TORONTO, ON--(Marketwired - December 19, 2016) - Bravo Multinational Incorporated (OTCQB: BRVO) reports on Company activities.
10Q for Quarter ending September 30, 2016:
The Company would like first to apologize to its shareholders for the yet to be filed "Quarterly Report." The cause of this extensive delay is due to serious ongoing health issues with BRVO's CFO. That being said, after numerous interviews with several firms over the past few weeks, the Company has on Friday, December 16, 2016, finalized the engagement of a new accounting firm that will immediately take over the full accounting duties of the Company. This new firm located in New York State has extensive US SEC accounting experience. Management welcomes the new addition to the Bravo team. The Company's PCAOB auditing firm, Scrudato & Co., PA-Certified Public Accounting Firm, has not changed.
El Salvador- Central America:
The gaming license operational openings in municipalities in the capital city of San Salvador, El Salvador will be delayed due to current circumstances out of the Company's control. The parties that were to fund and open the two locations have decided to hold off on the location openings. Bravo's management has worked with the El Salvadoran associates for the past year to plan this new business venture and hope to have the licenses put to work, shortly.
BRVO sales division for gaming equipment reports that Q4 is moving well within anticipated projections. Management looks forward to furthering future sales growth going into, and throughout 2017.
The Company has had many inquiries regarding the Company's OTCQB status due to the late filing and the sub-penny share price. The OTCQB status will be maintained and immediately regained as soon as the filings are up- to- date. As for the share price, the Company has six months to regain a level of one cent (0.01) to maintain the OTCQB status.
Market Stock Selling/buying:
Recently, the Company is aware of certain large shareholders (non-affiliates) that have informed the Company that they have chosen to divest in Bravo at this time to take advantage of year-end tax planning, as well as, to move on to alternate investments. This trading activity resulted in more than 15 million shares being put onto the open market, recently. Before this occurring, the last couple of weeks the Company feels that significant short selling pressure started in mid-September, adding to the share price declines. The Company has no control over free-trading share sales.
Core Business Focus:
BRVO continues its positive efforts to increase revenues and intends to grow the core gaming equipment business throughout next year and bring forth a strong balance sheet for 2017. Q4 2016 should report positive sales growth. Additionally, the company has made arrangements to enhance its equipment sales operation, by opening an independent Bravo sales office in the New Year. Regardless of the current share price, the core business is growing, and BRVO anticipates extensive growth throughout 2017.
About Bravo Multinational Incorporated:
Bravo Multinational Incorporated (OTCQB: BRVO) is a diversified Company, with its main focus on the development and expansion of the Casino Gaming Equipment holdings and Gaming related business activities throughout Central and South America. Bravo's growth strategy, driven by partnerships, acquisitions, and new ventures should result in financially viable and profitable corporate divisions.
For further information about Bravo Multinational Incorporated, please contact, Michael Sullivan, RedChip Companies Inc., 407-644-4256 ext.115, Michael@redchip.com, www.redchip.com and www.bravomultinational.com
Bravo Multinational Incorporated cautions that the statements made in this press release and other forward looking statements made on behalf of the Company may be affected by such other factors including, but not limited to, vagaries of trade, market competition and other risks detailed herein and from time to time in the U.S. Securities and Exchange Commission filings of the Company.
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