SOURCE: CMG Holdings, Inc

October 26, 2015 10:21 ET

CMG Takes Significant Step Towards Closing the Acquisition of E&E Enterprises Global Inc.

CHICAGO, IL--(Marketwired - Oct 26, 2015) - CMG Holdings Group, Inc. (OTCQB: CMGO) today announced that the Company is on track towards the acquisition of the targets it currently has under Letters of Intent. As of yesterday, the Company has extended its period of exclusivity to acquire E&E Enterprises Global, Inc. through November 30, 2015. The Company has executed an agreement for up to one million dollars for refinancing certain of E&E's debt obligations and simplifying the firms capital structure, which should make additional funding much more attainable.

Glenn Laken, CEO of CMG, commented on the opportunities facing the organization: "The extension of exclusivity and execution of the term sheet show the confidence our targets and smart money have in our acquisition strategy. We selected the investor group based on their extensive experience in the communications industry, ability to quickly close, and extensive resources which can expedite closing on our currently negotiated deals and other opportunities. Additionally, we have identified a PCAOB certified firm to audit the books of our signed targets, are engaging counsel to move to closing the transactions, and are in discussions with multiple institutional investors that can provide additional capital to fuel our growth. We are moving forward with the acquisition of E&E and expect to close the transaction sometime in this quarter. We are very excited by this occurrence and our looking forward to folding E&E into the CMG family. We are currently meeting with bankers and funds in our desire to achieve the rest of the funding for the other two targets and are optimistic we can close those transactions by year end. Our vision for the future is rapidly becoming the reality of CMG today."

Ernest Green, CEO and founder of E&E, said: "The elimination of debt obligations will allow E&E to move forward and take on and execute current and new contract work. We are at a tipping point in our business in anticipation of significant work for the federal government and major wireless carriers and cable MSOs throughout the United States."

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