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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Rmg Networks Holding Corp. (delisted) | NASDAQ:RMGN | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.29 | 1.28 | 1.29 | 0 | 01:00:00 |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event reported): May 14, 2015 (May 13, 2015)
RMG NETWORKS HOLDING CORPORATION
(Exact Name of Registrant as Specified in Charter)
Delaware | 001-35534 | 27-4452594 |
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification Number) |
15301 North Dallas Parkway Addison, TX | 75001 |
(Address of Principal Executive Offices) | (Zip Code) |
(800) 827-9666
(Registrants telephone number, including area code)
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions:
[_]
Written communications pursuant to Rule 425 under the Securities Act
[_]
Soliciting material pursuant to Rule 14a-12 under the Exchange Act
[_]
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
[_]
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
Item 2.02. | Results of Operations and Financial Condition. |
On May 14, 2015, RMG Networks Holding Corporation (the Company) issued a press release announcing, among other things, financial results for the first quarter ended March 31, 2015 (the Earnings Release). A copy of the Earnings Release is furnished herewith as Exhibit 99.1 and is incorporated herein by reference.
The information contained in this Item 2.02 and in the accompanying exhibit shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the Exchange Act), or otherwise subject to the liabilities of that Section, or incorporated by reference in any filing under the Exchange Act or the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.
Item 8.01. | Other Events |
On May 13, 2015, the Company issued a press release announcing that its special meeting of stockholders that was scheduled for, and was convened on, May 12, 2015, was adjourned to 5:00 p.m. central time on May 13, 2015 due to the lack of a requisite quorum. A copy of the press release issued on May 13, 2015 is furnished herewith as Exhibit 99.2 and is incorporated herein by reference.
Item 9.01. | Financial Statements and Exhibits. |
(d)
Exhibits
Exhibit No. |
Description | |
99.1 |
Press release issued May 14, 2015. | |
99.2 |
Press release issued May 13, 2015. |
2
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
Dated: May 14, 2015
RMG NETWORKS HOLDING CORPORATION
By: /s/ David Mace Roberts
Name: David Mace Roberts
Title: SVP, General Counsel and Secretary
3
EXHIBIT INDEX
Exhibit No. |
Description | |
99.1 |
Press release issued May 14, 2015. | |
99.2 |
Press release issued May 13, 2015. |
Exhibit 99.1
RMG NETWORKS REPORTS FIRST QUARTER 2015 RESULTS
Continues Strong Progress on Key Strategic Initiatives
Significantly Narrows Adjusted EBITDA Loss from Continuing Operations from Prior Year
First Quarter Highlights
·
Total revenues from continuing operations1 of $9.3 million; narrowed adjusted EBITDA loss from continuing operations1,2 to $1.6 million from $2.8 million in the first quarter of 2014
·
Enterprise products and professional services revenues up 8.3% and 5.6% year-over-year, respectively
·
Completed Six New Products in Six Months initiative, bringing to market four additional Enterprise business solutions
·
Successfully completed a $25 million private placement, eliminating its senior debt facility and adding $9.6 million in net cash proceeds to the balance sheet
·
Subsequent to quarter-end, appointed two key hires in Jana Ahlfinger Bell, Chief Financial Officer, and Chuck Corbin, Head of North American Sales
DALLAS, TX (Marketwired) 5/14/2015 RMG Networks Holding Corporation (NASDAQ: RMGN), or RMG Networks, a leading provider of technology-driven visual communications solutions, today announced its financial results for the first quarter ended March 31, 2015.
RMG Networks helps organizations communicate more effectively using location-based video networks. The company builds enterprise video networks that empower businesses to visualize critical data to better manage their operations and connect with their employees. The company also connects brands with target audiences using video advertising networks.
Robert Michelson, Chief Executive Officer, commented, During the first quarter we continued to execute on our strategy to drive innovation, reinvigorate growth and build towards profitable operations. For the first time in the last three quarters, we narrowed the year-over-year revenue decline in our Enterprise business, demonstrating the progress we are making in returning the company to sustainable revenue growth. Further, we completed a financing transaction that strengthened our balance sheet. We also advanced a number of strategic initiatives that continue to move us along the path to growing revenue and reaching positive adjusted EBITDA in the long-term.
