CMG Takes Significant Step Towards Closing the Acquisition of E&E Enterprises Global Inc.
October 26 2015 - 10:21AM
InvestorsHub NewsWire
CHICAGO, IL - October 26, 2015 - InvestorsHub NewsWire - CMG
Holdings Group, Inc. (OTCQB: CMGO) today announced that the Company
is on track towards the acquisition of the targets it currently has
under Letters of Intent. As of yesterday, the Company has
extended its period of exclusivity to acquire E&E Enterprises
Global, Inc. through November 30, 2015. The Company has executed an
agreement for up to one million dollars for refinancing certain of
E&E's debt obligations and simplifying the firms capital
structure, which should make additional funding much more
attainable.
Glenn Laken, CEO of CMG, commented on the opportunities facing
the organization: "The extension of exclusivity and execution of
the term sheet show the confidence our targets and smart money have
in our acquisition strategy. We selected the investor group based
on their extensive experience in the communications industry,
ability to quickly close, and extensive resources which can
expedite closing on our currently negotiated deals and other
opportunities. Additionally, we have identified a PCAOB certified
firm to audit the books of our signed targets, are engaging counsel
to move to closing the transactions, and are in discussions with
multiple institutional investors that can provide additional
capital to fuel our growth. We are moving forward with the
acquisition of E&E and expect to close the transaction sometime
in this quarter. We are very excited by this occurrence and our
looking forward to folding E&E into the CMG family. We are
currently meeting with bankers and funds in our desire to achieve
the rest of the funding for the other two targets and are
optimistic we can close those transactions by year end. Our vision
for the future is rapidly becoming the reality of CMG today."
Ernest Green, CEO and founder of E&E, said: "The elimination
of debt obligations will allow E&E to move forward and take on
and execute current and new contract work. We are at a tipping
point in our business in anticipation of significant work for the
federal government and major wireless carriers and cable MSOs
throughout the United States."
Safe Harbor Statement:
CMGO cautions that statements made in press releases constitute
forward looking statements, and make no guarantees of future
performances and actual results/developments may differ materially
from projections in forward looking statements. Forward looking
statements are based on estimates and opinions of management at the
time statements are made.
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