• Revenues of $448K+
up 93% YoY, Profitability Maintained
• XA Sales Funnel
Builds with Multiple High-Profile
Wins
• Continued 100MM
Share Repurchase and Returning Capital to
Stockholders
• Company Pursuing
Legal Action Against Former Attorneys
Chicago,
IL -- November 8, 2019 -- InvestorsHub NewsWire -- CMG
Holdings
Group,
Inc.
(CMGO/OTC)
released
results today
of
another
profitable
quarter and
provided a shareholder update from the office of the CEO, Glenn
Laken.
CMG
executed
well during the three-month period ending September
30, 2019. Total
revenues of $448K
were
up 93% YoY
from 233k during same
period in
2018, generating a net
profit of $147K
-
a
significant increase from a
net profit of $12K
in
3Q18. XA remains debt-free
going into the
fourth quarter. In addition, cash on hand is $501K,
up 23% from $409K
at the
end of the second quarter. XA's
third
quarter was defined
by
smaller jobs for significant new
clients with
large experiential budgets,
including Timberland.
Having just successfully produced a second Timberland event at the
beginning of the 4th
quarter,
XA
is
now being
considered for a much larger role in their experiential
program at a
meeting this week.
In
addition, J.
Crew has
scheduled meetings with our design and production
team,
and we
anticipate bigger
projects coming from them over the
coming months.
In
other news, CMG is beginning
a tender offer for 38.5MM
shares
of restricted stock to
reduce the outstanding
shares in the Company's
float.
If successful, we
will reduce the O/S
by
approximately 8.5%. This seems
to be low hanging fruit and an
efficacious
way
of
spending company dollars. We will
keep you informed as the
program moves forward.
Additionally,
we have a
mediation
session
scheduled with the hope of resolving a malpractice
lawsuit recently filed against former legal counsel. We will
provide an update when information is available.
Overall,
XA's 3rd quarter was very busy with business from a number of new
clients. All of these new clients have the potential to bring
in significant
business
going forward. As we
execute our plans and
continue to increase our market share, it is anticipated that the
market will reward
us with a significantly higher
market cap in the near future.
About CMG Holdings
Group, Inc.
CMG Holdings Group,
Inc. is a Chicago holding company whose primary operating
subsidiary is XA – The Experiential Agency, Inc. (http://www.experientialagency.com) - which engages in
the alternative advertising, digital media, experiential and
interactive marketing, and entertainment sectors. XA is involved in
production and promotion, event design, sponsorship evaluation,
negotiation and activation, talent buying, show production, stage
and set design, and data analysis and management activities. The
business also offers branding and design services, such as graphic,
industrial and package designs across traditional and new media,
public relations, as graphic, industrial and package designs across
traditional and new media, public relations, social media, media
development and relations, and interactive marketing platforms
to provide its clients
with customary private digital media networks to design and develop
individual broadcasting digital media channels to sell, promote,
and enhance their digital media video content through mobile,
online, and social mediums. XA serves clients across the marketing
communication industry. Separately, CMG Holdings Group owns Lincoln
Acquisition Corp., a subsidiary formed to manage its portfolio
investments.
Disclosure
Statement
Statements in this
press release about our future expectations, including without
limitation, the likelihood that CMG Holdings Group, Inc. will meet
minimum sales expectations, be successful and profitable, bring
significant value to its stockholders, and leverage capital markets
to execute its growth strategy, constitute "forward-looking
statements" within the meaning of Section 27A of the Securities Act
of 1933, Section 21E of the Securities Exchange Act of 1934, and as
that term is defined in the Private Litigation Reform Act of 1995.
Such forward-looking statements involve risks and uncertainties and
are subject to change at any time, and our actual results could
differ materially from expected results. The Company undertakes no
obligation to update or release any revisions to these
forward-looking statements to reflect events or circumstances after
the date of this statement or to reflect the occurrence of
unanticipated events, except as required by law. CMG's business
strategy described in this press release is subject to innumerable
risks, most significantly, whether the Company is successful in
securing adequate financing and materially decreases its
convertible debt. No information in this press release should be
construed in any form shape or manner as an indication of the
Company's future revenues, financial condition or stock
price.
Contact
Glenn Laken
CEO
CMG Holdings Group,
Inc.
(773) 770-3440
glennbrlaken@gmail.com
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