WENZHOU, China, April 5, 2021 /PRNewswire/ -- ZK
International Group Co., Ltd. (Nasdaq: ZKIN) ("ZKIN", "ZK
International") is pleased to announce that it has led a
$50M Series A funding round in CG
Malta Holding Limited ("CGM"), a rapidly-growing, privately-held
multi-state and globally licensed sports betting and casino
operator, to launch MaximBet.com. MaximBet is a strategic
partnership with Maxim, the renowned media brand and
CGM.
The Company's investment in CGM will total $50 Million through two closings. The first
closing occurred today in which the Company has acquired a 12%
interest for the purchase price of $15,000,000. The second closing anticipated
to occur within the second quarter, will result in the Company
acquiring an additional 13% for the purchase price of $35,000,000. Upon completion of the two
closings, the Company will own a total interest of 25% in
MaximBet.
MaximBet will be made up of a market-leading sports betting
and casino website at MaximBet.com, and tailor-made native iOS and
Android apps that will allow users to bet on sports and casino in
the United States and around the
world. The new venture will leverage Maxim's integrated network of
print, digital, social and experiential platforms to engage the
loyal Maxim community and sports bettors alike.
"Maxim has successfully established itself as a preeminent
lifestyle brand over the last 25 years," said Daniel Graetzer, CEO of CGM. The CEO of
CGM continues, "our mutual objective is to provide sophisticated
entertainment and VIP experiences to the same customer demographic
which makes Maxim the perfect partner for CGM."
Aside from its currently live operation in Colorado, Carousel Group has also entered into
a multi-state, 10 year partnership with Caesars Entertainment,
Inc., (NASDAQ:CZR) that will see its online sportsbook made
available to customers in New
Jersey, Indiana and
Iowa, as well as its online casino
in New Jersey, pending obtaining
necessary gaming licenses. MaximBet intends to capture a
significant share of the U.S. online gambling market, which is
projected to be an annual $10 billion
industry by 2025.
Last month, ZKIN announced the formation of its new wholly-owned
subsidiary, xSigma Entertainment Limited, with the intent of
acquiring online gaming assets to increase shareholder value by
targeting businesses in the growing online casino industry. The
Company is thrilled to share that its first strategic investment in
the US online gambling industry is with an
internationally-recognized brand and a premier operator that boasts
a team with decades of experience.
Today's closing of $15 million in
Series A funding marks the beginning of the Company's innovative
approach to add value to its shareholders. Jiancong Huang, Chairman of the Company, states,
"We are pleased to act as a capital partner to such an amazing
brand and experienced management team. Our Company and shareholders
are excited about the future and we are looking forward to adding
shareholder value to CGM as MaximBet readies to rapidly scale its
operations in 2021."
LINK TO CGM AND MAXIM PRESS RELEASE
https://www.carouselgroup.net/maxim-and-carousel-group-partner-to-launch-maximbet
About ZK International Group Co., Ltd.
ZK
International Group Co., Ltd. is a China-based engineering
company building and investing in innovative technologies for the
modern world. With a focus on designing and implementing
next-generation solutions through industrial, environmental and
software engineering, ZKIN owns 28 patents, 21 trademarks, 2
Technical Achievement Awards, and 10 National and Industry Standard
Awards.
ZKIN's core business is to engineer and manufacture patented
high-performance stainless steel and carbon steel pipe products
that effectively deliver high quality, highly-sustainable and
environmentally sound drinkable water to the Chinese, Asia and European markets. ZK
International is Quality Management System Certified (ISO9001),
Environmental Management System Certified (ISO1401), and a National
Industrial Stainless Steel Production Licensee. It has supplied
stainless steel pipelines for over 2,000 projects, which include
the Beijing National Airport, the "Water Cube" and "Bird's Nest",
which were venues for the 2008 Beijing Olympics. ZK
International is preparing to capitalize on the $850 Billion
commitment made by the Chinese Government to improve the quality of
water, which has been stated to be 70% unfit for human contact.