In Enterprise sales, we launched the final four products of our aggressive six month innovation plan to strengthen our portfolio of products by introducing one new solution a month for six months, Mr. Michelson continued. We are encouraged by the initial response to these solutions from both new and potential customers. As a result of this initiative and other actions we are taking, the volume of qualified sales pursuits are increasing, including an increase in large, more substantial sales opportunities.
Mr. Michelson added, We understand there is still much work to be done and it will take some time for the effect of our work to fully impact our financial results. However, as an organization, we are making progress to rejuvenate growth and are moving forward along a path to achieve our ultimate goal of long-term, sustainable profitability.
1 The financial results associated with the companys Airline Media Networks business for the first quarter of 2015 and 2014 have been removed from continuing operations and classified as discontinued operations, due to the pending sale of the business.
2 GAAP operating loss from continuing operations was $4.0 million and $5.9 million for the first quarter of 2015 and 2014, respectively.
First Quarter Financial Review
Financial results from RMG Networks Airline Media Networks business have been excluded from continuing operations and are reported as discontinued operations in the Consolidated Statement of Comprehensive Loss due to the pending sale of this business. There can be no assurance that this sale will occur on terms favorable to the company, or at all. Prior year results also have been adjusted to report this business as discontinued operations. As a result, the financial results below reflect the remaining business at RMG Networks, reported as continuing operations.
In addition, as-reported results include certain items and the effects of purchase accounting which RMG Networks does not believe reflect the underlying performance of its business. Therefore, for ease of comparison, the following provides adjusted results for the first quarter of 2015 and 2014.
Adjusted Results3,4
First Quarter Revenue & Gross Margin. Total adjusted revenues from continuing operations in the first quarter of 2015 were $9.3 million, a decline of 5.2% from $9.8 million in the first quarter of 2014.
·
Product sales revenue increased $0.2 million or 8.3% from the first quarter of 2014, resulting from better sales execution in the first quarter of 2015.
·
Professional services revenue increased $0.1 million or 5.6% from the first quarter of 2014, resulting primarily from improved utilization within the professional services business.
·
Maintenance & content services revenue declined $0.9 million or 19.6% from the first quarter of 2014, resulting primarily from the decision in 2014 to proactively end-of-life maintenance services on certain products that had the potential to become too costly to maintain and had been replaced by newer products.
Adjusted gross margin from continuing operations was 57.9% in the first quarter of 2015, compared to 56.5% in the first quarter of 2014.
First Quarter Adjusted EBITDA4. Adjusted EBITDA loss from continuing operations was $1.6 million, improving from a loss of $2.8 million in the first quarter of 2014, resulting primarily from lower operating expenses.
Reported Results
First Quarter. Total reported revenue from continuing operations for the quarter ended March 31, 2015 was $9.3 million compared to total reported revenue of $9.0 million for the same quarter last year.
Operating loss from continuing operations for the quarter ended March 31, 2015 was $4.0 million compared to an operating loss of $5.9 million for the same quarter last year.
Business Outlook
In the first quarter, we experienced the effects of the typical seasonal patterns that impact our business, noted Mr. Michelson. However, with our focused sales strategy and innovative new products gaining traction in the market, we are confident our pipeline will drive the typical seasonal growth we have historically seen and increasing growth overall during the long-term. We have in front of us numerous, specific opportunities to deliver accelerated growth in the second half of 2015 and are committed to executing on them. With many of these initiatives in early stages, the visibility into the exact timing of their impact is still not clear. As such, we believe it would be premature to provide specific, near-term guidance at this time. However, we will continue, as we did in the first quarter, to rationalize our cost structure when prudent to do so particularly when costs are associated with underperforming revenue generating activities. As we execute on our planned product development and sales enhancement programs, we remain optimistic about our prospects for revenue growth and developing positive adjusted EBITDA over the intermediate- and long-term.
