NEWPORT BEACH, CA, March 10, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- XSport Global, Inc. (OTC: XSPT):
Dear XSPT Shareholders:
We are aware of the recent concerns with the late filings and low stock price of the company. We are working with new counsel to help with the restructuring of the company which could possibly affect the current stock price. We are having difficulty attracting new capital as a result of the capital structure and various notes holders’ activity. Unfortunately, many of these legacy issues were inherited from the past several management teams and the company’s overall inability to launch the HeadTrainer app.
At this time, we have put the development and BETA launch of the XSport Connect platform on hold, pending further investment. We will turn our limited resources back onto HeadTrainer and FitLinkDNA brands. The company cannot move forward with any new athletes and sports celebrities to become brand ambassadors without the capital resources necessary to meet the minimum financial contract requirements.
We continue to be optimistic, however without the help from the existing note holders the company will continue to struggle. Finally, we have lost a few of our key team members as a result of our lack of funding in addition we have scaled back on the Innovation Center.
Going forward:
We will continue to share pertinent information as quickly as possible. We welcome your emails to investor@xsportglobal.com or info@xsportglobal.com.
Thank you for your ongoing support.
Ray Mariorenzi
CEO, and President XSport Global Inc.
About XSport Global, Inc.
XSport Global, Inc. (OTCQB: XSPT) is a leading youth and collegiate sports technology and media holding company focused on developing disruptive sports-centric technologies and related media projects around the world, where sports industries, fans and players are highly regarded. Backed by a roster of professional athletes and brand ambassadors, we seek to help athletes achieve their full potential through cognitive training, careers, genetics, recruiting and more. Visit www.xsportglobal.com and www.headtrainer.com for more information.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995.
Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. You can identify forward-looking statements by words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "plan," "should," "would" or similar words. You should consider these statements carefully because they discuss our plans, targets, strategies, prospects and expectations concerning our business, operating results, financial condition and other similar matters. These statements are subject to certain risks, uncertainties, and assumptions, including, but not limited to, risks and uncertainties relating to the Company's ability to develop, market and sell products and services, based on its technology; the expected benefits and efficacy of the Company's products, services and technology; the availability of additional funding for the Company to continue its operations and to conduct research and development, and future product commercialization; and, the Company's business, research, product development, regulatory approval, marketing and distribution plans and strategies; the ability of the Company to execute on a business plan that permits the technologies and innovations businesses to provide sufficient growth, revenue, liquidity and cash flows for sustaining the Company's go-forward business, and the risks identified and discussed under the caption "Risk Factors" in the XSport GlobalX’s Annual Report filed with the Securities and Exchange Commission (the "SEC") and the other documents XSport Global files with the SEC from time to time. There will be events in the future, however, that XSport Global is not able to predict accurately or control. XSport Global's actual results may differ materially from the expectations that XSport Global describes in its forward-looking statements. Factors or events that could cause XSport Global's actual results to materially differ may emerge from time to time, and it is not possible for XSport Global to accurately predict all of them. Any forward-looking statement made by XSport Global in this press release speaks only as of the date on which XSport Global makes it. XSport Global undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Contacts
Media Relations Dept.
XSport Global Corporate
(949) 468-0075
Info@xsportglobal.com