loss) from Operations





427,274







2,595,166





















Other Expenses (Income)

















Interest expense, net of interest income





2,614,837







482,367



Changes in fair value of derivative liabilities











(257,231)



Imputed interest on related party advances





761







24,365



Gain on litigation settlement





(516,120)









Loss on issuance of debt





196,403









Impairment on investment











6,855



Other Expense





75,000









Total Other Expenses (Income)





2,370,881







256,356





















Income (Loss) Before Income Taxes





(1,943,607)







2,338,810



Income tax provision





1,102,701







972,924



Net Income (Loss)



$

(3,046,308)





$

1,365,886





















Other Comprehensive Income (Loss)

















Foreign currency translation adjustment





(831,011)







166,304





















Comprehensive Income (Loss)



$

(3,877,319)





$

1,532,190





















Income (loss) per common share – basic





(0.04)







0.02



Income (loss) per common share – diluted





(0.04)







0.02



Weighted average number of common shares outstanding – basic





75,887,946







74,032,631



Weighted average number of common shares outstanding – diluted





75,887,946







75,344,948





















NEWGIOCO GROUP, INC.

Consolidated Statements of Cash Flows





For the years ended

December 31,

Cash Flows from Operating Activities



2018



2017

Net income (loss)



$

(3,046,308)





$

1,365,886





















Adjustments to reconcile net income (loss) to net cash provided by

(used in) operating activities

















Depreciation and amortization





488,464







601,266



Amortization of deferred costs





58,188







100,329



Non-cash interest





1,995,128







205,216



Loss on issuance of debt





196,403









Imputed interest on advances from stockholders





1,514







24,365



Changes in fair value of derivative liabilities











(257,231)



Unrealized loss on trading securities





75,000









Impairment (recovery) of assets





(518,354)







6,855



Stock issued for services











23,250



Bad debt expense





6,354







135,953





















Changes in Operating Assets and Liabilities

















Prepaid expenses





(95,209)







(85,301)



Accounts payable and accrued liabilities





3,062,422







482,904



Accounts receivable





100,053







(91,603)



Gaming accounts receivable





142,779







(654,287)



Gaming accounts liabilities





(225,433)







435,771



Taxes payable





(498,941)







903,187



Other current assets





(43,157)







(2,304)



Customer deposits











138,359



Long term liability





76,048







26,059



Net Cash Provided by (Used in) Operating Activities





1,774,952







3,358,674





















Cash Flows from Investing Activities

















Acquisition of property, plant, and equipment, and intangible assets





(4,455,099)







(180,722)



Increase in restricted cash





(972,634)







(45,142)



Net Cash Used in Investing Activities





(5,427,733)







(225,864)





















Cash Flows from Financing Activities

















Proceeds from (repayment of) bank credit line, net





750,000







165,925



Proceeds from (repayment of) bank loan





(137,965)







(109,104)



Repayment of bank credit line





(177,060)









Proceeds from debentures and convertible notes, net of repayment





6,883,906







591,202



Advance to related party





(49,914)











Purchase of treasury stock





(2,261,307)









Advances from stockholders, net of repayment





(508,572)







(77,398)



Net Cash Provided by (Used in) Financing Activities





4,499,088







570,625





















Effect of change in exchange rate





(1,026,262)







536,001





















Net increase (decrease) in cash





(179,955)







4,239,436



Cash – beginning of the period





6,469,858







2,230,422



Cash – end of the period



$

6,289,903





$

6,469,858



NEWGIOCO GROUP, INC.

Calculation of Adjusted Earnings Before Interest,

Taxes, Depreciation and Amortization (Non-GAAP)



(in thousands)



For the year ended December 31,





2018



2017

Comprehensive Income (Loss)



$

(3,877,319)





$

1,532,190





















Total Other Expenses (Income)





2,370,881







256,356



Foreign currency translation adjustment





831,011







(166,304)



Income tax provision





1,102,701







972,924



EBITDA





427,274







2,595,166





















Product Readiness and U.S. Market Launch





1,019,500









Items Relating to Legacy Activities





1,000,000









Items Outside the Normal Course of Business





608,600









Adjustment for salary forgone in prior years





500,000



























Adjusted EBITDA



$

3,555,374





$

2,595,166





















 

SOURCE Newgioco Group, Inc.

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The Nomination Committee’s Proposal of Catena Media’s Board of Directors at the Annual General Meeting 2024

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The Nomination Committee’s Proposal of Catena Media’s Board of Directors at the Annual General Meeting 2024
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The Nomination Committee of Catena Media proposed re-election of the following members of the Board of Directors:

Øystein Engebretsen

Theodore Bergquist

Adam Krejcik

Sean Hurley

The Nomination Committee proposed that Erik Flinck and Dan Castillo be elected as new members of the Board of Directors.

Göran Blomberg, Esther Teixeira-Boucher and Austin Malcomb have declined re-election as board members.

The Nomination Committee proposed that there will be six (6) members of the Board of Directors, changed from seven (7).

The Nomination Committee also proposed Erik Flinck to be elected as Chairman of the Board of Directors.

Erik Flinck, born in 1980, currently provides high end business consulting combined with serving as Chairman for the digital health startup, dr HUD. Mr Flinck previously served as Head of BCG Sweden and has extensive experience from corporate management, growth and turnarounds from nearly 20 years of Management Consulting and serving as Head of Group Strategy and M&A at Sandvik AB. He has a Masters Degree in Engineering (Software development and Financial Mathematics) from the Royal Institute of Technology in Stockholm and a Masters Degree in Business and Administration from Stockholm University and Stockholm School of Business.

