CHELMSFORD, MA / ACCESSWIRE / September 15, 2022 / Harte Hanks Inc. (Nasdaq:HHS), a leading global customer experience company focused on bringing companies closer to customers for nearly 100 years, and FEVO, a leading social-commerce technology company that lets friends shop together, announced a growing partnership today. The partnership is designed to help FEVO maintain its fan-and client-first ethos, as FEVO builds upon its explosive growth from 2021.
The partnership expands Harte Hanks’ prior successful work with FEVO to now allow Harte Hanks to serve as FEVO’s exclusive CX partner. The exclusivity of this relationship demonstrates FEVO’s belief in the power of best-in-class customer care that Harte Hanks provides, and the value it brings to their clients. Currently, Harte Hanks provides a range of services in support of FEVO, including client support, ticket fulfillment and back-office support.
“We’re excited to partner with Harte Hanks as we keep the focus on the fans and brands who trust FEVO with their purchases,” said Betty Tran, FEVO Chief Marketing Officer. “To enhance our customer experience as our consumer base continues to grow, we look forward to introducing Harte Hanks’ services to FEVO partners in need.”
“This expansion of the partnership between Harte Hanks and FEVO demonstrates the strength and value already realized in our work together,” said Ben Chacko, Harte Hanks Customer Care Managing Director. “Our goal is to maximize satisfaction during all interactive communications with FEVO clients and customers.”
Harte Hanks(Nasdaq:HHS) is a leading global customer experience company whose mission is to partner with clients to provide them with CX strategy, data-driven analytics and actionable insights combined with seamless program execution to better understand, attract and engage their customers.
Using its unparalleled resources and award-winning talent in the areas of Customer Care, Fulfillment and Logistics, and Marketing Services, Harte Hanks has a proven track record of driving results for some of the world’s premier brands, including Bank of America, GlaxoSmithKline, Unilever, Pfizer, HBOMax, Volvo, Ford, FedEx, Midea, Sony and IBM, among others. Headquartered in Chelmsford, Massachusetts, Harte Hanks has over 2,500 employees in offices across the Americas, Europe and Asia Pacific.
About FEVO:
FEVO is dedicated to changing e-commerce: Our proprietary technology adds friend power to a brand’s site for more browsing, more fun – and more sales. We enable consumers to invite friends to purchase together with just a few clicks, allowing groups to connect and communities to form. And it all happens on a brand’s site with just one single line of code, so brands can capture more data while building their own social graphs and identifying valuable customers.
SANTA MONICA, Calif.–(BUSINESS WIRE)– Entravision (NYSE: EVC), a leading global advertising solutions, media and technology company, today announced Chris Young, Chief Financial Officer and Treasurer, will present at the following upcoming investor conferences and meet with investors throughout the day:
The Deutsche Bank 30th Annual Leveraged Finance Conference to be held September 19-21, 2022 in Scottsdale, Arizona. Management is scheduled to present on Tuesday, September 20, 2022 at 11:20 a.m. PT.
The Sidoti September Small-Cap Conference to be held virtually September 21-22, 2022. Management is scheduled to present on Wednesday, September 21, 2022 at 12:15 p.m. PT.
The presentations will be webcast live over the Internet, and links to the live webcasts and replays will be available on Entravision’s Investor Relations website at investor.entravision.com.
About Entravision Communications Corporation
Entravision is a leading global advertising, media and ad-tech solutions company connecting brands to consumers by representing top platforms and publishers. Our dynamic portfolio includes digital, television and audio offerings. Digital, our largest revenue segment, is comprised of four business units: our digital sales representation business; Smadex, our programmatic ad purchasing platform; our branding and mobile performance solutions business; and our digital audio business. Through our digital sales representation business, we connect global media companies such as Meta, Twitter, TikTok and Spotify with advertisers in primarily emerging growth markets worldwide. Smadex is our mobile-first demand side platform, enabling advertisers to execute performance campaigns using machine learning. We also offer a branding and mobile performance solutions business, which provides managed services to advertisers looking to connect with global consumers, primarily on mobile devices, and our digital audio business provides digital audio advertising solutions for advertisers in the Americas. In addition to digital, Entravision has 49 television stations and is the largest affiliate group of the Univision and UniMás television networks. Entravision also manages 45 primarily Spanish-language radio stations that feature nationally recognized, Emmy award-winning talent. Shares of Entravision Class A Common Stock trade on the NYSE under ticker: EVC. Learn more about our offerings at entravision.com or connect with us on LinkedIn and Facebook.
CONFERENCE ATTENDEES CAN TRY TO GET THE FASTEST LAP OVER THE EVENT’S THREE DAYS TO WIN SIGNED GEAR FROM DRIVER ROMAIN GROSJEAN
MIAMI, Sept. 12, 2022 (GLOBE NEWSWIRE) — Motorsport Games Inc. (NASDAQ: MSGM) (“Motorsport Games”), a leading racing game developer, publisher and esports ecosystem provider of official motorsport racing series throughout the world, today announced that the company will be present at SALT New York 2022 Conference. The conference will be held in New York City at the Javits Center from September 12-14, 2022.
At SALT New York, Motorsport Games will have a booth with the industry-leading rFactor 2 racing simulation set up, after being invited to the conference by Mercedes-AMG Petronas Formula One team partner FTX following a successful partnership at the FTX Off The Grid event in May.
