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eResearch is pleased to publish our Initiating Report on Newgioco Group, Inc. (OTCQB: NWGI). We are Initiating Coverage on Newgioco with a 1-year price target of $1.30. Newgioco is a vertically integrated organization engaged in the leisure gaming (gambling) industry, primarily in Italy but currently expanding worldwide. Newgioco generates revenues from providing retail land-based and web-based gambling products and services in regulated countries and offers solutions for both the Business-to-Business (B2B) and Business-to-Consumers (B2C) markets. The Company's forecasted double-digit growth over the next year, in the Italian retail gaming market, could be accelerated with tactical acquisitions. Over the next several years, Newgioco is poised to capture some of the recently deregulated, multibillion-dollar, U.S. sports betting market through the Company’s proprietary betting platform (ELYS™). We believe that Newgioco is overlooked and undervalued in the market, and it is also trading at a discount to peers.

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eResearch is pleased to publish our initial report on Urban Communications Inc.. The Company is an independent telecommunications carrier that delivers broadband services and network connectivity on a private fibre optic network that is strategically situated in high-density corridors of southern British Columbia, including Vancouver, the Lower Mainland, and Victoria.

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