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Empire Global Corp. Files 2015 Third Quarter Results on Form 10-Q
Published Nov 16 2015
3 min read

Empire Global Corp. Files 2015 Third Quarter Results on Form 10-Q

Empire Global Corp. (OTCQB:EMGL) announced today that it has filed its 2015 third quarter results in a timely manner with the U.S. Securities and Exchange Commission.

The Company reports an after tax loss of $467,125 representing a loss of $0.02 per common share for the third quarter of 2015. The report is highlighted by stabilizing enterprise economics with significantly reduced non-recurring costs at the corporate level, compared to previous quarters. Other highlights include:

  • Non-GAAP gaming turnover reached $17.53 million for the three months ended September 30, 2015, an increase of 84.63% compared with the three months ended September 30, 2014;
  • GAAP revenue reached $1.1 million for the three months ended September 30, 2015, compared to $0.66 million for the three months ended September 30, 2014, an increase of 65%;
  • Improved gaming operations profitability;
  • The Company issued 332,350 common shares at September 30, 2015 closing price to reduce debt by $345,645, which shows an increased confidence in our stock;
  • Market capitalization increased to $24.2 million at the end of the quarter.

“Our high-season got underway with the start of Serie A soccer lifting sports betting turnover to record levels for Multigioco in September,” remarked Company CEO and Chairman, Michele Ciavarella. “Organic turnover volume and market share growth remain robust against the backdrop of an improving regulated gaming environment in Italy, while we continue progressing with the integration of our recently acquired web-shops, and, as previously announced, roll-up of additional land-based corner and agency expansions this year and next."

The report is available on Empire’s website at www.emglcorp.com and a printed copy may be requested free of charge by contacting Empire at ceo.emgl@emglcorp.com.

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 New Gioco on our licensed gaming website www.newgioco.it as well as land-based neighbourhood 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.