Guests at the conference are invited to stop by and participate in a rFactor 2 Hot Lap Competition, where they can race a Formula Pro car around Circuit Zandvoort and record their fastest times. Former Formula One driver and current INDYCAR star Romain Grosjean has provided a pre-taped hot lap video for guests to match during their runs. At the end of the conference, the fastest times put in by guests will win gear signed by Grosjean.
“Motorsport Games is honored to be a part of the SALT New York Conference this year and we cannot wait for guests to get behind the wheel at one of our rFactor 2 racing simulators,” said Dmitry Kozko, CEO of Motorsport Games. “As the second large-scale Hot Lap Competition in conjunction with FTX, we know that guests will have a thrilling experience trying to put in the fastest time over the three days of the conference. We encourage everyone to come by our booth and test themselves against Romain Grosjean, while also learning more about both Motorsport Games and FTX.”
This activation is the second of its kind, with the first having come in May 2022 during the FTX Off The Grid festival in Miami, Florida. The recurring rFactor 2 competitions at events is part of a larger company goal of providing players and fans with the best possible experience within the world of virtual motorsports.
About Motorsport Games: Motorsport Games, a Motorsport Network company, is a leading racing game developer, publisher and esports ecosystem provider of official motorsport racing series throughout the world. Combining innovative and engaging video games with exciting esports competitions and content for racing fans and gamers, Motorsport Games strives to make the joy of racing accessible to everyone. The Company is the officially licensed video game developer and publisher for iconic motorsport racing series across PC, PlayStation, Xbox, Nintendo Switch and mobile, including NASCAR, INDYCAR, 24 Hours of Le Mans and the British Touring Car Championship (“BTCC”), as well as the industry leading rFactor 2 and KartKraft simulations. RFactor 2 also serves as the official sim racing platform of Formula E, while also powering Formula 1™ centers through a partnership with Kindred Concepts. Motorsport Games is an award-winning esports partner of choice for 24 Hours of Le Mans, Formula E, BTCC, the FIA World Rallycross Championship and the eNASCAR Heat Pro League, among others. Motorsport Games is building a virtual racing ecosystem where each product drives excitement, every esports event is an adventure and every story inspires.
Forward-Looking Statements: Certain statements in this press release which are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are provided pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Any statements in this press release that are not statements of historical fact may be deemed forward-looking statements. Words such as “continue,” “will,” “may,” “could,” “should,” “expect,” “expected,” “plans,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, but are not limited to, statements concerning the Company’s goal of providing players and fans with the best possible experience within the world of virtual motorsports. All forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, many of which are generally outside the control of Motorsport Games and are difficult to predict. Examples of such risks and uncertainties include, but are not limited to: difficulties, delays in or unanticipated events that may impact the Company’s ability to meet its goal of providing players and fans with the best possible experience within the world of virtual motorsports, such as difficulties in developing and launching consumer-preferred games, as well as challenges that may arise from difficulties, delays or less than expected results in achieving the Company’s growth plans, strategies, objectives and expectations, such as due to a slower than anticipated economic recovery and/or the Company’s inability, in whole or in part, to continue to execute its business strategies and plans. Factors other than those referred to above could also cause Motorsport Games’ results to differ materially from expected results. Additional examples of such risks and uncertainties include, but are not limited to: (i) Motorsport Games’ ability (or inability) to maintain existing, and to secure additional, licenses and other agreements with various racing series; (ii) Motorsport Games’ ability to successfully manage and integrate any joint ventures, acquisitions of businesses, solutions or technologies; (iii) unanticipated operating costs, transaction costs and actual or contingent liabilities; (iv) the ability to attract and retain qualified employees and key personnel; (v) adverse effects of increased competition; (vi) changes in consumer behavior, including as a result of general economic factors, such as increased inflation, higher energy prices and higher taxes and interest rates; (vii) Motorsport Games’ ability to protect its intellectual property; and/or (viii) local, industry and general business and economic conditions. Additional factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements can be found in Motorsport Games’ filings with the Securities and Exchange Commission (the “SEC”), including its Annual Report on Form 10-K for the fiscal year ended December 31, 2021, its Quarterly Reports on Form 10-Q filed with the SEC during 2022, as well as in its subsequent filings with the SEC. Motorsport Games anticipates that subsequent events and developments may cause its plans, intentions and expectations to change. Motorsport Games assumes no obligation, and it specifically disclaims any intention or obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by law. Forward-looking statements speak only as of the date they are made and should not be relied upon as representing Motorsport Games’ plans and expectations as of any subsequent date. Additionally, the business and financial materials and any other statement or disclosure on, or made available through, Motorsport Games’ website or other websites referenced or linked to this press release shall not be incorporated by reference into this press release.
Website and Social Media Disclosure: Investors and others should note that we announce material financial information to our investors using our investor relations website (ir.motorsportgames.com), SEC filings, press releases, public conference calls and webcasts. We use these channels, as well as social media and blogs, to communicate with our investors and the public about our company and our products. It is possible that the information we post on our websites, social media and blogs could be deemed to be material information. Therefore, we encourage investors, the media and others interested in our company to review the information we post on the websites, social media channels and blogs, including the following (which list we will update from time to time on our investor relations website):
Michael Kupinski, Director of Research, Noble Capital Markets, Inc.
Patrick McCann, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Non-deal roadshow highlights. Last week, Direct Digital President, Keith Smith, and CFO, Susan Echard hosted meetings for investors in St. louis. This report highlights some of the key takeaways from the roadshow.
