CMG Holdings CEO Glenn Laken Updates Shareholders

Rhea-AI Summary

CMG Holdings Group, Inc. (OTC: CMGO) CEO Glenn Laken asserts his innocence regarding SEC allegations, expressing confidence in his legal representation. He emphasizes that business operations remain stable, with no impact from these allegations on their subsidiary, XA – The Experiential Agency. XA is reportedly outperforming expectations in Q2 2022 and anticipates continued success with upcoming holiday campaigns. Additionally, progress in the company's oil technology project is noted, with updates expected later this month.

Positive

• XA – The Experiential Agency significantly outperformed in Q2 2022.
• Strong holiday activations planned for XA, indicating continued performance.
• Progress reported in the oil technology project, expected to be profitable.

Negative

• SEC allegations could pose reputational risks and scrutiny.
• Uncertain outcomes related to the ongoing legal matters may affect future operations.

CHICAGO, IL, Sept. 06, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire – CMG Holdings Group, Inc. (OTC: CMGO) CEO Glenn Laken today, in updating shareholders, said concerning recent allegations brought against him by the Securities and Exchange Commission and the United States Attorneys Office in the State of Georgia, that he maintains his innocence concerning all allegations and that he is confident that these matters will be resolved by the excellent counsel that has been retained to represent him concerning these matters.

More importantly Mr. Laken would like to point out to all shareholders that in spite of these allegations, business is proceeding as normal and that there has been no change regarding the business of XA, The Experimental Agency or in the more recent investment made by CMG Holdings into the new oil technology venture.

XA, The Experiential Agency (http://www.experientialagency.com) , a wholly owned subsidiary, is significantly exceeding in performance the second quarter of 2022 and, with new Holiday activations planned, is expected to continue the already strong performance into the fourth quarter.

Mr. Laken said this about the oil project, in which the Company is involved: “The oil project is progressing nicely.” As previously stated, Mr. Laken has pointed out the importance of this project and he believes that CMG will profit significantly from its position. CMG will be in position to update all investors concerning this project later this month after planned meetings with the oil technology company.   

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 are the recent allegations against CMGO CEO Glenn Laken?

Glenn Laken has been accused by the SEC and the U.S. Attorney's Office, but he maintains his innocence and has confidence in his legal counsel.

How is XA – The Experiential Agency performing?

XA is exceeding performance expectations for Q2 2022 and is expected to continue with strong holiday activations.

What updates are expected regarding CMGO's oil technology project?

Updates on the oil technology project are anticipated later this month after meetings with the relevant company.

Is CMGO's business affected by the SEC allegations?

According to CEO Glenn Laken, business operations remain normal despite the allegations.