Newgioco Provides Update on Impact of Coronavirus
Summary
Subsequently, on March 10, 2020 the Italian government imposed further restrictions on travel throughout Italy as well as transborder crossings that may negatively impact the Company’s operating results and hamper our efforts to meet filing deadlines. “Along with our management teams in Italy and Austria, we remain in close contact with local and national health authorities and have implemented notification and prevention procedures at our administration offices and physical locations. We are continuing with planned investments, particularly in developing our U.S. betting platform and products to drive long-term growth and profitability for our shareholders.” The Company will provide further updates to our financial reports, including earnings and cash flow from operations, during the second quarter of fiscal 2020 based on information available at that time. 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 and includes statements regarding the closing of betting shop locations not having an effect on the Company’s online and mobile business operations, most professional sports events being either postponed or cancelled which may have an effect on our overall sports betting handle and revenues, the anticipated impact of the COVID-19 outbreak on our product demand and business, the implementing of notification and prevention procedures at our administration offices and physical locations, the implementing of smart-work initiatives by encouraging, when and where possible, work from home options, the significant steps taken to expand our global distribution in over 13 countries, diversifying our product offerings as well as fostering the omni-channel features of our Elys betting platform, the extent that the uncertainty around our ability to implement cost containment, the severity and pace of recovery strategies on our business and the market price of our common stock following the COVID-19 outbreak, our long-term fundamentals remaining strong, continuing with planned investments, particularly in developing our U.S. betting platform and products to drive long-term growth and profitability for our shareholders. Important factors that could cause actual results to differ materially from current expectations include our ability to continue to operate our online and mobile business operations, manage the effect that the postponement and cancellation of most professional sports events may have on our overall sports betting handle and revenues, anticipate the impact of the COVID-19 outbreak on our product demand and business, implement notification and prevention procedures at our administration offices and physical locations, implement smart-work initiatives by encouraging, when and where possible, work from home options, take significant steps to expand our global distribution in over 13 countries, to diversify our product offerings as well as fostering the omni-channel features of our Elys betting platform, determine the uncertainty around our ability to implement cost containment, the severity and pace of recovery strategies on our business and the market price of our common stock following the COVID-19 outbreak, maintain strong long-term fundamentals, continue with planned investments, particularly in developing our U.S. betting platform and products to drive long-term growth and profitability for our shareholders, and the risk factors described in Newgiocos Annual Report on Form 10-K for the year ended December 31, 2018 and our subsequent filings with the U.S. Securities and Exchange Commission, including subsequent periodic reports on Forms 10-Q and 8-K.