Re-iterated guidance. Management noted that the company remains on track to reach its upwardly revised full year 2022 revenue target of$70-$75 million. We are forecasting revenue of $70 million and adj. EBITDA of $8.4 million, for the full year.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
MIAMI, Sept. 09, 2022 (GLOBE NEWSWIRE) — Motorsport Games Inc. (NASDAQ: MSGM) (“Motorsport Games”), a leading racing game developer, publisher and esports ecosystem provider of official motorsport racing series throughout the world, today announced that its Chief Executive Officer, Dmitry Kozko, will present at the H.C. Wainwright 24th Annual Global Investment Conference at 11:30 a.m. ET on September 14, 2022.
Participants may access a live webcast of the presentation on the Motorsport Games Investor Relations site at https://ir.motorsportgames.com/ under “News & Events.” A replay will be archived online for 90-days.
About Motorsport Games:
Motorsport Games, a Motorsport Network company, is a leading racing game developer, publisher and esports ecosystem provider of official motorsport racing series throughout the world. Combining innovative and engaging video games with exciting esports competitions and content for racing fans and gamers, Motorsport Games strives to make the joy of racing accessible to everyone. The Company is the officially licensed video game developer and publisher for iconic motorsport racing series across PC, PlayStation, Xbox, Nintendo Switch and mobile, including NASCAR, INDYCAR, 24 Hours of Le Mans and the British Touring Car Championship (“BTCC”), as well as the industry leading rFactor 2 and KartKraft simulations. RFactor 2 also serves as the official sim racing platform of Formula E, while also powering Formula 1™ centers through a partnership with Kindred Concepts. Motorsport Games is an award-winning esports partner of choice for 24 Hours of Le Mans, Formula E, BTCC, the FIA World Rallycross Championship and the eNASCAR Heat Pro League, among others. Motorsport Games is building a virtual racing ecosystem where each product drives excitement, every esports event is an adventure and every story inspires.
Website and Social Media Disclosure:
Investors and others should note that we announce material financial information to our investors using our investor relations website (ir.motorsportgames.com), SEC filings, press releases, public conference calls and webcasts. We use these channels, as well as social media and blogs, to communicate with our investors and the public about our company and our products. It is possible that the information we post on our websites, social media and blogs could be deemed to be material information. Therefore, we encourage investors, the media and others interested in our company to review the information we post on these websites, social media channels and blogs, including the following (which list we will update from time to time on our investor relations website):
2022 Restructuring Program designed to improve Profitability and Cash Flow – Expected to generate approximately $4 millionin Annualized Cost Reductions by the end of 2023
Financing Commitment will Improve Capital Structure and Deliver New Funding for the Business
Planned Reverse Stock Split Expected to Allow Motorsport Games to Re-gain Compliance with NASDAQ’s Continued Listing Standards
MIAMI, Sept. 08, 2022 (GLOBE NEWSWIRE) — Motorsport Games Inc. (NASDAQ:MSGM) (“Motorsport Games” or the “Company”) today announced several important steps forward in strengthening the Company’s business, capital structure and foundation for achieving future growth.
First, the Company executed a Support Agreement with its majority stockholder, Motorsport Network, LLC (“Motorsport Network”), pursuant to which Motorsport Network recently paid a $3 million cash advance to Motorsport Games under the terms of the parties’ pre-existing line of credit.
Second, the Company announced a new organizational restructuring program (the “2022 Restructuring Program”) that is expected to generate material annualized cost reductions of approximately $4 million by the end of 2023. The goal of the 2022 Restructuring Program is to build a stronger global business operation, enhance the Company’s cost efficiency and improve the Company’s operating margins.
In an effort to re-gain compliance with NASDAQ’s continued listing standards, the Company also announced its plans to effect a 1-for-10 reverse stock split during the fourth quarter of 2022, following stockholder approval. Motorsport Network agreed to exercise its combined 94% voting power to support the reverse stock split at a special meeting expected to be held shortly.
Dmitry Kozko, the Company’s CEO, stated, “Today’s announcement represents an important, necessary, and logical next step forward for Motorsport Games. The financing commitment and the launch of the new restructuring program represent our plans to optimize our business for the future and create a more optimal business structure that is designed to achieve success in terms of long-term profitability. The 2022 Restructuring Program, which we are implementing immediately, is expected to create a stronger global business operating model, enhance cost efficiency and improve profit margins to drive growth in operating income and Adjusted EBITDA. With the increased liquidity, and a more efficient and streamlined business, we are taking steps to becoming a stronger, more financially sound organization, while being in a better position to take on opportunities within the gaming industry and continuing to deliver for our key stakeholders and, most importantly, our deeply dedicated racing fans. That said, we recognize that we have additional work to do in terms of reinforcing our liquidity for the long-term and managing our business in these volatile markets.”
Oliver Ciesla, CEO of Motorsport Network, said, “At Motorsport Network, we are proud of the recent progress the Motorsport Games team has been making, especially on the game development side, thus, we decided to provide additional working capital to Motorsport Games. In addition, Motorsport Games has an exclusive promotion agreement with Motorsport Network under which Motorsport Games can exclusively advertise its products on our Motorsport Network channels in front of up to 62 million monthly unique users. To all motorsport series that are partners of Motorsport Games, this offers a unique marketing advantage. Also, our recent Global fan surveys with Formula 1, INDYCAR and MotoGP show the significant crossover of young gamers with motorsport fans, who desire interactive entertainment such as Motorsport Games strives to provide. With this, Motorsport Network is a strong believer in Motorsport Games’ future to successfully produce and market great interactive entertainment for the global motorsport fans and beyond.”
