Business
Empire Global Corp. Announces Results For Fiscal Year Ended December 31, 2015
Empire Global Corp. Announces Results For Fiscal Year Ended December 31, 2015.
About this update from Elys Bmg Group, Inc.
[{"type":"text","content":"\nNEW 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.\n2015 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.  ...