CARLSBAD, Calif., Sept. 17, 2019 /PRNewswire/ -- NTN Buzztime, Inc.
(NYSE American: NTN), announced CEO Ram Krishnan will resign as CEO
of the company effective September 17,
2019 and serve as an advisor through October 17, 2019. Effective September 17, 2019, CFO Allen Wolff will serve as interim CEO while the
board conducts a search for a permanent CEO. Effective September 17, 2019, Mr. Krishnan will resign from
the board, and the board has reduced its count to five
directors.
Board Chair Gregg Thomas said,
"We thank Ram for his leadership and contributions through our
transformation from a single trivia platform to a multi-faceted
product set. During Ram's tenure, Buzztime improved gross margins
and bottom-line to deliver 13 consecutive quarters of positive
EBITDA with steady growth. Further, by investing in both software
and hardware, Buzztime shortened the innovation cycle and broadened
its product offerings, which includes a growing hardware solutions
product line, tiered offerings in the core product line, an
integrated and scalable ad network and content licensing."
"I am excited Allen has stepped up to drive execution of our
next phase. Together, Ram and Allen installed a culture and
workplace that has just begun to transform our 35-year-old brand
into the future. In addition to Allen's unwavering enthusiasm and
financial acumen, he is a shrewd operator and talented visionary. I
look forward to working with Allen more closely," added Mr.
Thomas.
Mr. Wolff stated, "I am thankful to Ram for his partnership over
the past four and a half years and for his leadership in setting
the foundation for the next stage of growth. I am honored to lead
during our next transition."
In addition, Sandra Gurrola, who
has been at Buzztime for almost 10 years, was promoted to senior
vice president of finance to assume some of Mr. Wolff's prior
responsibilities as CFO as well as continue to oversee all aspects
of accounting and financial reporting, including SEC reporting,
SOX, tax compliance, technical accounting, forecasting/modeling,
and accounting operations.
Allen Wolff
Allen Wolff joined Buzztime in 2014
as Chief Financial Officer. Most recently, he was the Chief
Financial Strategist at PlumDiggity, which specialized in
early-stage technology companies and offered operational,
financial, and marketing strategies to accelerate corporate growth,
structure, and culture. Allen started PlumDiggity after
various roles in high growth companies, including PaySimple, which
he co-founded in 2005. PaySimple operates today as
Evercommerce with recent financing valuing the company at nearly
$2B.
Mr. Wolff graduated cum laude with a B.S. from University of Michigan and received his M.B.A. in
Entrepreneurship and Finance from University of Maryland – Robert H. Smith School of Business.
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
415-433-3777
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SOURCE NTN Buzztime, Inc.