CMG Holdings Group Six Month Revenues Up 234 Percent
CMG Holdings Group, Inc. (OTC: CMGO) reported a revenue increase of 234% in its Form 10Q for the period ending June 30, 2022, totaling $975,555 compared to $292,284 in 2021. Key achievements include support for a major pharmaceutical event in New York and collaboration with Daily Harvest for a product launch in Venice Beach. CEO Glenn B. Laken emphasized the importance of their Magnetic Vacuum Upgrading technology in enhancing low-grade petroleum. The company is also facing a lawsuit alleging patent violations, though CMGO is not named in the case.
- Revenue increased by 234% to $975,555 compared to $292,284 in 2021.
- Successful events supported by XA, enhancing client relationships.
- Pending lawsuit against NVT's petroleum project alleges patent violations, raising concerns.
CHICAGO, IL, Aug. 15, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire – CMG Holdings Group, Inc. (OTC: CMGO) today announced that it has filed its Form 10Q with the U.S. Securities & Exchange Commission for the period ending June 30, 2022. Revenues totaled
In the first six months of 2022, XA, The Experiential Agency (https://www.expagency.com), a wholly owned subsidiary, assisted a major pharmaceutical company with a major event in New York City featuring its new weight management approach that challenges the idea that people cannot eat foods they like and also lose weight, and also two New York City events to increase tourism on behalf of the United Kingdom.
XA also assisted Daily Harvest (https://www.daily-harvest.com/) in celebrating the launch of their newest product in a special event in Venice Beach, California. The “chop shop” sent visitors to an “old school” butcher, who traded meat for fruit and vegetables. Guests were greeted by a plant-powered deli counter where they ordered veggie versions of Italian classics including meatball subs, pesto paninis and salads—all complimentary and made with Crumbles. XA designed, fabricated, produced and managed the entire venue transformation. Daily Harvest is noted for Chef-crafted food built on sustainably sourced fruits and veggies.
Glenn B. Laken, CMG Holdings CEO, said the new Magnetic Vacuum Upgrading (MVU) technology, in which the Company 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 it is more important to get it right than to hurry and make mistakes. The Company will update shareholders going forward.”
Also, recently, a lawsuit filed by Earle Refining, LLC against NVT’s petroleum project alleges patent violations. CMG Holdings has received questions about this, although CMGO is not named in the lawsuit. Attorneys for NVT, in a filing, asked for dismissal of the lawsuit, saying Earle Refining has engaged in “outright thuggery and blatant violations of the law.” The filing is available at: https://www.cmgholdingsinc.com/announcements.
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 latest revenue figures for CMG Holdings Group (CMGO)?
What significant projects is CMGO currently involved in?
Is CMG Holdings Group involved in any legal issues?
What role does XA play in CMG Holdings Group's operations?
