CMG Holdings Announces Major Revenue Increases for XA, The Experiential Agency

Rhea-AI Summary

CMG Holdings Group, Inc. (OTC: CMGO) reported a significant revenue increase in Q3 2022, reaching $911,206, up from $567,626 in Q2 and $407,929 in Q1. The subsidiary XA, focused on experiential marketing, also generated a net income of $245,822. CEO Glenn Laken highlighted the importance of their Magnetic Vacuum Upgrading (MVU) technology, stating it as crucial for the company's future. The company is committed to keeping shareholders informed about ongoing developments, especially regarding the MVU project.

Positive

• Q3 2022 revenue reached $911,206, a 60% increase from Q2.
• Net income for Q3 totaled $245,822, indicating profitability.

Negative

• None.

CHICAGO, IL, Nov. 15, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire -- CMG Holdings Group, Inc. (OTC: CMGO) today announced that in the third quarter of 2022, ending on September 30, XA, The Experiential Agency (http://www.experientialagency.com), a wholly owned subsidiary, increased revenues to $911,206, up from $567,626 in the year’s second quarter and $407,929 in 2022’s first quarter.

Major projects conducted by XA in the third quarter included Herschel Supply Company and Madewell.

XA’s net income for the third quarter totaled $245,822.  “We are very pleased by the continuing success of our wholly owned subsidiary,” said Glenn Laken, CMG Holdings CEO.
The entire 10Q, filed today, is available at SEC.gov.

Mr. Laken also emphasized that the Magnetic Vacuum Upgrading (MVU) technology, in which CMGO has invested, which increases the value and quality of low-grade petroleum by removing impurities, is the most important project in the Company’s history and the Company will update shareholders as news dictates.

About CMG Holdings Group, Inc.

CMG Holdings Group, Inc. (https://www.cmgholdingsinc.com/) is a Chicago holding company whose primary operating subsidiary is XA – The Experiential Agency, Inc. (http://www.experientialagency.com) - which engages in the alternative advertising, digital media, experiential and interactive marketing, and entertainment sectors. XA is involved in production and promotion, event design, sponsorship evaluation, negotiation and activation, talent buying, show production, stage and set design, and data analysis and management activities. The business also offers branding and design services, including graphic, industrial and package designs across traditional and new media, public relations, social media, media development and relations, and interactive marketing platforms to provide its clients with customary private digital media networks to design and develop individual broadcasting digital media channels to sell, promote, and enhance their digital media video content through mobile, online, and social mediums. XA serves clients across the marketing communication industry. Separately, CMG Holdings Group owns Lincoln Acquisition Corp., a subsidiary formed to manage its portfolio investments.

Disclosure Statement
Statements in this press release about our future expectations, including without limitation, the likelihood that CMG Holdings Group, Inc. will be successful and profitable, bring significant value to its stockholders, and leverage capital markets to execute its growth strategy, constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Litigation Reform Act of 1995. Such forward-looking statements involve risks and uncertainties and are subject to change at any time, and our actual results could differ materially from expected results. The Company undertakes no obligation to update or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this statement or to reflect the occurrence of unanticipated events, except as required by law. CMG's business strategy described in this press release is subject to innumerable risks, most significantly, whether the Company is successful in securing adequate financing and materially decreases its convertible debt. No information in this press release should be construed in any form, shape or manner as an indication of the Company's future revenues, financial condition or stock price.

Contact:
Paul Knopick
E&E Communications
940.262.3584
pknopick@eandecommunications.com

FAQ

What were CMGO's revenues in Q3 2022?

CMGO reported revenues of $911,206 in Q3 2022.

What is the net income of CMGO for the third quarter of 2022?

CMGO's net income for Q3 2022 was $245,822.

What technology is CMGO focusing on for future growth?

CMGO is focusing on Magnetic Vacuum Upgrading (MVU) technology for future growth.

What major projects did CMGO's subsidiary XA work on recently?

XA worked on major projects for Herschel Supply Company and Madewell in Q3 2022.