2022 Restructuring Program and Cost Reductions
The 2022 Restructuring Program is designed to reduce the Company’s marketing, general and administrative expenses, improve the Company’s profit and Adjusted EBITDA and maximize efficiency, cash flow and liquidity.
Through the 2022 Restructuring Program, the Company expects to eliminate approximately 20% of its overhead costs worldwide, including budgeted open positions, and deliver approximately $4 million of total annualized cost reductions by the end of 2023. The immediate headcount cost reductions are expected to deliver annualized cost reductions of approximately $2.5 million by the end of 2022, with additional actions to be taken during 2022 expected to generate an additional $1.5 million of annualized cost reductions by the end of 2023.
The 2022 Restructuring Program includes right-sizing the organization and operating with more efficient workflows and processes. The primary components of the organizational restructuring involve consolidating certain functions; reducing layers of management, where appropriate, to increase accountability and effectiveness; and streamlining support functions to reflect the new organizational structure. The leaner organizational structure is also expected to improve communication flow and cross-functional collaboration, leveraging the more efficient business processes. In addition, given the ongoing uncertain economic environment and the potential effect that it could have on net sales, this action will also provide the Company with additional flexibility.
In connection with implementing the 2022 Restructuring Program, the Company expects to recognize during 2022 approximately $0.1 million to $0.3 million of total pre-tax restructuring and related charges, consisting primarily of employee-related costs, such as severance, retention and other contractual termination benefits. The Company expects that substantially all of these restructuring charges will be paid in cash during 2022, with the balance, if any, expected to be paid in 2023. The amounts and timing of all estimates are subject to change until finalized and may vary materially based on various factors. See “Forward-Looking Statements” below.
Financing Commitment
The agreement reached with Motorsport Network will provide the Company with $3 million in cash which the Company plans to use for general corporate purposes and working capital. As a result of such cash funding, the Company has on hand approximately $4.5 million of cash. The Company continues to work with its financial advisors on longer-term solutions to its liquidity needs.
Reverse Stock Split
The Company also announced today that its Board of Directors approved a reverse split of its Class A and Class B common stock at a 1-for-10 split ratio. Pursuant to the Support Agreement, Motorsport Network agreed to vote all of its shares of Class A and Class B common stock, representing approximately 94% of the combined voting power of the Company’s Class A and Class B common stock, in favor of the reverse stock split and in favor of any required actions related to such reverse stock split. With Motorsport Network’s agreement to provide its approval, the Company will have adequate shareholder support to approve the split at the special meeting of stockholders.
The reverse stock split would be intended to increase the per share trading price of the Company’s Class A common stock, which the Company believes may make it more attractive to a broader range of institutional and other investors. The reverse stock split would also reduce certain of the Company’s compliance costs, such as NASDAQ’s listing fees, and would be intended to satisfy the Company’s compliance with the NASDAQ’s minimum closing bid price requirement for continued listing. The same reverse split ratio will be used to effect the reverse stock split of both the Company’s Class A and Class B common stock; accordingly all stockholders will be affected proportionately.
No fractional shares will be issued in connection with the reverse stock split. Shares that would otherwise have resulted in fractional shares from the reverse stock split will be collected and pooled by the Company’s transfer agent and sold in the open market. The proceeds will be allocated to the stockholders’ respective accounts who are entitled to receive cash in lieu of fractional shares. The number of common shares subject to the Company’s outstanding employee and director stock options and restricted stock, as well as the relevant exercise price per share, will be proportionately adjusted to reflect the reverse stock split. The number of shares authorized for issuance under the Company’s stock plan will also be reduced by the same reverse stock split ratio.
The Company plans to file shortly with the SEC a proxy statement which will include additional information about the reverse stock split and requesting stockholders to vote for the reverse stock split at an upcoming special meeting, which proxy statement will be available on the SEC’s website at www.sec.gov. The Company expects the reverse stock split to be consummated during the fourth quarter of 2022.
FORWARD-LOOKING STATEMENTS
Certain statements in this press release which are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are provided pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Any statements in this press release that are not statements of historical fact may be deemed forward-looking statements. Words such as “continue,” “will,” “may,” “could,” “should,” “expect,” “expected,” “plans,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” and similar expressions are intended to identify such forward-looking statements.
These forward-looking statements include, but are not limited to, statements concerning:
(i) the Company’s plans to secure the $3 million cash advance as contemplated by the Support Agreement, to use the proceeds thereof for general corporate purposes and working capital and to reinforce its liquidity for the long-term and managing its business in these volatile markets;
(ii) the Company’s plans to implement the 2022 Restructuring Program and the expected benefits therefrom;
(iii) the Company’s expectation that it will substantially complete the employee-related actions by the end of September 2022;
(iv) the Company’s expectations regarding the amount and timing of the charges and payments related to the 2022 Restructuring Program;
(v) the Company’s expectations that as a result of the 2022 Restructuring Program, the Company will deliver approximately $4 million of total annualized cost reductions by the end of 2023, with the immediate headcount reductions expected to deliver annualized cost reductions of approximately $2.5 million by the end of 2022 and additional actions to be taken during 2022 expected to generate an additional $1.5 million of annualized cost reductions by the end of 2023; and
(vi) the Company’s plans to consummate the reverse stock split, its expected terms, conditions and timing, as well as the intended benefits of the reverse stock split.
All forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, many of which are generally outside the control of Motorsport Games and are difficult to predict. Examples of such risks and uncertainties include, but are not limited to:
(i) difficulties, delays or the inability of the Company to use the proceeds thereof as intended and/or in reinforcing its liquidity for the long-term and managing its business in these volatile markets, such as due to tightening credit and equity markets, less than anticipated consumer acceptance of the Company’s games and events and/or recessionary factors in the broader economy that causes consumers to alter their purchasing habits in ways that the Company did not predict;
(ii) difficulties, delays or the inability of the Company to successfully complete the 2022 Restructuring Program, in whole or in part, which could result in less than expected operating and financial benefits from such actions;
(iii) delays in completing the 2022 Restructuring Program, which could reduce the benefits realized from such activities;
(iv) higher than anticipated restructuring charges and/or payments and/or changes in the expected timing of such charges and/or payments;
(v) less than anticipated annualized cost reductions from the 2022 Restructuring Program and/or changes in the timing of realizing such cost reductions, such as due to less than anticipated liquidity to fund such activities and/or more than expected costs to achieve the expected cost reductions; and/or
(vi) difficulties, delays, unanticipated costs or the Company’s inability to consummate the reverse stock split on the expected terms and conditions or timeline, as well as future decreases in the price of the Company’s Class A common stock whether due to, among other things, the announcement of the reverse stock split, the Company’s inability to make its Class A common stock more attractive to a broader range of institutional or other investors or an inability to increase the stock price in an amount sufficient to satisfy compliance with the NASDAQ’s minimum closing bid price requirement for continued listing.
Additional factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements can be found in Motorsport Games’ filings with the Securities and Exchange Commission (the “SEC”), including its Annual Report on Form 10-K for the fiscal year ended December 31, 2021, its Quarterly Reports on Form 10-Q filed with the SEC during 2022, as well as in its subsequent filings with the SEC. Motorsport Games anticipates that subsequent events and developments may cause its plans, intentions and expectations to change. Motorsport Games assumes no obligation, and it specifically disclaims any intention or obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by law. Forward-looking statements speak only as of the date they are made and should not be relied upon as representing Motorsport Games’ plans and expectations as of any subsequent date. Additionally, the business and financial materials and any other statement or disclosure on, or made available through, Motorsport Games’ website or other websites referenced or linked to this press release shall not be incorporated by reference into this press release.
About Motorsport Games:
Motorsport Games, a Motorsport Network company, is a leading racing game developer, publisher and esports ecosystem provider of official motorsport racing series throughout the world. Combining innovative and engaging video games with exciting esports competitions and content for racing fans and gamers, Motorsport Games strives to make the joy of racing accessible to everyone. The Company is the officially licensed video game developer and publisher for iconic motorsport racing series across PC, PlayStation, Xbox, Nintendo Switch and mobile, including NASCAR, INDYCAR, 24 Hours of Le Mans and the British Touring Car Championship (“BTCC”), as well as the industry leading rFactor 2 and KartKraft simulations. RFactor 2 also serves as the official sim racing platform of Formula E, while also powering Formula 1™ centers through a partnership with Kindred Concepts. Motorsport Games is an award-winning esports partner of choice for 24 Hours of Le Mans, Formula E, BTCC, the FIA World Rallycross Championship and the eNASCAR Heat Pro League, among others. Motorsport Games is building a virtual racing ecosystem where each product drives excitement, every esports event is an adventure and every story inspires.
Website and Social Media Disclosure:
Investors and others should note that we announce material financial information to our investors using our investor relations website (ir.motorsportgames.com), SEC filings, press releases, public conference calls and webcasts. We use these channels, as well as social media and blogs, to communicate with our investors and the public about our company and our products. It is possible that the information we post on our websites, social media and blogs could be deemed to be material information. Therefore, we encourage investors, the media and others interested in our company to review the information we post on the websites, social media channels and blogs, including the following (which list we will update from time to time on our investor relations website):
Salem Media Group is America’s leading multimedia company specializing in Christian and conservative content, with media properties comprising radio, digital media and book and newsletter publishing. Each day Salem serves a loyal and dedicated audience of listeners and readers numbering in the millions nationally. With its unique programming focus, Salem provides compelling content, fresh commentary and relevant information from some of the most respected figures across the Christian and conservative media landscape.
Michael Kupinski, Director of Research, Noble Capital Markets, Inc.
Patrick McCann, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Updates Q3 guidance. Management lowered Q3 revenue guidance from a range of 6% to 8% growth to a range of flat to a positive 2%. The company indicated that the lower revenue outlook was due to a shift in revenue related to the Dinesh D’Souza book slipping into Q4 and softer expectations in its SalemNow segment.
SalemNow likely disappointing. We believe that the softer revenue expectations in SalemNow is likely related to a poor performance for Uncle Tom II. We like the company’s expansion into content, which can be very lucrative, but the success of the content is hard to predict.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
NEW YORK, NY / ACCESSWIRE / September 7, 2022 / Engine Gaming and Media, Inc. (“Engine” or the “Company”) (NASDAQ:GAME) (TSX-V:GAME), a data-driven, gaming, media and influencer marketing platform company, today announced that management will present during Benzinga’s All Access investor event taking place Friday, September 9, 2022.
Tom Rogers, Executive Chairman of Engine, and Lou Schwartz, Chief Executive Officer of Engine, are scheduled to host a presentation and Q&A session during the event as follows.
A live video webcast will be available using the link above – an archived replay will be made available after the live event on the Benzinga YouTube Channel. For more information on Benzinga All Access, please contact your Benzinga representative.