3 The financial results associated with the companys Airline Media Networks business for the first quarter of 2015 and 2014 have been removed from continuing operations and classified as discontinued operations, due to the pending sale of the business.
4 GAAP revenue from continuing operations was $9.3 million and $9.0 million for the first quarter of 2015 and 2014, respectively. GAAP operating loss was $4.0 million and $5.9 million for the first quarter of 2015 and 2014, respectively. Please see the tables at the end of this press release for a reconciliation of GAAP results to adjusted results.
Conference Call
Management will host a conference call to discuss these results on Thursday, May 14, 2015 at 9 a.m. ET. To access the call, please dial 1-866-700-0133 (toll free) or 1-617-213-8831 and passcode 43826125. The conference call will also be broadcast live over the Internet with an accompanying slide presentation, which can be accessed via the Investor Relations section of RMG Networks web site at http://ir.rmgnetworks.com/phoenix.zhtml?c=251935&p=irol-calendar. All participants should call or access the website approximately 10 minutes before the conference begins. The webcast and slide presentation will be available for replay for 90 days.
A telephonic replay of this conference call will also be available by dialing 1-888-286-8010 (toll free) or 1-617-801-6888 (passcode: 74151034) from 1 p.m. ET on May 14, 2015 until 11:59 p.m. ET on May 21, 2015.
RMG Networks and its logo are trademarks and/or service marks of RMG Networks Holding Corporation.
About RMG Networks
RMG Networks (NASDAQ: RMGN) helps organizations communicate more effectively using location-based video networks. The company builds enterprise video networks that empower businesses to visualize critical data to better manage their operations and connect with their employees. The company also connects brands with target audiences using video advertising networks. RMG Networks works with over 70% of the Fortune 100. The company is headquartered in Dallas, Texas, with offices in the United States, United Kingdom, Singapore and the UAE. For more information, visit http://www.rmgnetworks.com.
About Non-GAAP Financial Measures
This release includes certain non-GAAP financial measures as defined under SEC regulations, including Adjusted Revenue, Adjusted Gross Margin and Adjusted EBITDA. In evaluating its business, RMG Networks considers and uses Adjusted Revenue, Adjusted Gross Margin and Adjusted EBITDA as supplemental measures of its operating performance, and believes that many of the companys investors use these non-GAAP measures to monitor the companys performance. These measures should not be considered as a substitute for the most directly comparable GAAP measures and should not be used in isolation, but in conjunction with these GAAP measures. Definitions and reconciliations between non-GAAP measures and relevant GAAP measures are set forth in the tables at the end of this press release.
Cautionary Note Regarding Forward Looking Statements
This press release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: "anticipate," "intend," "plan," "goal," "seek," "believe," "project," "estimate," "expect," "strategy," "future," "likely," "may," "should," "will" and similar references to future periods. Examples of forward-looking statements include, among others, statements we make regarding the proposed sale of the Media business, guidance relating to future financial performance and expected operating results, such as revenue growth, our ability to achieve profitability, our position within the markets that we serve, efforts to grow our business and the impact of litigation.
Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: the company's ability to raise additional capital on satisfactory terms, or at all; success in retaining or recruiting, or changes required in, its management and other key personnel; the ability to complete the sale of the companys Media business or to operate it profitably; the limited liquidity and trading volume of the company's securities; Reach Media Group's ("RMG") history of incurring significant net losses and limited operating history; the competitive environment in the advertising markets in which the company operates; the risk that the anticipated benefits of the combination of RMG or Symon Holdings Corporation, or of other acquisitions that the company may complete, may not be fully realized; the risk that any projections, including earnings, revenues, margins or any other financial items are not realized; changing legislation and regulatory environments; business development activities, including the company's ability to contract with, and retain, customers on attractive terms; the general volatility of the market price of the company's common stock; risks and costs associated with regulation of corporate governance and disclosure standards (including pursuant to Section 404 of the Sarbanes-Oxley Act); and general economic conditions.
Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
Contact:
For RMG Networks Holding Corporation
Investor
Brett Maas / Rob Fink
646-536-7331 / 646-415-8972
ir@rmgnetworks.com
or
Media
Julie Rasco
800-827-9666
Julie.Rasco@rmgnetworks.com
Source: RMG Networks
(Financial tables appear below)
RMG Networks Holding Corporation
Consolidated Balance Sheets
|
| March 31, 2015 |
| December 31, 2014 | ||
|
| (Unaudited) |
|
|
| |
Assets |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
| $ | 11,063,486 |
| $ | 3,076,708 |
Accounts receivable, net |
|
| 11,463,397 |
|
| 13,060,536 |
Inventory, net |
|
| 1,775,781 |
|
| 1,460,876 |
Deferred tax assets |
|
| - |
|
| 6,671 |
Prepaid assets |
|
| 1,192,483 |
|
| 1,174,894 |
Current assets of discontinued operations |
|
| 864,700 |
|
| 2,810,857 |
Total current assets |
|
| 26,359,847 |
|
| 21,590,542 |
Property and equipment, net |
|
| 5,154,325 |
|
| 5,230,215 |
Property and equipment of discontinued operations |
|
| 384,994 |
|
| 455,582 |
Intangible assets, net |
|
| 10,886,375 |
|
| 11,518,997 |
Loan origination fees |
|
| - |
|
| 743,082 |
Other assets |
|
| 175,505 |
|
| 177,832 |
Other assets of discontinued operations |
|
| 62,255 |
|
| 72,531 |
Total assets |
| $ | 43,023,301 |
| $ | 39,788,781 |
Liabilities and Stockholders equity |
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Accounts payable |
| $ | 2,957,202 |
| $ | 4,348,804 |
Accrued liabilities |
|
| 3,167,182 |
|
| 3,379,651 |
Loss on long-term contract |
|
| 2,914,386 |
|
| 2,648,644 |
Deferred revenue |
|
| 8,785,013 |
|
| 9,350,177 |
Liabilities of discontinued operations |
|
| 5,514,967 |
|
| 5,145,565 |
Total current liabilities |
|
| 23,338,750 |
|
| 24,872,841 |
Notes payable non current |
|
| - |
|
| 14,000,000 |
Warrant liability |
|
| 1,157,846 |
|
| 1,447,308 |
Deferred revenue non current |
|
| 2,598,039 |
|
| 1,478,041 |
Deferred tax liabilities |
|
| 3,413 |
|
| - |
Loss on long-term contract - non-current |
|
| 1,172,555 |
|
| 1,035,804 |
Capital leases and other |
|
| 386,397 |
|
| 501,386 |
Non-current liabilities of discontinued operations |
|
| 310,983 |
|
| 341,644 |
Total liabilities |
|
| 28,967,983 |
|
| 43,677,024 |
Commitment and Contingencies |
|
|
|
|
|
|
Stockholders equity (deficit): |
|
|
|
|
|
|
Series A, Convertible Preferred Stock , $100.00 par value (1,000,000 shares authorized, 250,000 shares outstanding at March 31, 2015) |
|
| 24,627,300 |
|
| - |
Common stock, $.0001 par value, (250,000,000 shares authorized; 12,467,756 and 12,467,756 shares issued; 12,167,756 and 12,167,756 shares outstanding, at March 31, 2015 and December 31, 2014, respectively.) |
|
| 1,247 |
|
| 1,247 |
Additional paid-in capital |
|
| 82,501,468 |
|
| 82,089,504 |
Accumulated comprehensive income (loss) |
|
| (188,278) |
|
| 6,211 |
Retained earnings (accumulated deficit) |
|
| (92,406,419) |
|
| (85,505,205) |
Treasury Stock, at cost (300,000 shares) |
|
| (480,000) |
|
| (480,000) |
Total stockholders equity (deficit) |
|
| 14,055,318 |
|
| (3,888,243) |
Total liabilities and stockholders equity (deficit) |
| $ | 43,023,301 |
| $ | 39,788,781 |
RMG Networks Holding Corporation
Consolidated Statements of Comprehensive Loss
RMG Networks Holding Corporation
Consolidated Statements of Cash Flows
RMG Networks Holding Corporation
Reconciliation of Gross Profit from Continuing Operations
For the Three Months Ended March 31, 2015
|
| Three Months Ended March 31, 2015 (GAAP) |
| Loss on Long-Term Contract |
| Adjusted (Non-GAAP) |
|
| (Unaudited) |
|
|
|
