CARLSBAD, Calif., Sept. 3, 2019 /PRNewswire/ -- NTN Buzztime, Inc.
(NYSE American: NTN), changed the composition of its board of
directors effective August 30, 2019.
Gregg Thomas, a current director,
was named chair, replacing Jeff
Berg, who will remain on the board. Susan Miller, was appointed to the board,
replacing Paul Yanover, who stepped
down Mr. Yanover's resignation from the board was voluntary and not
due to any disagreements with the company.
Former Chair Jeff Berg stated,
"In our ongoing effort to strengthen the board profile, create new
energy and bring new and relevant industry experience, we welcome
Susan to the board, elevate Gregg
to chairman and thank Paul for his
contributions over the last seven years. Susan's advisory,
investment banking and capital markets background in restaurants
and technology is a great addition to the team. Gregg, too, has a
strong background, having consulted for over 25 years with emerging
and rapid growth companies in the restaurant and retail
industries."
Since Mr. Berg was appointed chairman a decade ago, 10 new
directors have been appointed to the board as a part of the board's
ongoing refreshment practices designed to meet the company's
evolving needs at the board level. Further, we remain
committed to implementing best practices in corporate governance,
including the continuous refreshment of our board, and we continue
to evaluate additional candidates for more transition over the next
year."
Ms. Miller said, "Having recently launched its new mobile app,
advertising exchange and capital-light offering, Buzztime now is
able to offer a greater variety of solutions and price points. By
creating these opportunities, I believe Buzztime is poised to enter
more ventures that would benefit from greater differentiation and
increased patron engagement. I am eager to help management progress
to the next phase."
Mr. Thomas said, "I'm excited to lead the board and work closely
with the management team on the next chapter of NTN's evolution. We
thank Jeff for his leadership and
are delighted for his continued participation on the board. In
addition, we look forward to working with Susan as we drive to
scale customers, grow revenue and increase shareholder value."
Susan
Miller
Susan Miller is
partner of Morgan Kingston Advisors, a boutique investment bank she
co-founded in September 2018 focused
on supporting middle market companies and their stakeholders across
the restaurant and restaurant technology sectors, among others. Ms.
Miller has over 15 years of investment banking experience including
various positions at Mastodon Ventures, Inc., a strategic advisory
firm focused on the restaurant industry, and J.P. Morgan Securities
Inc. Her advisory experience represents a broad range of
industries, including consumer products, food and beverage,
restaurants, retail, and healthcare. Ms. Miller's transaction
experience includes sales, divestitures, joint ventures, debt and
equity capital raises, recapitalizations, high yield debt
offerings, term loan debt offerings, initial public offerings,
follow-on public equity offerings, financial restructuring,
bankruptcy transactions, valuations, fairness opinions, and
strategic advisory for both private and publicly-traded
companies.
Ms. Miller was a Cornell Tradition Fellow and graduated cum
laude with a B.S. in applied economics and management from
Cornell University. She holds FINRA
Series 79 and 63 securities licenses.
Gregg Thomas
Gregg Thomas is a partner and
founder of CFO Advisors, LLC, a financial services and advisory
firm for the restaurant and retail industries. Over the last 25
years, he has acted as the trusted advisor to CEOs, providing
financial leadership and industry expertise to over 50 restaurant
and retail companies across the United States. Mr. Thomas
focuses his practice on working with emerging and rapid growth,
multi-unit companies, guiding them over a series of years in their
preparation for an eventual capital event. Prior to founding CFO
Advisors, LLC in 1994, he was senior tax manager for Plante &
Moran.
Mr. Thomas received a B.S. in Accounting from the Stephen M.
Ross School of Business at the University of
Michigan in Ann Arbor, a MS in Taxation from Walsh College, and did post graduate study in
taxation at the University of Michigan
Law School. He is a Certified Public Accountant.
Board Committee Composition
In connection with the
board changes, the composition of two of the board's standing
committees also changed. The audit committee will consist of
Susan Miller, Richard Simtob and Gregg
Thomas, with Mr. Thomas serving as chair, and the nominating
and corporate governance / compensation will consist of
Steve Mitgang, Jeff Berg and Gregg
Thomas, with Mr. Mitgang serving as chair.
Forward-looking Statements
This release
contains forward-looking statements that reflect management's
current views of future events and operations, including statements
regarding the ability of the company to enter more ventures that
would benefit from the company's greater differentiation and
increased patron engagement, to
drive to scale customers, grow revenue and increase shareholder
value, as well as statements regarding
future transitions in our board's
composition. These risks and uncertainties include
the risks of unsuccessful execution or launch of products,
platforms or brands, 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
and changes in the law, 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 these and 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.
About Buzztime:
Buzztime (NYSE American: NTN) delivers
interactive entertainment and innovative technology that helps its
customers acquire, engage and retain its patrons. Most frequently
used in bars and restaurants in North America, the Buzztime
tablets, mobile app and technology offer engaging solutions to
establishments that have guests who experience dwell time, such as
casinos, senior living, 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. Buzztime's platform creates connections among the players
and venues and amplifies guests' positive
experiences. Buzztime's in-venue TV network creates one of the
largest digital out of home ad audiences in the US and Canada.
Buzztime hardware solutions leverages the company's experience
manufacturing durable tablets and charging systems, enabling a
diverse group of businesses including corrections, point-of-sale
and loyalty with product implementation. Buzztime games have also
been recently licensed by other businesses serving other markets.
For more information, please
visit http://www.buzztime.com or follow us
on Facebook or Twitter@buzztime.
IR AGENCY CONTACT:
Kirsten
Chapman, LHA Investor Relations, buzztime@lhai.com
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SOURCE NTN Buzztime, Inc.