CMG Holdings Group, Inc . Announces Approval of Stock Buyback
April 30 2014 - 9:26AM
Access Wire
CHICAGO, IL / ACCESSWIRE / April 30, 2014 / The Board
of Directors of CMG Holdings Group, Inc. (OTCBB: CMGO) announces
today the approval of a share buyback of up to 45 million shares of
it’s common stock. The purchases will be made at the
discretion of the company through open market repurchases and or
privately negotiated transactions.
Chairman and CEO Glenn Laken said, "We are very excited by the
prospects for the company going forward and have decided to
implement this buy back based on our view that the price of the
stock does not accurately reflect the value of the company and its’
increasingly positive prospects. We believe that this program
is a very important step in increasing shareholder value". The
repurchase will be made with cash on hand.
Full details of the stock repurchase program may be found in
CMG’s Current Report on Form 8K dated April 30, 2014.
About CMG Holdings Group, Inc.
CMG Holdings, Inc., through its subsidiaries, XA, The
Experiential Agency, Inc. and Good Gaming, Inc., operates in the
experiential marketing and gaming businesses. XA is a
marketing communications company focused on the operation of
organizations in the alternative advertising, digital media,
experiential and interactive marketing, and entertainment. XA was
formed by a core group of executives who have held senior level
positions with several of the largest companies in the
entertainment and marketing management industry and delivers
customized marketing solutions that optimize profitability by
concentrating resources in the marketing communications and
entertainment industry. XA operates in the sectors of
experiential marketing, event marketing, commercial rights, and
talent management.Good Gaming is an online gaming portal with
a business objective of assisting eSports gamers to hone and
elevate their skills so as to enable them to compete at a higher
level in amateur through professional gaming tournaments.
Good Gaming plans to provide its targeted market with access
to its proprietary membership based eSports web platform and to
provide a service with a monthly membership fee to its target
market comprised of 16-25 year old, single, high school/college
level adults with disposable income and more than 10 hours of
invested game play weekly.
Caution Regarding Forward Looking Statements
Certain statements in this news release are forward-looking,
including (without limitation) expectations or guidance respecting
customer contract expansion, growing revenues and profits through
organic growth and acquisitions, attracting new business that will
increase the Company's revenues, continuing to maintain costs and
consummating any transactions. Undue reliance should not be placed
on such forward-looking statements because the matters they
describe are subject to known and unknown risks, uncertainties and
other unpredictable factors, many of which are beyond the Company's
control. The Company's actual results, performance and trends could
differ materially from those indicated or implied by such
statements as a result of various factors, including (without
limitation) the continued strengthening of the Company's selling
and marketing functions, continued customer satisfaction and
contract renewal, continued availability of capable dedicated
personnel, continued cost management, the success and availability
of acquisitions, availability of financing and other factors, as
well as by factors applicable to most companies such as general
economic, competitive and other business and civil conditions.
Information regarding certain of those and other risk factors and
cautionary statements that could affect future results, performance
or trends are discussed in the Company's most recent annual report
on Form 10-K, quarterly reports on Form 10-Q, and other filings
made with the Securities and Exchange Commission from time to time.
All of the Company's forward-looking statements are expressly
qualified by all such risk factors and other cautionary
statements.
SOURCE: CMG Holdings
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