|
Revenue: |
|
|
|
|
|
|
Advertising | $ | - | $ | - | $ | - |
Product sales |
| 3,082,317 |
| - |
| 3,082,317 |
Maintenance and content services |
| 3,626,375 |
| - |
| 3,626,375 |
Professional services |
| 2,601,822 |
| - |
| 2,601,822 |
Total Revenue |
| 9,310,514 |
| - |
| 9,310,514 |
|
|
|
|
|
|
|
Cost of Revenue |
| 4,956,910 |
| (1,035,993) |
| 3,920,917 |
|
|
|
|
|
|
|
Gross Profit | $ | 4,353,604 | $ | 1,035,993 | $ | 5,389,597 |
Financial results from RMG Networks Airline Media Networks business have been excluded from continuing operations and are reported as discontinued operations in the Consolidated Statement of Comprehensive Loss due to the pending sale of this business. There can be no assurance that this sale will occur on terms favorable to the company, or at all. As a result, these financial results reflect the remaining business at RMG Networks, reported as continuing operations.
RMG Networks Holding Corporation
Reconciliation of Gross Profit from Continuing Operations
For the Three Months Ended March 31, 2014
|
| Three Months Ended March 31, 2014 (GAAP) |
| Purchase Price Accounting Adjustment |
| Media-related Payment Reclassification |
| Adjusted (Non-GAAP) |
|
| (Unaudited) |
|
|
|
|
|
|
Revenue: |
|
|
|
|
|
|
|
|
Advertising | $ | - | $ | - | $ | - | $ | - |
Product sales |
| 2,206,420 |
| - |
| 639,042 |
| 2,845,462 |
Maintenance and content services |
| 4,302,725 |
| 209,913 |
| - |
| 4,512,638 |
Professional services |
| 2,463,566 |
| - |
| - |
| 2,463,566 |
Total Revenue |
| 8,972,711 |
| 209,913 |
| 639,042 |
| 9,821,666 |
|
|
|
|
|
|
|
|
|
Cost of Revenue |
| 4,277,127 |
| - |
| - |
| 4,277,127 |
|
|
|
|
|
|
|
|
|
Gross Profit | $ | 4,695,584 | $ | 209,913 | $ | 639,042 | $ | 5,544,539 |
Financial results from RMG Networks Airline Media Networks business have been excluded from continuing operations and are reported as discontinued operations in the Consolidated Statement of Comprehensive Loss due to the pending sale of this business. There can be no assurance that this sale will occur on terms favorable to the company, or at all. As a result, these financial results reflect the remaining business at RMG Networks, reported as continuing operations.
RMG Networks Holding Corporation
Reconciliation of Operating Income (Loss) to Adjusted EBITDA from Continuing Operations
|
| First Quarter | ||
|
| 2015 |
| 2014 |
|
|
|
|
|
Operating income (loss) per Consolidated Statements of Comprehensive Loss | $ | (3,990,912) | $ | (5,850,465) |
|
|
|
|
|
Revenues that would have been recognized in the period had the balance in deferred revenue at the acquisition date not been required to be adjusted to market value at the acquisition date in accordance with GAAP purchase accounting guidelines |
| - |
| 209,913 |
|
|
|
|
|
Depreciation and amortization |
| 912,578 |
| 1,205,843 |
Stock-based compensation |
| 411,964 |
| 1,029,688 |
Media-related payment reclassification |
| - |
| 639,042 |
Loss on long-term contract |
| 1,035,993 |
| - |
|
|
|
|
|
Adjusted EBITDA | $ | (1,630,377) | $ | (2,765,979) |
Financial results from RMG Networks Airline Media Networks business have been excluded from continuing operations and are reported as discontinued operations in the Consolidated Statement of Comprehensive Loss due to the pending sale of this business. There can be no assurance that this sale will occur on terms favorable to the company, or at all. As a result, these financial results reflect the remaining business at RMG Networks, reported as continuing operations.
