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Newgioco Group, Inc. Provides Details on Recent Acquisitions
New York, August 25, 2016. Newgioco Group, Inc. (OTCQB:EMGL) a company providing
regulated online and offline gaming and wagering through licensed subsidies in
Italy, today revealed details regarding the recently announced acquisition of
the 2 key gaming operations based in Austria.
On July 1, 2016, the Company completed the acquisition of Odissea
Betriebsinformatik Beratung Gmbh ("Odissea") a gaming software development
company which owns and operates a proprietary betting platform and product
development house which currently processes approximately $400 million in
betting turnover on an annual basis. The Odissea betting platform, which is
certified under both the Malta and Austrian gaming authorities, is a
state-of-the-art gaming technology with an advanced, highly efficient software
engine designed and managed by a qualified and experienced team of gaming
engineers which become employees of Newgioco as a result of the acquisition.
The Company and is now preparing to launch a new series of online games
including Virtual Sports products.
Also on July 1, 2016, the Company completed the acquisition of Ulisse Gmbh
("Ulisse") a retail gaming distribution group which operates 107 'land-based'
gaming agency locations throughout Italy. Ulisse management and staff will
also join Newgioco to boost the rapid expansion of our operations in Italy.
Ulisse currently operates the locations under a 50% revenue share agreement
which produces approximately $1.8 million in net earnings on an annual basis.
With the integration of our in-house betting platform, the company expects to
realise a cost savings of approximately 50% to our current online and land-based
gaming network overhead and will further attain 100% of the revenue earned by
the Ulisse land-based locations upon completion of the license renewal auction.
The resulting effect of our 2 new divisions is projected to increase
consolidated net earnings by approximately 400%.
About Newgioco Group, Inc.
Newgioco Group, Inc., together with its wholly owned subsidiaries,
Multigioco Srl, Rifa Srl as well as the recently announced acquisitions of a
gaming-software technology division and land-based management company, is a
fully integrated licensed online and land-based gaming operator. The company
conducts its business primarily through our internet-based gambling and sports
betting platform under the registered brand Newgioco on our website
www.newgioco.it as well as land-based neighborhood betting shops situated
throughout Italy.
The company offers its clients a full suite of gaming products and services,
such as sports betting, virtual sports, online casino, poker, bingo, interactive
games and slots. Additional information is available on our corporate website
at www.newgiocogroup.com.
This Press Release contains certain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. The company has
tried, whenever possible, to identify these forward-looking statements using
words such as "anticipates," "believes," "estimates," "expects," "forecast,"
"plans," "intends," "potential" and similar expressions. These statements
reflect the company's current beliefs and are based upon currently available
information. Accordingly, such forward-looking statements involve known and
unknown risks, uncertainties and other factors which could cause the company's
actual results, performance or achievements to differ materially from those
expressed in or implied by such statements.
Factors which may cause such differences include the company's ability to
complete additional acquisitions, expand our distribution, increase our client
base and other risks disclosed in the company's SEC filings. The company
undertakes no obligation to update or advise in the event of any change,
addition or alteration to the information covered in this press release,
including such forward-looking statements. Investor Relations Contact
Renmark Financial Communications Inc.
Bettina Filippone: bfilippone@renmarkfinancial.com
Tel: (416) 644-2020 or (514) 939-3989
www.renmarkfinancial.com
Andrew Barwicki
516-662-9461 / andrew@barwicki.co
