CMG Holdings Group Inc (CMGO)

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Additionally, CMG would like to give an update on its business outlook. During the quarter, XA, the Company’s operating subsidiary, closed a six-figure contract with a world-renowned clothing retailer which has the potential to become a seven-figure relationship after its initial scope of work is completed. Further, XA continues to work with several new clients on installations each to be in excess of $1 million and expects to close at least a couple of these opportunities this year which will become 2019 and 2020 business. XA continues to see clients returning with $50K - $100K jobs on a continual basis, which builds its book of business and provides visibility to future results.

Said Laken: “Overall, we have returned XA to strong growth and sustained profitability, which management projected heading into this year. With this operational momentum and our expected cash proceeds from non-operating activities, the Company is in the best state of operational health and liquidity position it has enjoyed in years. I believe we have laid the foundation for a great future for the Company and expect to create substantial value for shareholders in the future. For these reasons, our Board of Directors approved a 100 million share repurchase program, which we initiated in June and which continues to be executed today.”

https://www.otcmarkets.com/stock/CMGO/news/CMG-Holdings-Reports-Strong-Second-Quarter-Results-and-Provides-Update?id=237087