NEW YORK, NY / ACCESSWIRE / November 14, 2018 / Newgioco Group, Inc. (''Newgioco'' or the ''Company'') (NWGI), a sports betting and gaming technology company providing regulated online and land-based gaming and wagering through licensed subsidiaries in Italy and Austria, and headquartered in Toronto, Canada, announced today that its resale registration statement on Form S-1 (the "Registration Statement") relating to the resale of up to 3,892,379 shares (the ''Shares'') of the Company's common stock issuable upon exercise of warrants (the ''Warrants'') held by certain selling shareholders was declared effective by the Securities and Exchange Commission (''SEC'') on November 6, 2018.
Although Newgioco will not receive any proceeds from the resale of the Shares, it will receive gross proceeds of US$0.50 per share upon the exercise of the Warrants. The Registration Statement, while effective, will allow the selling shareholders named therein to publicly resell the Shares subject to the prospectus delivery requirements of the Securities Act of 1933, as amended, in connection with any such resale.
The offering of the Shares may only be made by means of a prospectus. The Registration Statement and prospectus may be obtained electronically through the SEC's website at www.sec.gov. A copy of the prospectus relating to the offering may be obtained by writing to Newgioco Group, Inc. at Suite 701, 130 Adelaide St. W. Toronto, Ontario, M5H 2K4, by calling (416) 306-1771 or by e-mailing email@example.com.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities of Newgioco, nor shall there be any sales of these securities, in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
The effectiveness of the Resale Registration Statement and commitment to transparency for shareholders is the culmination of years of strategic, technological and operational progress. As part of the long-term growth plan to enter and develop our operations in the U.S. sports betting market, Newgioco has significantly enhanced its board of directors and executive management team, which now includes the following:
- Harold Wolkin as Chairman of the Board and independent director;
- William Rutsey as independent director;
- Russel McMeeken as independent director;
- Alessandro Marcelli as Chief Operating Officer;
- Elizabeth J. MacLean as Vice President Finance and Accounting;
- Ralph M. Garcea as Vice President Corporate and Business Development;
- Jay Cardwell as Interim Chief Financial Officer;
- Bill Mitoulas as Vice President of Communications and Investor Relations; and
- Luca Pasquini, as our Chief Technology Officer and director.
Michele Ciavarella, Chief Executive Officer of Newgioco stated, "We have made significant progress over the past year and built a strong, profitable and sophisticated gaming organization. Each new member of the Newgioco team brings a wealth of global experience across a variety of different industry groups along with extensive experience in gaming operations and strategy, which will further assist the Company in reaching its long-term strategic goal and vision of continued organic growth in Italy and entry into the U.S. gaming market."
About Newgioco Group, Inc.
Newgioco Group, Inc., together with its wholly-owned subsidiaries, is a fully licensed and integrated online and land-based leisure gaming operator. The Company conducts its business under the registered brand Newgioco primarily through its internet-based betting distribution network on its website, www.newgioco.it as well as retail neighborhood betting shops situated throughout Italy.
The Company offers its clients a full suite of leisure gaming products and services, such as sports betting, virtual sports, online casino, poker, bingo, interactive games and slots, as well as owning and operating an innovative betting platform (www.odissea.at) providing both B2B and B2C bet processing. Additional information is available on our corporate website at www.newgiocogroup.com.
Cautionary NoteConcerning Forward-Looking Information
This press release contains certain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are identified by the use of the words "could," "believe," "anticipate," "intend," "estimate," "expect," "may," "continue," "predict," "potential," "project" and similar expressions that are intended to identify forward-looking statements. All forward-looking statements speak only as of the date of this press release. You should not place undue reliance on these forward-looking statements. Although we believe that our plans, objectives, expectations and intentions reflected in or suggested by the forward-looking statements are reasonable, we can give no assurance that these plans, objectives, expectations or intentions will be achieved. Forward-looking statements involve significant risks and uncertainties (some of which are beyond our control) and assumptions that could cause actual results to differ materially from historical experience and present expectations or projections. Actual results to differ materially from those in the forward-looking statements and the trading price for our common stock may fluctuate significantly. Forward-looking statements also are affected by the risk factors described in the Company's filings with the U.S. Securities and Exchange Commission. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.