CMG
Holdings Group's Board of Directors Authorizes 100 Million Share
Repurchase Program
Chicago, IL -- June
13, 2019 -- InvestorsHub NewsWire -- The Board of Directors of CMG
Holdings Group, Inc. (OTC:
CMGO) announces today the approval of a share buyback program
of up to 100
million
shares of the Company's
common
stock over the next two years.
The
share
repurchases will be
made at the discretion of the company through the
open
market purchases and/or
privately negotiated transactions.
CMG's
Chairman
and CEO Glenn Laken said, "We are very excited by the prospects for
the company going forward and have decided to implement this
buyback based on our view that the price of the stock does not
accurately reflect the value of the company and its increasingly
positive prospects.
We
believe that this program is a very important step in increasing
shareholder value. I'd like to
thank our loyal shareholders for their support. Further
information on CMG developments can be found at @CMGOnews on
Twitter." The repurchases will
be made with cash on hand, free cash flow from
operations, and potential bank financing.
Full
details of the stock repurchase program may be found in
CMG's report
on Form
8K which will be filed
within the next few business days.
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, 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 media. 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. 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
Twitter: @CMGOnews