About Engine Gaming and Media, Inc.
Engine Gaming and Media, Inc. (NASDAQ:GAME) (TSX-V:GAME) provides unparalleled live streaming data and social analytics, influencer relationship management and monetization, and programmatic advertising to support the world’s largest video gaming companies, brand marketers, ecommerce companies, media publishers and agencies to drive new streams of revenue. The company’s subsidiaries include Stream Hatchet, the global leader in gaming video distribution analytics; Sideqik, a social influencer marketing discovery, analytics, and activation platform; and Frankly Media, a digital publishing platform used to create, distribute, and monetize content across all digital channels. Engine generates revenue through a combination of software-as-a-service subscription fees, managed services, and programmatic advertising. For more information, please visit www.enginegaming.com.
Investor Relations Contact:
Shannon Devine MZ North America Main: 203-741-8811 GAME@mzgroup.us
NEW YORK, NY / ACCESSWIRE / September 7, 2022 / Engine Gaming and Media, Inc. (“Engine” or the “Company”) (NASDAQ:GAME) (TSX-V:GAME), a data-driven, gaming, media and influencer marketing platform company, today announced management’s participation in the H.C. Wainwright 24th Annual Global Investment Conference being held September 12-14 virtually and at the Lotte New York Palace Hotel in New York City.
The Company’s Executive Chairman, Tom Rogers, and Chief Executive Officer, Lou Schwartz, will be available for in person one-on-one meetings with investors. To schedule a meeting with Engine’s management, please contact your conference representative or you may also email your request to GAME@mzgroup.us. The Company will also be giving a presentation on Tuesday September 13 at 12:00 p.m. eastern time at the conference. The presentation will be broadcasted live and can be streamed by clicking here.
About Engine Gaming and Media, Inc.
Engine Gaming and Media, Inc. (NASDAQ:GAME) (TSX-V:GAME) provides unparalleled live streaming data and social analytics, influencer relationship management and monetization, and programmatic advertising to support the world’s largest video gaming companies, brand marketers, ecommerce companies, media publishers and agencies to drive new streams of revenue. The company’s subsidiaries include Stream Hatchet, the global leader in gaming video distribution analytics; Sideqik, a social influencer marketing discovery, analytics, and activation platform; and Frankly Media, a digital publishing platform used to create, distribute, and monetize content across all digital channels. Engine generates revenue through a combination of software-as-a-service subscription fees, managed services, and programmatic advertising. For more information, please visit www.enginegaming.com.
Investor Relations Contact:
Shannon Devine MZ North America Main: 203-741-8811 GAME@mzgroup.us
IRVING, Texas–(BUSINESS WIRE)– Salem Media Group, Inc. (NASDAQ: SALM) today announced revisions to its third quarter 2022 revenue. Taking into account the postponement of the forthcoming book, 2000 Mules by Dinesh D’Souza, until the fourth quarter, lower than expected revenue on SalemNOW and the impact on advertising revenue due to the weakening economic environment, the company now expects third quarter 2022 total revenue to be between flat and an increase of 2% over third quarter 2021 total revenue of $66.0 million.
ABOUT SALEM MEDIA GROUP:
Salem Media Group is America’s leading multimedia company specializing in Christian and conservative content, with media properties comprising radio, digital media and book and newsletter publishing. Each day Salem serves a loyal and dedicated audience of listeners and readers numbering in the millions nationally. With its unique programming focus, Salem provides compelling content, fresh commentary and relevant information from some of the most respected figures across the Christian and conservative media landscape. Learn more about Salem Media Group, Inc. at www.salemmedia.com, Facebook and Twitter.
What We Can Learn About SPAC Investments from Trump Media/DWAC
Digital World Acquisition Corp. (DWAC), the special purpose acquisition corporation (SPAC) that agreed to merge with Trump Media (TMTG), and take it public a year ago, needs 65% shareholder approval to extend its acquisition deadline by a year. The uncertainty over whether the SPAC would get the necessary votes to merge with the social media startup caused profit taking in the SPAC which still trades at more than double its IPO price.
Reuters reported late Monday (September 5), there has not been enough votes to reach a 65% threshold of “in favor” shareholder support to extend the merger completion date by one-year. A shareholder meeting Tuesday was adjourned and will resume on Thursday (September 8) where they will take up voting again.
In a federal filing Tuesday, DWAC said that if shareholders do not approve the extension, its sponsor, ARC Global Investments, would contribute about $2.9 million to extend the deadline until Dec. 8, 2022. The purpose of the deadline is to make time for all parties to address government investigations into the deal and make other necessary disclosures. If the three-month extension doesn’t prove to be enough time, another three-month extension is possible. This won’t be necessary if the shareholder vote garners a 65% approval of the extension.
After any SPAC exhausts extension options, it is faced with a final deadline. Should it not make the deadline, it must liquidate and return cash to shareholders. Such deadlines and extensions are commonplace in the world of SPACs. Scrambling for the parties to meet deadlines is not uncommon in SPAC merger deals. What is interesting in the DWAC TMTG acquisition is there are original IPO investors that at the time did not know who Digital World would unearth as a target candidate. They paid the $10 IPO price and, within a month, saw their share price jump up more than 800%. Even today these investors are up 124%, and if the SPAC liquidated tomorrow (near $10 per share) they will have outperformed the S&P 500 by double digits.