Exhibit 99.2
RMG Networks Announces One-Day Adjournment of Special Meeting
DALLAS, TX May 13, 2015 RMG Networks Holding Corporation (NASDAQ: RMGN), or RMG Networks, a leading provider of technology-driven visual communications solutions, today announced that its special meeting of stockholders that was scheduled for, and was convened on, May 12, 2015, was adjourned due to the lack of a requisite quorum. The vote in favor of the proposal was in excess of 98% as of May 12, 2015. Only stockholders of record on the record date of April 27, 2015, are entitled to vote and are being requested to vote.
The special meeting has been adjourned to 5:00 p.m. central time on Wednesday, May 13, 2015, at the Companys headquarters located at 15301 Dallas Parkway, Suite 125, Addison, Texas to allow additional time for stockholders to vote on the proposal set forth in the Companys proxy statement filed with the Securities and Exchange Commission (SEC). During the period of the adjournment, the Company will continue to solicit proxies from its stockholders with respect to the proposal set forth in the Companys proxy statement. If a stockholder has previously submitted its proxy card and does not wish to change its vote, no further action is required by such stockholder. The Company encourages all stockholders who have not yet voted to do so promptly.
No changes have been made in the proposal to be voted on by stockholders at the Special Meeting. The Companys proxy statement and any other materials filed by the Company with the SEC remain unchanged and can be obtained free of charge at the SECs website at www.sec.gov.
About RMG Networks
RMG Networks (NASDAQ: RMGN) helps organizations communicate more effectively using location-based video networks. The company builds enterprise video networks that empower organizations to visualize critical data to better manage their operations and connect with their employees. The company also connects brands with target audiences using video advertising networks. RMG Networks works with over 70% of the Fortune 100. The company is headquartered in Dallas, Texas, with offices in the United States, United Kingdom, Singapore and the UAE. For more information, visit http://www.rmgnetworks.com.
Cautionary Note Regarding Forward Looking Statements
This press release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: "anticipate," "intend," "plan," "goal," "seek," "believe," "project," "estimate," "expect," "strategy," "future," "likely," "may," "should," "will" and similar references to future periods, including statements relating to the special meeting of the Companys stockholders. Examples of forward-looking statements include, among others, statements we make regarding the proposed sale of the Media business, guidance relating to future financial performance and expected operating results, such as revenue growth, our ability to achieve profitability, our position within the markets that we serve, efforts to grow our business and the impact of litigation.
Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: the company's ability to raise additional capital on satisfactory terms, or at all; success in retaining or recruiting, or changes required in, its management and other key personnel; the limited liquidity and trading volume of the company's securities; Reach Media Group's ("RMG") history of incurring significant net losses and limited operating history; the competitive environment in the advertising markets in which the company operates; the risk that the anticipated benefits of the combination of RMG or Symon Holdings Corporation, or of other acquisitions that the company may complete, may not be fully realized; the risk that any projections, including earnings, revenues, margins or any other financial items are not realized; changing legislation and regulatory environments; business development activities, including the company's ability to contract with, and retain, customers on attractive terms; the general volatility of the market price of the company's common stock; risks and costs associated with regulation of corporate governance and disclosure standards (including pursuant to Section 404 of the Sarbanes-Oxley Act); and general economic conditions.
Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
Contact:
Investor
Brett Maas/Rob Fink
646-536-7331/646-415-8972
ir@rmgnetworks.com
or
Media
Julie Rasco
800-827-9666
Julie.Rasco@rmgnetworks.com
Source: RMG Networks
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