In 2018, ZKIN established its wholly-owned xSigma Corporation to
develop innovative software solutions that support its core
operations while exploring new opportunities in smart contracts,
distributed ledgers, supply chain management and blockchain
architecture. The xSigma Labs team is made up of world-class
developers and engineers formerly of Facebook, Google, Amazon,
Ripple and 1inch, most recently launching its first DeFi project in
the Fall of 2020.
In March of 2021, ZKIN announced the formation of its new
wholly-owned subsidiary, xSigma Entertainment Limited. It was
established as part of ZK's integrated network of companies focused
on developing and investing in innovative software technology
platforms. xSigma Entertainment's mandate is to acquire assets in
the high-growth US gaming market. Sigma Entertainment aims to
increase shareholder value by targeting and investing in early
stage online gambling businesses that are poised for exponential
growth and exits.
For more information please
visit www.ZKInternationalGroup.com. Additionally,
please follow the Company
on Twitter, Facebook, YouTube,
and Weibo. For further information on the Company's SEC
filings please visit www.sec.gov.
About CG Malta Holding Limited
CG Malta Holding Limited (www.carouselgroup.net) is a rapidly
growing licensed sports betting and casino operator established in
2017 with the mission to build a sportsbook focused on building
long-term relationships with customers. Formed by top executives
with more than 100 years of collective experience in the gaming
industry, Carousel Group utilizes proprietary technology to build
personalized betting experiences. The company's core values are to
create a positive impact on the industry through the promotion of
responsible gaming and practicing corporate social responsibility
while delivering exceptional betting experiences.
About Maxim
Maxim (www.maxim.com) is a multimedia company and the leading
destination for modern men living life to the
fullest. Maxim creates an unparalleled luxury experience
that is part fantasy, part aspirational and part attainable,
publishing 9 editions available in 75 countries. The Maxim brand is
experienced across print, digital, social, events, licensing, and
the annual Maxim Cover Girl contest. Maxim celebrates the
most beautiful women in the world, thrill-seeking adventures in
exotic destinations, world-class entertainment, luxury automobiles,
speed-seeking motorcycles, cutting-edge industry titans,
exceptional athletes, the latest gadgets, gear and
style. Maxim.com and social connects with over 10 million
mobile men on a monthly basis and Maxim Experiences brings the
brand to life in epic proportions.
Safe Harbor Statement
This news release contains
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended, and as defined in the
U.S. Private Securities Litigation Reform Act of 1995. Without
limiting the generality of the foregoing, words such as "may,"
"will," "expect," "believe," "anticipate," "intend," "could,"
"estimate" or "continue" or the negative or other variations
thereof or comparable terminology are intended to identify
forward-looking statements. In addition, any statements that refer
to expectations, projections or other characterizations of future
events or circumstances are forward-looking statements. These
forward-looking statements are not guarantees of future performance
and are subject to certain risks, uncertainties and assumptions
that are difficult to predict and many of which are beyond the
control of ZK International. Actual results may differ from
those projected in the forward-looking statements due to risks and
uncertainties, as well as other risk factors that are included in
the Company's filings with the U.S. Securities and Exchange
Commission. Although ZK International believes that the
assumptions underlying the forward-looking statements are
reasonable, any of the assumptions could prove inaccurate and,
therefore, there can be no assurance that the results contemplated
in forward-looking statements will be realized. In light of
the significant uncertainties inherent in the forward-looking
information included herein, the inclusion of such information
should not be regarded as a representation by ZK International or
any other person that their objectives or plans will be achieved.
ZK International does not undertake any obligation to revise the
forward-looking statements contained herein to reflect events or
circumstances after the date hereof or to reflect the occurrence of
unanticipated events.
Investor Contact:
Sherry Zheng
Weitian Group LLC
Email: shunyu.zheng@weitian-ir.com
Phone: +1 718-213-7386
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SOURCE ZK International Group Co., Ltd.