NEW YORK, March 01, 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 that it has secured 25 additional online web-shop gaming arcades situated in Lazio Region of Italy and has also implemented a significant cost saving commission structure.
The Company acquired twenty former “.com” and five competing “.it” operators at no cost. The locations, which reflect attained growth and continuing expansion opportunities in the Italian gaming market, are currently operating and will be immediately branded and operate under our Newgioco flag. In addition, the Company has also implemented a revised corporate-wide commission schedule for agents and shops. The new incentive-based schedule is projected to save the Company up to 50% in selling costs, which accounted for approximately $2.4 million in operating expenses for the first 9 months of 2015.
"We continue to benefit from the forced consolidation in the Italian gaming market, and have now implemented a number of initiatives to boost our EBITDA and ensure that operating results reflect our main goal of increasing shareholder value,” commented Company CEO, Michele Ciavarella. “Throughout 2015 we strengthened the competitive position of many of our locations and leveraged the unique growth opportunities presented by each of the acquisitions we made. Consistent with our focus to grow business both organically and by way of acquisitions throughout Italy, we have expanded our administrative capacity in Rome to prepare for locations we plan to add at the renewal in June. In addition, we have improved our current locations through marketing enhancements and installed a state-of-the-art Customer Relationship Management System to monitor location-level operating performance and expenses in real-time.”
“The business improvements and expansion executed by Empire in 2015 has made Multigioco one of the fastest growing operators in Italy. We will continue to fine tune our network while growing aggregate turnover, net gaming revenue margins and evaluating EBITDA growth versus operating expenses. To this end we, have responded with a new commission structure that will greatly benefit our overall operations and incentivize our agents,” stated Company President, Alessandro Marcelli. “Our non-GAAP turnover growth reached $50.1 million for the nine months ended Sept 30, 2015, while the investments and initiatives we put into action far exceeded our internal projections in Q4. We expect these investments to make a significant impact on our Q1 2016 results.”
“As we are now well into 2016, we are confident that this growth trend will continue through this important license renewal year and are committed to improving our bottom line results and increasing shareholder value. Our focus on expansion, combined with practical expense management and robust market trends, position Empire Global to generate a year of impressive financial results," concluded Mr. Ciavarella.
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.
Michele Ciavarella, B.Sc.
Chairman and CEO
ceo.emgl@emglcorp.com
Investor Relations Contact
Andrew Barwicki
516-662-9461 / andrew@barwicki.com