CARLSBAD, Calif., April 30, 2018 /PRNewswire/ -- NTN Buzztime, Inc. (NYSE American: NTN), leader in interactive entertainment and innovative dining technology to bars and restaurants in North America, announced it received a letter from NYSE Regulation, Inc. on April 26, 2018, stating it accepted the company's plan to regain compliance with Section 1003(a)(iii) of the NYSE American Company Guide by March 20, 2019.
"NYSE Regulation approved our compliance plan within eight days, which we believe is another positive endorsement," said NTN Buzztime CEO Ram Krishnan. "Our growth strategy focuses on leveraging our digital platform to increase our capabilities in existing markets, while creating new markets for the platform itself. Our secure tablet platform increases guest engagement through social entertainment, self-service, and payment technologies and has already strengthened existing relationships and attracted new customers. As announced previously, we began selling both our hardware platform and our gaming services and have secured our first large win, a seven-figure contract for several thousand tablets. Management and the board are committed to building long-term shareholder value and working diligently to execute on our business strategy. We are excited about prospects for the future."
As reported previously, on March 20, 2018, NTN Buzztime received a letter from NYSE Regulation that the company is not in compliance with NYSE American LLC's continued listing standards because it reported stockholders' equity of less than $6 million as of December 31, 2017 and had net losses in five of its most recent fiscal years ended December 31, 2017. As a result, the company became subject to the procedures and requirements of Section 1009 of the Company Guide. On April 26, 2018, NYSE Regulation notified NTN Buzztime that it had accepted the company's plan of the actions it has taken or will take to regain compliance with Section 1003(a)(iii) of the Company Guide by March 20, 2019, and granted a plan period that extends through March 20, 2019 to regain compliance. NTN Buzztime will be subject to periodic review by NYSE Regulation staff for compliance with the plan. If NTN Buzztime is not in compliance with the continued listing standards by March 20, 2019, or if NTN Buzztime does not make progress consistent with the plan, NYSE Regulation staff will initiate delisting procedures as appropriate. The listing of the Company's common stock on the exchange is being continued pursuant to an extension.
This release contains forward-looking statements that reflect management's current views of future events and operations, including but not limited to statements about our efforts to regain compliance with the NYSE American continued listing standards. These statements are based on current expectations and assumptions that are subject to risks and uncertainties that could cause actual results to differ materially. Risks and uncertainties include the execution risks related to the company's plan to regain compliance, including the ability of the company to achieve important milestones related to its plan, risks associated with customer retention and growth plans, the impact of alternative entertainment options and technologies and competitive products, brands, technologies and pricing, adverse economic conditions, the regulatory environment, failure of customer and/or player acceptance or demand for new or existing products, lower market acceptance or appeal of both existing and new products and services by particular demographic groups or audiences as a whole, termination of partnership and contractual relationships and technical problems or outages.. Please see NTN Buzztime, Inc.'s recent filings with the Securities and Exchange Commission for information about other risks that may affect the Company. All forward-looking statements included in this release are based on information available to us on the date hereof. These statements speak only as of the date hereof and NTN Buzztime, Inc. does not undertake to publicly update or revise any of its forward-looking statements, even if experience or future changes show that the indicated results or events will not be realized.
Buzztime (NYSE American: NTN) delivers interactive entertainment and innovative technology, including performance analytics and secure payment with Europay, MasterCard® and Visa® (EMV) chip card readers or with near-field communication (NFC) technology to accept Apple, Android and Samsung Pay. Most frequently used in bars and restaurants in North America, the Buzztime tablets and technology offer engaging solutions to establishments that have guests who experience dwell time, such as casinos, senior living, car dealerships and more. Casual dining venues license Buzztime's customizable solution to differentiate themselves via competitive fun by offering guests trivia, card, sports and arcade games, personalized menus and self-service dining features. Buzztime's platform improves operating efficiencies, creates connections among the players and venues, and amplifies guests' positive experiences. The Buzztime platform has also been recently resold and the content licensed for other businesses serving other markets. For more information, please visit http://www.buzztime.com or follow us on Facebook or Twitter @buzztime.
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Kirsten Chapman/Becky Herrick, LHA Investor Relations
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SOURCE NTN Buzztime, Inc.