Newgioco Provides Update on Italian Operations Due to Coronavirus Quarantine
Summary
In an effort to keep our investors and stockholders informed, Company Chairman and CEO Michele Ciavarella offered comments to Gambling Insider magazine. “During this global crisis we are taking proactive steps to effectively and efficiently operate our business while supporting our clients and retail partners and accommodating employees with young children and elderly relatives,” stated Company Chairman and CEO, Michele Ciavarella. “The shutdown measures also led to the inevitable postponement and cancellation of major sports events that we are offsetting with our general off-season business adjustments. However, although we are seeing an uptake in our non-sports online entertainment products such as poker and casino, we do expect that the complete shutdown of global sports will affect our overall results of operations for this period and until the crisis is resolved. Important factors that could cause actual results to differ materially from current expectations include our ability to continue to process approximately 200 – 300 online account applications daily, recover from the expectation that the complete shutdown of global sports will affect our overall results of operations for this period and until the crisis is resolved, 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.