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Newgioco Group Strengthens Management Team as it Continues Its Plan to Enter U.S. Sports Betting Market

NEW YORK, NY / ACCESSWIRE / September 18, 2018 / Newgioco Group, Inc. (NWGI) ("NWGI" or the "Company"), a betting technology company providing regulated sports betting and leisure gaming products and services through licensed subsidiaries in Europe, is pleased to announce several key additions to its leadership and management team as it prepares to initiate its U.S. expansion strategy and to list its shares on the NASDAQ stock exchange.

Michele Ciavarella, CEO of Newgioco Group Inc. commented, "The collective strength and experience of the Newgioco management team and board of directors has greatly been improved with these additions. Each of the new appointees bring years of experience and skillsets which will be instrumental to the Company's success as it looks to establish entry into the US sports betting market. I am absolutely delighted where Newgioco finds itself today, excited on executing on our growth strategy, and sincerely welcome our new team members to the Newgioco family."

New Management Appointments:

Elizabeth J. MacLean, Vice President Finance and Accounting

Ms. MacLean has more than 20 years experience leading Finance teams in a variety of industries in both the United States and the United Kingdom. Notably, Elizabeth was the Global Lead for Financial Systems and Processes at Progressive Gaming International and brings her knowledge of Finance, Financial Systems, Analytics, and Process Improvement to Newgioco. She will be based in Phoenix, Arizona, and represents Newgioco's first U.S.-based employee. Ms. MacLean holds a B.A. in Biology from the University of Chicago, and an MBA from Graduate School of Business at Stanford University with specialities in Statistics and Game Theory.

Ralph M. Garcea,Vice President Corporate and Business Development

Mr. Garcea brings more than 22 years experience in senior analyst positions at major domestic and international banks and brokerage firms. He is a top-ranked research analyst, well regarded for the depth and breadth of knowledge he brings to bear on his coverage of Canadian technology, gaming and industrial companies across a broad range of market capitalizations. Over the years, he has received top three rankings from Brendan Woods, Greenwich, Starmine and Thomson Reuters surveys. His previous coverage of the Stars Group (TSG-US), NYX Gaming (SGMS-US), Jackpotjoy (JPJ-LSE), Innova Gaming and Pollard Banknote (PBL-T), will be an invaluable asset working with management and the board in executing our global expansion strategy, with a focus on Italy and the U.S. sports betting markets. Mr. Garcea holds a Bachelor's degree (Honours) in Engineering Science (Aerospace) from the University of Toronto and an M.B.A. (Honours) from the Schulich School of Business at York University.

Jay Cardwell, Interim Chief Financial Officer

Mr. Cardwell has over 30 years of C-Suite experience, specializing in both SEC financial reporting and tax compliance, financial reporting, mergers and acquisitions, international accounting and corporate development for organizations ranging from early stage projects to large multi-tiered international entities. Mr. Cardwell has been CPA licensed in the State of New York since 1986 and a graduate of Illinois State University in Accounting, Alumni Honoree.

Bill Mitoulas, Vice President of Communications and Investor Relations

Mr. Mitoulas brings 20 years of experience in financial product sales, marketing and investor relations. He has been the Principal of Venture North Capital Inc. since July 2011, a company providing corporate finance and capital markets consulting services to publicly listed companies. Mr. Mitoulas holds a Bachelor of Business Administration majoring in Finance from the University of Notre Dame.

Promotion to New Role:

Alessandro Marcelli, Chief Operating Officer

In addition to the aforementioned appointments, the Company has promoted Alessandro Marcelli to the role of Chief Operating Officer. Mr. Marcelli's leadership as President has been exemplary and his contributions to the Company have been entirely essential to Newgioco's growth in Europe to date. His extensive experience in the sports betting and leisure gaming industry will provide valuable insight as we continue to drive growth and execute on our international operational strategy."

Newgioco further announces that, in conjunction with Mr. Marcelli's appointment as COO, the Company is now considering the ideal candidate for the position of President to spearhead the next phase of its global growth initiatives.

Annual Meeting of Shareholders Results Update:

Newgioco Group is pleased to announce voting results for proposals presented at the Company's Annual Meeting of Shareholders held on September 12, 2018 (the "Meeting"). Shareholders holding 53,099,337 shares representing over 72% of issued and outstanding common shares voted in person or by proxy at the meeting. The voting results included:

  • The election of Harold Wolkin, Bill Rutsey, Russ McMeekin, Luca Pasquini and Michele Ciavarella to serve as Directors of Newgioco Group, Inc.;
  • The approval of Pitagora Revisione Srl, Chartered Accountants as auditors of the Company for the fiscal year ending December 31, 2018;
  • The approval of the Company's 2018 Equity Incentive Plan and the reservation of 9,200,000 shares of common stock for issuance thereunder;
  • The approval of the Amended and Restated Certificate of Incorporation;
  • To grant discretionary authority to the Company's Board of Directors to effect one or more consolidations of the issued and outstanding shares of common stock within the range from 1-for-2 up to 1-for-20.

For additional detail regarding proposals presented at the Meeting please refer to the 2018 Notice of Annual Meeting, Information Circular and Proxy Statement filed with the Securities and Exchange Commission on August 22, 2018.

About Newgioco Group, Inc.

Newgioco Group, Inc., together with its subsidiaries, is a fully integrated, licensed gaming technology company. The Company conducts its business primarily through retail neighborhood betting shops and internet-based betting software platform under the registered brand Newgioco through our licensed website www.newgioco.it situated in 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, lottery, interactive games and slots, as well as 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.

Investors may also find us on Facebook® and follow us on Twitter @NWGI_gaming.

Cautionary Statement Regarding Forward Looking Statements

Except for the historical information contained herein, 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, and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission including its Annual Report on Form 10-K for the fiscal year ended December 31, 2017, as amended by the Company's Quarterly Report on Form 10-Q. One or more of these factors have affected, and in the future, could affect our businesses and financial results in the future and could cause actual results to differ materially from plans and projections. Therefore, because of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by us or any other person that our objectives and plans will be achieved. All forward-looking statements made in this release are based on information presently available to our management. We assume no obligation to update any forward-looking statements whether as a result of new information, future events or otherwise, after the date of this press release or to reflect the occurrence of unanticipated events, except as required by law.

Investor Relations Contact:

Bill Mitoulas
Communications and Investor Relations
Email: bill.m@newgiocogoup.com
Tel: 1.416.479.9547

Newgioco Group, Inc.

SOURCE: Newgioco Group, Inc.