NTN Announces Board Transition
CARLSBAD, Calif., September 3, 2019, — NTN Buzztime, Inc.
(NYSE American: NTN), changed the composition of its board of directors
effective August 30, 2019. Gregg Thomas, a current director,
was named chair, replacing Jeff Berg, who will remain on the board. Susan
Miller, was appointed to the board, replacing Paul Yanover, who stepped down.
Mr. Yanover’s resignation from the board was voluntary and not due to any
disagreements with the company.
Chair Jeff Berg stated, “In our ongoing effort to strengthen the board profile,
create new energy and bring new and relevant industry experience, we welcome Susan
to the board, elevate Gregg to chairman and thank Paul for his contributions
over the last seven years. Susan’s advisory, investment banking and capital
markets background in restaurants and technology is a great addition to the team.
Gregg, too, has a stellar background, having consulted for over 25 years with
emerging and rapid growth companies in the restaurant and retail industries.”
Mr. Berg was appointed chairman a decade ago, 10 new directors have been
appointed to the board as a part of the board’s ongoing refreshment practices
designed to meet the company’s evolving needs at the board level.
Further, we remain committed to implementing best practices in corporate
governance, including the continuous refreshment of our board, and we continue
to evaluate additional candidates for more transition over the next year.”
Miller said, “Having recently launched its new mobile
app, advertising exchange and capital-light trivia offering, Buzztime now is
able to offer a greater variety of solutions and price points. By creating
these opportunities, I believe Buzztime is poised to enter more ventures that
would benefit from greater differentiation and increased patron engagement. I
am eager to help management progress to the next phase.”
Thomas said, “I’m excited to lead the board and work closely with the
management team on the next chapter of NTN’s evolution. We thank Jeff for his
leadership and are delighted for his continued participation on the board. In
addition, we look forward to working with Susan as we drive to scale customers,
grow revenue and increase shareholder value.”
Miller is partner of Morgan Kingston Advisors, a boutique investment bank she
co-founded in September 2018 focused on supporting middle market companies and
their stakeholders across the restaurant and restaurant technology sectors,
among others. Ms. Miller has over 15 years of investment banking experience
including various positions at Mastodon Ventures, Inc., a strategic advisory
firm focused on the restaurant industry, and J.P. Morgan Securities Inc. Her
advisory experience represents a broad range of industries, including consumer
products, food and beverage, restaurants, retail, and healthcare. Ms. Miller’s transaction
experience includes sales, divestitures, joint ventures, debt and equity
capital raises, recapitalizations, high yield debt offerings, term loan debt
offerings, initial public offerings, follow-on public equity offerings,
financial restructuring, bankruptcy transactions, valuations, fairness opinions,
and strategic advisory for both private and publicly-traded companies.
Ms. Miller was a Cornell Tradition Fellow and graduated cum
laude with a B.S. in applied economics and management from Cornell University.
She holds FINRA Series 79 and 63 securities licenses.
Thomas is a partner and founder of CFO Advisors, LLC, a financial services and
advisory firm for the restaurant and retail industries. Over the last 25 years,
he has acted as the trusted advisor to CEOs, providing financial leadership and
industry expertise to over 50 restaurant and retail companies across the United
States. Mr. Thomas focuses his practice on working with emerging and
rapid growth, multi-unit companies, guiding them over a series of years in
their preparation for an eventual capital event. Prior to founding CFO
Advisors, LLC in 1994, he was senior tax manager for Plante & Moran.
Thomas received a B.S. in Accounting from the Stephen M. Ross School of
Business at the University of Michigan in Ann Arbor, a MS in Taxation from
Walsh College, and did post graduate study in taxation at the University of
Michigan Law School. He is a Certified Public Accountant.
Board Committee Composition
connection with the board changes, the composition of two of the board’s
standing committees also changed. The audit committee will consist of Susan
Miller, Richard Simtob and Gregg Thomas, with Mr. Thomas serving as chair, and
the nominating and corporate governance / compensation will consist of Steve
Mitgang, Jeff Berg and Gregg Thomas, with Mr. Mitgang serving as chair.
release contains forward-looking statements that reflect management’s current
views of future events and operations, including statements regarding the
ability of the company to enter more ventures that would benefit from the
company’s greater differentiation and increased patron engagement, to drive to
scale customers, grow revenue and increase shareholder value, as well as
statements regarding future transitions in our board’s composition. These
risks and uncertainties include the risks of unsuccessful execution or launch
of products, platforms or brands, risks associated with customer retention and
growth plans, the impact of alternative entertainment options and technologies
and competitive products, brands, technologies and pricing, adverse economic
conditions, the regulatory environment and changes in the law, failure of
customer and/or player acceptance or demand for new or existing products, lower
market acceptance or appeal of both existing and new products and services by
particular demographic groups or audiences as a whole, termination of
partnership and contractual relationships and technical problems or outages.
Please see NTN Buzztime, Inc.’s recent filings with
the Securities and Exchange Commission for information about these
and other risks that may affect the Company. All forward-looking statements
included in this release are based on information available to us on the date
hereof. These statements speak only as of the date hereof and NTN
Buzztime, Inc. does not undertake to publicly update or revise any of its
forward-looking statements, even if experience or future changes show that the
indicated results or events will not be realized.
Buzztime (NYSE American: NTN) delivers interactive entertainment
and innovative technology that helps its customers acquire, engage and retain
its patrons. Most frequently used in bars and restaurants in North
America, the Buzztime tablets, mobile app and technology offer engaging
solutions to establishments that have guests who experience dwell time, such as
casinos, senior living, and more. Casual dining venues license Buzztime’s
customizable solution to differentiate themselves via competitive fun by offering
guests trivia, card, sports and arcade games. Buzztime’s platform creates
connections among the players and venues and amplifies guests’ positive
experiences. Buzztime’s in-venue TV network creates one of the largest
digital out of home ad audiences in the US and Canada. Buzztime hardware
solutions leverages the company’s experience manufacturing durable tablets and
charging systems, enabling a diverse group of businesses including corrections,
point-of-sale and loyalty with product implementation. Buzztime games have also
been recently licensed by other businesses serving other markets. For
more information, please visit http://www.buzztime.com or
follow us on Facebook or Twitter@buzztime.
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