CMG Holdings CEO Glenn Laken Updates Company’s Oil Project
CMG Holdings Group, Inc. (OTC: CMGO) announced a six-month extension of its loan with no additional fees or interest, following a positive site visit from its lender to an oil technology project in which it has invested. CEO Glenn Laken highlighted the impressive progress at the facility aimed at improving oil quality. Additionally, CMGO's subsidiary, XA, reported a significant revenue increase of 67% in Q3, surpassing $850,000. The company continues to explore direct funding options with its lender.
- Loan extension of six months with no fees or interest.
- Significant progress on oil technology project.
- XA, the subsidiary, reports Q3 revenues of over $850,000, a 67% increase.
- None.
Lender Agrees to Extension
CHICAGO, IL, Oct. 05, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire – CMG Holdings Group, Inc. (OTC: CMGO) CEO Glenn Laken issued the following statement today about the Company’s achievements:
“I recently spent three days in meetings with the CEO of the oil technology company in which CMGO has invested. I visited the site accompanied by our commercial lender.
“The lender viewed the project, which removes impurities from low-grade oil and turns it into a higher grade of oil, and was so impressed that they agreed to a six-month extension of our loan with no additional fees or interest.
“While visiting the terminal, a stream of equipment was being delivered. The state-of-the art facility is moving forward extremely well, with excellent progress noted.
“Our commercial lender and the parent company are in late-stage discussions concerning some direct funding from the lender to the parent company. I will continue to report to shareholders about the project.
“In other good news for CMGO, our wholly owned subsidiary, XA, The Experiential Agency, http://www.experientialagency.com, revenues for the third quarter will top
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
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