No matter the results, the SPAC IPO investors could consider themselves as having done better investing in the SPAC than most alternatives. But there are presumably also shareholders that bought shortly after the merger announcement that if liquidated and all the money held in escrow is returned, could lose several times their investment depending on what price they chased it to.
Shareholder voting is seldom in person and instead takes place by phone, online or via mail. Shareholders are urged to vote as reaching a 65% base of shareholders is difficult enough, reaching a 65% threshold of shareholders voting one way or another is even more difficult. Digital World Chief Executive Patrick Orlando said last week the SPAC was having trouble getting enough individuals to vote through their brokers.
The SPAC is held by a high percentage of retail accounts, this may explain the lack of voting. Failure to approve the extension will almost certainly cost current holders of DWAC money. If the deal falls through, shareholders will get roughly $10 a share, about half of the current share price.
Should the merger succeed, Digital World Acquisition would provide about $290 to the former president’s company. This could go a long way in building the brand and user base. Additionally, it is said that the two sides have investor commitments for roughly $1 billion private investment in public equity (PIPE), that would close alongside the merger.
TMTG raised about $20 million in convertible bonds last year and an additional $15 million in the first quarter of 2022. If the SPAC deal falls through there are options to keep the fledgling media company alive as a private company. On TMTG’s Truth Social on Friday, the former president responded to worries about the SPAC merger by saying, “In any event, I don’t need financing. ‘I’m really rich!’ Private company anyone?”
ROSTER INCLUDES SOME OF THE MOST ELITE ESPORTS AND MOTORSPORT TEAMS
MIAMI, Sept. 06, 2022 (GLOBE NEWSWIRE) — The entry list for the 2022-23 Le Mans Virtual Series – the global, elite endurance esports series and a joint venture between Motorsport Games Inc. (NASDAQ: MSGM) (“Motorsport Games”) and the Automobile Club de l’Ouest (“ACO”) – has today been revealed. The list features teams representing some of the most prestigious automotive manufacturers in the world, as well as elite esports squads from around the globe. The biggest full season Le Mans Virtual Series entry list to date, the complete roster can be found HERE.
Individual driver names, including championship-winning superstars from multiple disciplines around the world who will be making an appearance during the season, are due to be released on Monday, September 12, 2022 during a special TV Preview Show. Social media channels will have more news on how to view the show in the coming days. An additional 10 cars are expected to join the entry list for the increasingly popular, high profile 24 Hours of Le Mans Virtual on January 14 and 15, 2023 – the final round of the five-race series – attracting even more star names to add to the excitement. No fewer than 15 different nations are represented on the team entry list from Europe, the USA, Africa and the Far East, a 25% increase from last season.
The 40 full season entries are split between two categories of car (LMP2 – 24 cars; LMGTE – 16 cars), which will compete in races that range between four and 24 hours in duration. Top worldwide brands such as Alpine,Aston Martin, BMW, Ferrari, Mercedes-AMG and Porsche return for more top esports action and success, many with multiple entries.
The prestige manufacturer names are joined by the elite of sim racing competition, including LMP and GTE 2021 champions Team Redline and GTE Vice Champions Porsche Coanda Esports, who are stepping up to the prototype class. Among others, Romain Grosjean’s R8G Esports team will be competing alongside, Floyd Vanwall-Burst, Williams Esports, Alpine Esports, YAS Heat Veloce, AMG Team Petronas Esports and Jenson Button’s Rocket Simsport team in the prototype category, and all entries will compete with an ORECA 07 LMP2. Joining them for 2022 are Mexico Racing Team, Pescarolo Esport Monaco, Team Fordzilla and Brabham Esports, the latter of which is new to the Le Mans Virtual Series but bringing with it a name steeped in motorsport history.
Some of endurance racing’s most steadfast teams such as the European Le Mans Series’ Panis Racing, GR Vector eSport (a combination of two WEC teams), Proton Competition, D’Station Racing and ARC Bratislava are also featured on the list across the two categories.
The GTE class offers competitors a choice of Aston Martin Vantage GTE, BMW M8 GTE, Ferrari 488 GTE and Porsche 911 RSR GTE cars. Names familiar to both the real and sim racing worlds, such as MAHLE Racing Team, SIMMSA Esports, Oracle Red Bull Racing and Prodrive FYRA Esport, will be among the competitors vying for championship success.
The Le Mans Virtual Series will take place over five rounds, with the 24 Hours of Le Mans Virtual as its grand finale, as follows:
Round 1
8 Hours of Bahrain, Bahrain
September 17, 2022
Round 2
4 Hours of Monza, Italy
October 8, 2022
Round 3
6 Hours of Spa, Belgium
November 5, 2022
Round 4
500 Miles of Sebring, USA
December 3, 2022
Round 5
24 Hours of Le Mans Virtual
January 14/15, 2023
The calendar of events features some of the world’s most famous and recognizable racetracks – Monza, Spa, Bahrain, Sebring and Le Mans – which will challenge all the drivers, international FIA-licensed and sim racers alike, and thrill the millions of esports enthusiasts worldwide.
