Business
Touchpoint Group Holdings Provides Business Update for the Third Quarter of 2019
Touchpoint Group Holdings Provides Business Update for the Third Quarter of 2019.
About this update from Touchpoint Group Holdings, Inc.
[{"type":"text","content":"\n MIAMI, Nov. 22, 2019 (GLOBE NEWSWIRE) -- Touchpoint Group Holdings, Inc. (OTCQB: TGHI) (Company or Touchpoint) a media and digital technology holding company, today provided a business update and reported financial results for the third quarter ended September 30, 2019. Mark White, Chief Executive Officer of Touchpoint, stated, “This was a transformational quarter for the Company as we concentrated our efforts and resources on expanding the Touchpoint software business and invested in the Touchpoint brand.  This coincides with our recent name change to reflect our focus on digital marketing, which aligns with our strategic plan of becoming a leading media and digital technology holding company.” “Touchpoint is a robust fan engagement platform designed to enhance the fan experience and drive commercial aspects of the sports and entertainment arenas. Our platform is optimized for iOS and Android, as well as internet and TV-based applications to bring fans closer to celebrities or elite influencers by providing access to proprietary content, and livestream events, as well as exclusive merchandise.” “Touchpoint is in late stage negotiations with licensing customers in e-sports gaming and social media influencers to license the Touchpoint platform. We anticipate entering into approximately five new licensing contracts in the near future, and that such licenses will bring significant revenues and status to the group. As we move forward with these significant wins, we are anticipating exponential growth in terms of revenue, profits and cash flows for 2020.” “Given the new direction of the Company, we have recently decided to sell our interests in Love Media House and Browning Productions. We are currently in negotiations and are extremely pleased to have had the opportunity to work with these two companies.” Financial Results for the Third Quarter of 2019 Revenue for continuing operations for the three months ended September 30, 2019 increased by approximately $79,000 over the same period in 2018 due to the signing of the new Touchpoint licensing contracts. Gross margin deficit for the three months ended September 30, 2019 was approximately $57,000 as compared to a $106,000 gross margin deficit for the three months ended September 30, 2018. The improvement was due to the increase ...