CHICAGO, Sept. 13, 2019 (GLOBE NEWSWIRE) -- via NetworkWire -- CMG Holdings Group, Inc. (CMGO-OTC) -- We would like to take this opportunity to report that our wholly owned subsidiary - XA The Experiential Agency - has signed two new deals. With these two new contracts inked, the pace of bringing on new players to our corporate roster accelerates and with these new corporate alliances, we will be able to capture more business in the clothing and cosmetic sector.
These contracts came to XA because of its growing reputation for the ability to turn an idea into an installation in a matter of weeks instead of months. The ability to create complex, multi-city events in a matter of weeks helped secure both of these new client relationships. These new clients are:
- Madewell, online and retail clothing stores for men and women https://www.madewell.com/
- Beauty Counter, a direct retail skincare and cosmetics brand https://www.beautycounter.com/
With our current book of business and expanding client list, including these two new signings, XA is beginning to regain the recognition that if you want it done right and done on time, we are the company of choice. A signing previously mentioned, J. Crew, starts their University tour on Saturday in N.Y.C. in lower Manhattan. The crew is ready, and it should be a memorable 10 school event (https://www.jcrew.com).
CEO Glenn Laken went on to add: "I am very excited about our future and the growth of the company. We are expanding our revenues and seeking to expand our footprint in the marketplace. CMG is funding the business the right way with no toxic convertible debt or gimmick financing. The authorized shares have not been altered in more than a half decade. In addition, there has never been a reverse split. I am proud of the effort and hard work we have made growing our business and bringing the company up to date with its filings. We are now current and in good standing with OTC markets (https://www.otcmarkets.com/). With all of our recent achievements our market cap is extremely undervalued. This will change.”
We recently passed a resolution which has enabled us to buy 100MM shares of our stock to be retired. I discovered a rich vein of shares that I believe can be purchased way below the market. We have 38.5 m shares on our books that are restricted. They have been on deposit with the transfer agent and have remained untouched for 7 plus years. They are as small as 10k shares and as big as 500k to 1 million shares. One thing is for certain, they are never going to be deposited to trade. I have begun to call some of the listed owners. I have discussed buying them back by the company at severe discounts and there is good interest. I believe over the next couple of quarters, we will be able to repurchase the majority and reduce the OS by between 5-8 percent. I am very excited by this prospect and so should CMG shareholders be. As the process moves along, I will keep you informed.
This is the first in a series of updates and press releases. We have exciting news about projects we have been working on, to be announced shortly.
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 mediums. XA serves clients across the marketing communication industry. Separately, CMG Holdings Group owns Lincoln Acquisition Corp., a subsidiary formed to manage its portfolio investments.
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. CMG’s business strategy described in this press release is subject to innumerable risks, most significantly, whether the Company is successful in securing adequate financing and materially decreases its convertible debt. 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.
CMG Holdings Group, Inc.