Born in 1980, Dan Castillo has accumulated over 20 years of experience across startups, growth companies and turnarounds. Since 2015, Castillo has invested in Catena Media, maintaining a close watch on its progression, especially after its IPO in 2016. He has previous experience of listed board work in Kotipizza which Orkla acquired in 2018. He currently serves on the boards of five companies in different sectors, including Quartr.com in Fintech and Hope Studios in movie production. His academic background includes studies in Finance and Economics at Linköping University.

The Nomination Committee of Catena Media consists of:

Nicklas Paulson, representing Investment AB Öresund (chair of the nomination committee)

Marianne Stenberg, representing Second Swedish National Pension Fund

Martin Zetterlund, representing Niklas Karlsson

Göran Blomberg, chairman of the board of Catena Media.

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IGT Announces Executive and Board Leadership Changes

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IGT Announces Executive and Board Leadership Changes
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International Game Technology PLC (IGT) announced that on March 21, 2024, its Board of Directors implemented changes to the Company’s Board and executive team.

Marco Drago announced that he will step down from his role as a non-executive director of the IGT Board of Directors. He will carry out his remaining term and depart from the Board at the conclusion of the Company’s Annual General Meeting (AGM) on May 14, 2024.

Enrico Drago has been appointed by the IGT Board of Directors as a non-executive director of the IGT Board. In addition, Enrico Drago will resign from his current role of CEO of IGT PlayDigital, and Gil Rotem, who is currently IGT PlayDigital President of iGaming, will expand his role to become IGT PlayDigital President and report directly to Vince Sadusky, CEO of IGT. These changes will be effective April 1, 2024. Enrico Drago will continue in his role as vice chairman of De Agostini S.p.A.

“As Marco Drago prepares to step down from his position on the IGT Board of Directors, I’d like to thank him for his many years of service and his unwavering commitment to driving results and creating value for all IGT stakeholders. Enrico Drago joining the Board and leaving his executive leadership position at IGT is a natural evolution that supports the Company’s vision for its next era of growth and transformation. Enrico’s value-creation mindset and understanding of global growth opportunities will enhance the Board and align with IGT’s strategic priorities,” said Marco Sala, IGT Executive Chair of the Board.

“Watching and guiding IGT through its evolution from a collection of companies that started with Lottomatica and GTECH grow into a unified global gaming leader has been very gratifying. We have been fortunate to have a great group of board members and business unit leaders that have helped drive IGT’s growth during this time. I thank them for their contributions and am certain that IGT is positioned for continued growth as we go forward with the bold initiatives we have undertaken,” said Marco Drago, IGT Non-Executive Director.

“Over the last five-plus years, IGT PlayDigital has established leadership positions in the global iGaming and North American sports betting sectors that will be foundational to the Company’s future successes. I thank the entire IGT PlayDigital team for all that we have accomplished in this time, and I look forward to supporting IGT in a new capacity and further helping the Company define its vision and strategy,” said Enrico Drago, CEO of IGT PlayDigital.

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Bidstack Executive Team Acquires Bidstack Limited and all its Subsidiaries

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Bidstack Executive Team Acquires Bidstack Limited and all its Subsidiaries
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The executive team of Bidstack has acquired Bidstack Limited and all the operating entities of the Group, from the administrators of Bidstack Group PLC. The deal sees James Draper, Founder & CEO, and the executive team of Bidstack Ltd become significant majority shareholders.

All contracts and client relationships will continue within the new ownership structure – safeguarding jobs for the UK and European-based staff.

Bidstack, the multi award-winning in-game middleware technology provider that initially set about bringing programmatic advertising revenue to the most renowned sports gaming franchises in the world, has diversified into a broader offering, taking advantage of the most advanced off-engine content management system in gaming.

Following the announcement of a partnership with the Washington Commanders, where the NFL franchise became the first-ever sports team to utilise a platform to control advertising within their virtual stadium, across official NFL games, from multiple studios and developers, the management team has been focusing on sports rights holders as a key customer type.

The executive team has the support of the world’s leading rights-holder professionals in the sports industry. It will continue to execute from its position as the leading technology for the sports industry, for fan engagement and brand activations, in video games.

The executive management consists of James Draper continuing as Chief Executive Officer, with Lisa Hau stepping up to Chief Financial Officer, Dave Garvey continuing as Chief Legal Officer, Will Stewart moving to Chief Product Officer and Daniel Barrigas to Chief Technology Officer.

James Draper, Bidstack’s Founder & CEO, said: “The acquisition is a pivotal moment for the next phase of growth for the business. Our technology is at the forefront of sports technology, and I couldn’t be more excited. I am proud that we are able to reward our ambitious and industry-pioneering team and have them as shareholders alongside myself.”

“I want to thank the staff and customers for standing by us during this strategic review, which has obviously been an uncertain period. For all of our customers to have stood strong alongside us is testament to the relationships we’ve built over the years, as well as the incredible staff we have here who have fostered those connections.

“The company can now focus on the enormous potential we have, to enable sports teams to get closer to their fans and improve the player experience by bringing their virtual IP to life, with real-time messaging, rewards and engagements.

“Thank you to the management team who have invested to protect the incredible work our talented group has produced. It’s extremely motivating to see the unwavering belief we collectively have in our vision and product. Sadly, the public market is an uncertain place currently, and it’s a challenging environment for growth businesses such as ours.

“The interest and support we’ve had from some of the leading players in the sports industry has given our team great confidence and motivation as we work with some of the world’s largest sporting franchises and leagues.

“Thank you to everyone’s support and to our Board of Directors, who have assisted myself and management throughout.”

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