NEW YORK--(EON: Enhanced Online News)--Alliance MMA, Inc. ("Alliance MMA" or the "Company") (NASDAQ:AMMA), a professional mixed martial arts (MMA) promotion company, reported its 2016 financial results on Form 10-K yesterday.
Chairman of the Board and Chief Executive Officer Paul Danner commented, “We are pleased to report the combined results of our regional promotions in 2016. Operationally we are off to a remarkable start since we completed the initial public offering of our common stock in October 2016. Our annual report also reflects revisions to our second and third quarter results to include compensation in the form of shares of our common stock received by certain service providers, as well as individuals who later served as Alliance officers and directors. After notifying the Securities and Exchange Commission of this circumstance, we filed a Form 8-K on April 12, 2017 disclosing our intention to revise the affected financial statements. It should be noted that these revisions did not adversely affect our cash position, our balance sheet, the number of shares of our common stock outstanding, or the previously stated beneficial ownership of the officers and directors of the Company. Moreover, the stock-based compensation charge of $2.6 million represents approximately 62.4% of our annual loss for 2016, and is a one-time, non-recurring item that will not be reflected in any periods subsequent to December 31, 2016.”
Since the company’s initial public offering, Alliance MMA has acquired the assets of promotions in Florida and Ohio, obtained ownership of a fighter management company, and has announced Letters of Intent to purchase the assets of two additional promotions in Georgia and California. Danner went on to say, “There is absolutely no intention of slowing down with plans to expand our operations aggressively in the coming months. We will continue working towards our stated goal of creating and sustaining a continuous regional MMA presence in each of the top 20 domestic media markets, and reaching our ultimate objective of producing more than 125 events per year.”
About Alliance MMA, Inc.
Alliance MMA (NASDAQ:AMMA) is a professional mixed martial arts company that brings together leading regional promotions. Alliance MMA's mission is to identify and cultivate the next generation of fighters and champions for advancement to the Ultimate Fighting Championship (UFC) and other premier MMA promotions.
With some of the world’s leading MMA promotions under the Alliance MMA umbrella, the organization aims eventually to host in excess of 125 events per year, showcasing more than 1,000 fighters. Alliance MMA is also dedicated to generating live original sports media content, attracting an international fan base, and securing major brand sponsorship revenue for live MMA events, digital media, and Alliance MMA fighters.
MMA is the world’s fastest growing sport with worldwide fans of approximately 300 million according to sports marketing research firm Repucom. MMA is a full contact sport that allows a wide range of fighting techniques, including striking and grappling from various martial arts and disciplines including Boxing, Wrestling, Brazilian Jiu Jitsu, Karate and Muay Thai. Professional MMA fights are legal and regulated by state athletic commissions in all 50 states.
Alliance MMA, Inc. was incorporated in 2015 for the purpose of acquiring businesses that engage in the promotion of mixed martial arts (MMA) events. In 2016, the Company completed an initial public offering that culminated in a listing on the NASDAQ stock exchange. Alliance MMA is the only mixed martial arts promotion company that is publicly-traded.
For more information visit, www.alliancemma.com
This press release contains forward-looking statements within the meaning of the federal securities laws. These statements relate to anticipated future events, future results of operations or future financial performance. In some cases, you can identify forward-looking statements by terminology such as “may,” “might,” “will,” “should,” “intends,” “expects,” “plans,” “goals,” “projects,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,” or “continue” or the negative of these terms or other comparable terminology. Actual results may differ materially from historical results or those indicated by these forward-looking statements as a result of a variety of factors including, but not limited to, those discussed under the heading “Risk Factors” in our registration statement on Form S-1 (Registration No. 333-213166) declared effective by the Securities and Exchange Commission on September 2, 2016. Alliance MMA encourages you to review other factors that may affect its future results in Alliance MMA’s registration statement and in its other filings with the Securities and Exchange Commission.