Business
Empire Global Corp. Continues Expansion Through Multiple Acquisitions and Implements New Commission Structure
Empire Global Corp. Continues Expansion Through Multiple Acquisitions and Implements New Commission Structure.
About this update from Elys Bmg Group, Inc.
[{"type":"text","content":"\n\n 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.\n 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 wi...