LOS ANGELES, Nov. 18, 2020 /PRNewswire/ -- LiveXLive Media
(Nasdaq: LIVX) ("LiveXLive"), a global platform for
livestream and on-demand audio, video and podcast content in
music, comedy and pop culture, and owner
of PodcastOne, Slacker Radio and React
Presents, announced today that Michael
Quartieri has been named as its new Chief Financial Officer,
effective November 30, 2020. Mr.
Quartieri replaces interim CFO Jerry
Gold, who shall continue in his current role as the
Company's Chief Strategy Officer and a member of the Company's
Board of Directors.
Mr. Quartieri spent the past five years as Executive Vice
President and Chief Financial Officer at Scientific Games (Nasdaq:
SGMS), a $3.4 billion world leader in
entertainment offering dynamic games, systems and services for
casino, lottery, social gaming, online gaming and sports
betting. He managed over $700
million in acquisitions and in 2019, he spearheaded the
successful $324 million IPO of the
company's subsidiary, SciPlay Corp. During his time at
Scientific Games, revenue grew to approximately $3.4 billion and a market capitalization of
approximately $2.5 billion at
calendar year-end 2019. Starting in 2006, Mr. Quartieri spent
nine years with Las Vegas Sands Corp. ending his tenure as Senior
Vice President, Chief Accounting Officer and Global Controller.
During his time at Las Vegas Sands, revenue grew from $2.24 billion to $11.69
billion and the market capitalization grew to $36.4 billion. Previously he spent 13 years
at Deloitte & Touche, rising to the position of Director of
Audit and Assurance Services, specializing in gaming and
hospitality. Mr. Quartieri holds a Master of Accounting and a
Bachelor of Science in Accounting from the University of Southern California and is a
Certified Public Accountant.
Mr. Quartieri commented, "After an extensive review of
LiveXLive, its product offerings and current positioning within
the livestream, on-demand audio, video and podcast sectors, I
believe the critical pieces are in place to build the Company into
a significant enterprise. I am particularly excited about working
with the Company's highly accomplished and experienced management
team."
LiveXLive CEO and Chairman, Robert
Ellin, stated, "Mike brings an exceptional track record
to LiveXLive and is a renowned and highly respected executive
within the gaming and entertainment industry as well as among
institutional investors and analysts. His broad business acumen in
operations, mergers and acquisitions, international business,
capital formation, and investor relations will be a great asset to
our management team."
About LiveXLive Media, Inc.
Headquartered in Los Angeles,
California, LiveXLive Media, Inc. (NASDAQ: LIVX) (the
"Company") (pronounced Live "by" Live) is a global platform for
livestream and on-demand audio, video and podcast content in music,
comedy, and pop culture. LiveXLive, which has streamed over 1500
artists since January 2020, has
become a go-to partner for the world's top artists and celebrity
voices as well as music festivals and concerts, including Rock in
Rio, EDC Las Vegas, and many others. In April 2020, LiveXLive produced its first 48-hour
music festival called "Music Lives" with tremendous success as it
earned over 50 million views and over 5 billion views for
#musiclives on TikTok with over 100 performances. The Company's
library of global events, video-audio podcasts and original shows
are also available on Amazon, Apple TV, Roku and Samsung TVs in
addition to its own app, destination site and social channels. The
Company's wholly-owned subsidiary, PodcastOne, generates more
than 2.1 billion downloads annually across more than 350 podcast
episodes produces weekly. For more information,
visit www.livexlive.com and follow us
on Facebook, Instagram, TikTok, Twitter at
@livexlive, and YouTube.
Forward-Looking Statements
All statements other than statements of historical facts
contained in this press release are "forward-looking statements,"
which may often, but not always, be identified by the use of such
words as "may," "might," "will," "will likely result," "would,"
"should," "estimate," "plan," "project," "forecast," "intend,"
"expect," "anticipate," "believe," "seek," "continue," "target" or
the negative of such terms or other similar expressions. These
statements involve known and unknown risks, uncertainties and other
factors, which may cause actual results, performance or
achievements to differ materially from those expressed or implied
by such statements, including: the Company's reliance on one key
customer for a substantial percentage of its revenue; the Company's
ability to consummate any proposed financing or acquisition and the
timing of the closing of such proposed transactions, including the
risks that a condition to closing would not be satisfied within the
expected timeframe or at all or that the closing of any proposed
transaction will not occur; the Company's ability to continue as a
going concern; the Company's ability to attract, maintain and
increase the number of its users and paid subscribers; the Company
identifying, acquiring, securing and developing content; the
Company's ability to maintain compliance with certain financial and
other covenants; the Company successfully implementing its growth
strategy, including relating to its technology platforms and
applications; management's relationships with industry
stakeholders; the effects of the global Covid-19 pandemic; changes
in economic conditions; competition; risks and uncertainties
applicable to the businesses of the Company's subsidiaries; and
other risks, uncertainties and factors including, but not limited
to, those described in the Company's Annual Report on Form 10-K for
the fiscal year ended March 31, 2020,
filed with the U.S. Securities and Exchange Commission (the "SEC")
on June 26, 2020, Quarterly Report on
Form 10-Q for the quarter ended September
30, 2020, filed with the SEC on November 16, 2020, and in the Company's other
filings and submissions with the SEC. These forward-looking
statements speak only as of the date hereof and the Company
disclaims any obligations to update these statements, except as may
be required by law. The Company intends that all forward-looking
statements be subject to the safe-harbor provisions of the Private
Securities Litigation Reform Act of 1995.
LiveXLive IR Contact:
310.529.2500
ir@livexlive.com
LiveXLive Press Contact:
The Rose Group
Lyndadorf@therosegrp.com
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SOURCE LiveXLive Media, Inc.