CARLSBAD, Calif., Jan. 14, 2020 /PRNewswire/ -- NTN Buzztime,
Inc. (NYSE American: NTN), signed a definitive agreement to sell
all of its assets related to its Stump! Trivia hosted events
business to Sporcle, Inc. for $1.4
million.
CEO Allen Wolff said, "In 2020,
we are continuing our strategy to build scale of our core trivia
entertainment product through digital content and hardware
solutions. As such, we capitalized on the opportunity to monetize
our hosted-events and divest from that ancillary business. We are
pleased with our progress in narrowing our focus further as we
expand efforts into our mobile app, lighter product offering and
expansion into programmatic ad networks that together form the
foundation for our long term growth. We intend to use the proceeds
from the sale for operations and investment in these growth
strategies. Looking ahead in 2020, we are excited about the
traction we have been gaining with this focus and vision."
Stump! Trivia, a live hosted knowledge-based event played in
bars and restaurants, provides fun and exciting competitions by
conducting approximately 400 events a week, the majority of which
are in the Boston, MA region. The
sale is expected to close by January 31,
2020. The company took additional steps to reduce head count
and expects to be approximately 60 full time employees when the
transaction closes.
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.
Forward-looking Statements
This release contains
forward-looking statements that reflect management's current views
of future events and operations, including statements regarding the
expected closing date of the sale of assets and the company's
expected head count if the transaction closes.
Forward-looking statements, in some cases, can be identified
by terms such as "believe," "may," "will," "estimate," "continue,"
"anticipate," "design," "intend," "expect," "could," "plan,"
"potential," "predict," "seek," "should," "would," "contemplate,"
project," "target," "tend to," or the negative version of these
words and similar expressions. Forward-looking statements are based
on current expectations and assumptions that are subject to risks
and uncertainties. Actual results could differ materially from
those anticipated as a result of various factors, including the
conditions to the closing of the transaction may not be satisfied,
the transaction may involve unexpected costs, liabilities or
delays, and other risks to consummation of the transaction,
including the risk that the transaction will not be completed.
Additional factors that may affect Buzztime's strategy, future
operations, future financial position, projected costs, prospects,
plans and objectives are set forth in its filings with the SEC,
including its recent filings on Form 8-K, Form 10-K and Form 10-Q.
You are urged to consider these factors carefully in evaluating the
forward-looking statements in this report and are cautioned not to
place undue reliance on such forward-looking statements, which are
qualified in their entirety by this cautionary statement. Unless
otherwise required by law, 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.
IR AGENCY CONTACT:
Kirsten
Chapman, LHA Investor Relations, buzztime@lhai.com
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SOURCE NTN Buzztime, Inc.