About Motorsport Games: Motorsport Games, a Motorsport Network company, is a leading racing game developer, publisher and esports ecosystem provider of official motorsport racing series throughout the world. Combining innovative and engaging video games with exciting esports competitions and content for racing fans and gamers, Motorsport Games strives to make the joy of racing accessible to everyone. The Company is the officially licensed video game developer and publisher for iconic motorsport racing series across PC, PlayStation, Xbox, Nintendo Switch and mobile, including NASCAR, INDYCAR, 24 Hours of Le Mans and the British Touring Car Championship (“BTCC”), as well as the industry leading rFactor 2 and KartKraft simulations. RFactor 2 also serves as the official sim racing platform of Formula E, while also powering Formula 1™ centers through a partnership with Kindred Concepts. Motorsport Games is an award-winning esports partner of choice for 24 Hours of Le Mans, Formula E, BTCC, the FIA World Rallycross Championship and the eNASCAR Heat Pro League, among others. Motorsport Games is building a virtual racing ecosystem where each product drives excitement, every esports event is an adventure and every story inspires.
About Le Mans Virtual Series Le Mans Virtual Series is a global, elite esports series made up of five rounds which bring together endurance racing and sim racing’ top teams to compete on some of the world’s most famous racetracks. International FIA-licensed real-world drivers are teamed up with elite esports squads to take on endurance classics for a total prize fund of US$250,000, culminating in the prestigious 24 Hours of Le Mans Virtual. Le Mans Virtual Series is a joint venture between leading racing game developer, publisher and esports ecosystem provider of official motorsport racing series throughout the world, Motorsport Games, and the Automobile Club de l’Ouest (ACO) – the creator and organizer of the world-famous 24 Hours of Le Mans and promoter of the FIA World Endurance Championship (FIA WEC).
Forward-Looking Statements: Certain statements in this press release which are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are provided pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Any statements in this press release that are not statements of historical fact may be deemed forward-looking statements. Words such as “continue,” “will,” “may,” “could,” “should,” “expect,” “expected,” “plans,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, but are not limited to, statements concerning the timing, participants and expected benefits of the 2022-23 Le Mans Virtual Series. All forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, many of which are generally outside the control of Motorsport Games and are difficult to predict. Examples of such risks and uncertainties include, but are not limited to: difficulties, delays in or unanticipated events that may impact the timing and expected benefits of the le mans Virtual Series, such as due to unexpected changes in the event participants, as well as challenges that may arise from difficulties, delays or less than expected results in achieving the Company’s growth plans, strategies, objectives and expectations, such as due to a slower than anticipated economic recovery and/or the Company’s inability, in whole or in part, to continue to execute its business strategies and plans, such as due to less than anticipated participation in or viewership of the Le Mans Virtual Series events. Factors other than those referred to above could also cause Motorsport Games’ results to differ materially from expected results. Additional examples of such risks and uncertainties include, but are not limited to: (i) Motorsport Games’ ability (or inability) to maintain existing, and to secure additional, licenses and other agreements with various racing series; (ii) Motorsport Games’ ability to successfully manage and integrate any joint ventures, acquisitions of businesses, solutions or technologies; (iii) unanticipated operating costs, transaction costs and actual or contingent liabilities; (iv) the ability to attract and retain qualified employees and key personnel; (v) adverse effects of increased competition; (vi) changes in consumer behavior, including as a result of general economic factors, such as increased inflation, higher energy prices and higher taxes and interest rates; (vii) Motorsport Games’ ability to protect its intellectual property; and/or (viii) local, industry and general business and economic conditions. Additional factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements can be found in Motorsport Games’ filings with the Securities and Exchange Commission (the “SEC”), including its Annual Report on Form 10-K for the fiscal year ended December 31, 2021, its Quarterly Reports on Form 10-Q filed with the SEC during 2022, as well as in its subsequent filings with the SEC. Motorsport Games anticipates that subsequent events and developments may cause its plans, intentions and expectations to change. Motorsport Games assumes no obligation, and it specifically disclaims any intention or obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by law. Forward-looking statements speak only as of the date they are made and should not be relied upon as representing Motorsport Games’ plans and expectations as of any subsequent date. Additionally, the business and financial materials and any other statement or disclosure on, or made available through, Motorsport Games’ website or other websites referenced or linked to this press release shall not be incorporated by reference into this press release.
Website and Social Media Disclosure: Investors and others should note that we announce material financial information to our investors using our investor relations website (ir.motorsportgames.com), SEC filings, press releases, public conference calls and webcasts. We use these channels, as well as social media and blogs, to communicate with our investors and the public about our company and our products. It is possible that the information we post on our websites, social media and blogs could be deemed to be material information. Therefore, we encourage investors, the media and others interested in our company to review the information we post on the websites, social media channels and blogs, including the following (which list we will update from time to time on our investor relations website):
Codere Online refers, collectively, to Codere Online Luxembourg, S.A. and its subsidiaries. Codere Online launched in 2014 as part of the renowned casino operator Codere Group. Codere Online offers online sports betting and online casino through its state-of-the art website and mobile application. Codere currently operates in its core markets of Spain, Italy, Mexico, Colombia, Panama and the City of Buenos Aires (Argentina). Codere Online’s online business is complemented by Codere Group’s physical presence throughout Latin America, forming the foundation of the leading omnichannel gaming and casino presence in the region.
Michael Kupinski, Director of Research, Noble Capital Markets, Inc.
Patrick McCann, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Q2 results. The company reported Q2 net gaming revenue of €29.2 million, representing 41% year-over-year growth, which was an acceleration from the 24% year-over-year growth in Q1. Growth in Mexico continued to be strong, at 85%, while revenue in Spain also grew over the prior year period by 12%.
Planning expansion in Argentina. In August, the company completed its application for an online gaming license in the Argentine province of Cordoba. Management noted that a decision on the application is expected in the next month. Licenses are expected to be issued before year-end for approved operators…
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
