Newgioco Group, Inc. has changed its name to Elys Game Technology, Corp., the company announced Tuesday.
The company’s trading symbol also changed from NWGI to ELYS at the opening of the markets on November 10. The firm said the new name comes "with a focused and energetic team, to be introduced over the following few days, to help unlock the global potential of the company’s leading-edge gaming and betting software Elys Gameboard."
Michele Ciavarella, CEO of Elys Game Technology said in a news release: “Since inception in 1989 as Newgioco, the Company has built a robust B2B and B2C multichannel gaming business with over 130 land-based betting-shop, 1,200 webshops and thousands online players. The name Newgioco, which translates to Newgame, is a well-respected brand in the regulated Italian market and since 2016 has been a showcase to develop and prove our state-of-the-art gaming technology designed by our talented engineers. The Company’s Italian operations form a foundational pillar of strength for our business where we operate profitably. Elys leadership expects to continue to build on this experience in new markets as we grow forward.”
“With the Company shifting focus towards the large and rapidly developing U.S. sports betting market, the Company is leveraging its innovative Elys technology and extensive know to deliver a world class, end-to-end sports betting solution for gaming operators around the world,” added Ciavarella.
The company explained that there is no consolidation of its share capital in connection with the name change, so shareholders are not required to exchange their existing share certificates for new certificates bearing the company’s new name. It added the name change does not affect the company’s share structure or the rights of its shareholders, and no further action is required by existing shareholders.