NEW YORK, April 19, 2016 (GLOBE NEWSWIRE) -- Empire Global Corp. (OTCQB:EMGL) a company providing regulated online and offline gaming and wagering through its wholly owned ADM licensed subsidiary Multigioco Srl, announced today it has filed its annual report representing financial results for the year ended December 31, 2015.
2015 Highlights:
- Non-GAAP Betting Turnover increased from $30,445,330 to $77,357,513 for the 12-months ended December 31, 2015, as compared to the same reporting period for the prior year.
- Revenues increased from $1,741,531 to $4,872,902 for the 12-months ended December 31, 2015, as compared to the same reporting period for the prior year.
- Net loss decreased from $2,171,234 to $2,022,603 for the 12-months ended December 31, 2015, as compared to the same reporting period for the prior year.
Michele Ciavarella, Chairman and CEO of Empire Global commented, “We are very pleased with the accomplishments achieved throughout 2015. The build-out implemented in 2015 represented final steps in the strategy to position our gaming business in preparation for the key 2016 renewal of licenses in Italy and provides us with a solid platform for launching our “Newgioco” marketing blitz. The result is attracting several new operators to our Newgioco brand, expanding land-based business from 4 to 10 location Rights and from 850 to 1,067 online web-shop locations through 2015.”
“We executed as planned on improving operating efficiencies and margins, negotiating favorable terms for acquisitions and integrating these acquisitions in a cost effective manner which resulted in significantly reduced net consolidated loss and strengthened our balance sheet by paying down a significant amount of debt throughout the year. Going forward into 2016, we expect these initiatives to have a positive impact on our operating results and believe there are many exceptional opportunities for our continuing expansion and growth. Some values will come organically from our current locations, while others from new licenses and acquisitions still available to us,” concluded Mr. Ciavarella.
Among other things, the annual report for the year ended December 31, 2015 filed by the Company represents the first full year of operating results with both our online and land-based gaming business in Italy. Q4 2015 also saw a marked reduction in non-recurring corporate overhead, which represents the lion’s share of consolidated expenses incurred during 2014 and 2015 while operationally; we implemented a new corporate wide commission schedule that resulted in a significant reduction in operating expenses. Throughout the 2015 business plan, management invested heavily in the higher margin land-based operating vertical and leaned-out our online operations, all of which resulted in a 47% gain in year-over-year Net Gaming Revenue from approximately $1.1 million in Q4 2014 to $1.5 million in Q4 2015.
About Empire
Empire Global Corp., together with its wholly owned subsidiaries, Multigioco Srl and Rifa Srl, is a licensed gaming operator. The company conducts its business primarily through our internet-based gambling and sports betting platform under the registered brand Newgioco on our licensed gaming website www.newgioco.it as well as land-based neighborhood betting shops situated throughout Italy.
The company, through its online gaming website and shops, provides a full suite of gaming products and services, such as sports betting, online casino, poker, and bingo and interactive games. Additional information is available on our corporate website at www.emglcorp.com .
This Press Release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The company has tried, whenever possible, to identify these forward-looking statements using words such as "anticipates," "believes," "estimates," "expects," “forecast,” "plans," "intends," "potential" and similar expressions. These statements reflect the company's current beliefs and are based upon currently available information. Accordingly, such forward-looking statements involve known and unknown risks, uncertainties and other factors which could cause the company's actual results, performance or achievements to differ materially from those expressed in or implied by such statements.
Factors which may cause such differences include the company's ability to complete additional acquisitions, expand our distribution, increase our client base and other risks disclosed in the company's SEC filings. The company undertakes no obligation to update or advise in the event of any change, addition or alteration to the information covered in this press release, including such forward-looking statements.
CONTACT: Investor Relations Contact Andrew Barwicki 516-662-9461 / andrew@barwicki.com
