- Cash in the bank grew substantially from $157,363 to $1.68 million;
- Total Assets doubled from approximately $3.6 million to $7.1 million;
- Non-GAAP gaming turnover reached $24.93 million for the three months ended September 30, 2016, an increase of 42.58% compared to the same period in 2015;
- GAAP revenue reached $2.6 million for the three months ended September 30, 2016, compared to $1.1 million for the same period in 2015, an increase of 133%.
Mr. Ciavarella further reflected on employees by remarking, "Indeed we don't want to overlook our highly motivated and committed staff, management and directors for accomplishing such a superb commercial task on nothing less than a thin budget, limited internal resources and powerful headwinds from a skeptical and challenging financial market. Our highly-dedicated team is intensely focused on seizing on the explosive opportunity in the Italian leisure betting space to scale-up from a strong foundation and look to drastically improve profits in 2017."About Newgioco Group, Inc. Newgioco Group, Inc., together with its wholly owned subsidiaries, is a fully licensed and integrated online and land-based gaming operator. The company conducts its business primarily through our internet-based gambling and sports betting platform under the registered brand Newgioco on our website www.newgioco.it as well as land-based neighborhood betting shops situated throughout Italy. The company offers its clients a full suite of leisure gaming products and services, such as sports betting, virtual sports, online casino, poker, bingo, interactive games and slots. Additional information is available on our corporate website at www.newgiocogroup.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.
Investor Relations ContactsRenmark Financial Communications Inc.Bettina Filippone: email@example.comTel: (416) 644-2020 or (514) 939-3989www.renmarkfinancial.comAndrew Barwicki516-662-9461 / firstname.lastname@example.org