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Benefits Administration Service Market to Grow by USD 144.7 Billion (2024-2028) with Increased Focus on Employee Wellness, AI Impact on Market Trends – Technavio Report

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NEW YORK, Sept. 2, 2024 /PRNewswire/ — Report on how AI is redefining market landscape- The global benefits administration service market size is estimated to grow by USD 144.7 billionn from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 3.09% during the forecast period. Increasing focus on employee wellness is driving market growth, with a trend towards increased adoption of automation in benefits administration services. However, high cost of software acquisition and implementation poses a challenge. Key market players include Automatic Data Processing Inc., Alight Solutions LLC, Aon plc, Bamboo HR LLC, Benefit Administration Services LLC, Benefitfocus.com Inc., Businessolver.com Inc, Cognizant Technology Solutions Corp., Dayforce Inc., Empower Annuity Insurance Co. Of America, ZenPayroll Inc., HS and BA, Insperity Inc., Justworks Inc., Mercer LLC, Namely Inc., National PEO, Navia Benefit Solutions Inc., Paychex Inc., SEB Administrative Services Inc., TriNet Group Inc., Willis Towers Watson Public Ltd. Co., and WNS Holdings Ltd..

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Forecast period

2024-2028

Base Year

2023

Historic Data

–

Segment Covered

Service Type (Core benefits administration, Ancillary benefits administration, and Integrated benefits administration), End-user (Employers, Insurance companies, Government agencies, Third-party administrators (TPAs), and Brokers and consultants), and Geography (North America, Europe, APAC, Middle East and Africa, and South America)

Region Covered

North America, Europe, APAC, Middle East and Africa, and South America

Key companies profiled

Automatic Data Processing Inc., Alight Solutions LLC, Aon plc, Bamboo HR LLC, Benefit Administration Services LLC, Benefitfocus.com Inc., Businessolver.com Inc, Cognizant Technology Solutions Corp., Dayforce Inc., Empower Annuity Insurance Co. Of America, ZenPayroll Inc., HS and BA, Insperity Inc., Justworks Inc., Mercer LLC, Namely Inc., National PEO, Navia Benefit Solutions Inc., Paychex Inc., SEB Administrative Services Inc., TriNet Group Inc., Willis Towers Watson Public Ltd. Co., and WNS Holdings Ltd.

Key Market Trends Fueling Growth

The Benefits Administration Service market assists businesses in managing employee benefits programs effectively. This includes processing claims, maintaining records, and ensuring compliance with regulations. By outsourcing this function, companies can save time and resources, focus on core business activities, and offer competitive benefits packages to attract and retain talent. Additionally, these services provide access to economies of scale, advanced technology, and expert knowledge, enhancing overall efficiency and productivity. 

The Benefits Administration Service market is experiencing significant growth, particularly among large businesses seeking to streamline their Employee Benefits Programs. Self-service portals and HR outsourcing partners are becoming popular solutions, allowing HR teams to manage benefit packages and employee eligibility through user-friendly interfaces. Manufacturing companies are increasingly adopting software platforms for Employee Benefit Administration, enabling automated solutions for compliance tracking and plan customization. Self-administration portals offer benefits like plan selection, enrollment, eligibility verification, and reporting, all with real-time data access. Wellness initiatives, retirement plans, health insurance, and compliance deadlines are easily managed through these platforms. AI and automation are key trends, reducing overhead costs and ensuring data security measures are in place. Integration capabilities and workflows further enhance the efficiency of Benefits Administration processes. Effective communication and plan customization are essential for employee engagement and satisfaction. 

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Market Challenges

The Benefits Administration Service market assists businesses in managing and delivering employee benefits effectively. It streamlines processes, ensuring compliance with regulations and reducing administrative burdens. This service enhances employee satisfaction by providing a user-friendly platform for benefit enrollment, management, and communication. It also offers valuable insights through data analytics, enabling informed decision-making for HR and finance teams. By outsourcing benefits administration, companies can focus on their core business activities while ensuring their employees have access to comprehensive benefits packages.The Benefits Administration Service market is experiencing significant growth as businesses of all sizes seek to enhance their employee benefits offerings. Cloud-based solutions are popular due to their flexibility and cost-effectiveness, allowing for customization and automation of HR-related tasks. Small businesses and start-ups benefit from subscription-based pricing models, while medium-sized and large businesses require more advanced features like self-service portals, mobile solutions, and compliance support. Employee wellness is a key focus, with digital solutions offering real-time access to benefits information, improving employee experience and engagement. On-premise software is still used by some, but cloud-based alternatives offer streamlined processes, reducing administrative overhead and manual errors. Multinational companies and technology firms require advanced HRIS and HR systems for managing employee entitlements and global compliance. Small agencies and business management software providers offer solutions tailored to specific industries, ensuring control over security and patch management. The shift to cloud-based and digital solutions enables regular access to benefits information, improving employee happiness and engagement, and reducing the need for extensive upfront commitment or long-term use.

For more insights on driver and challenges – Download a Sample Report

Segment Overview

This benefits administration service market report extensively covers market segmentation by

Service Type1.1 Core benefits administration1.2 Ancillary benefits administration1.3 Integrated benefits administrationEnd-user2.1 Employers2.2 Insurance companies2.3 Government agencies2.4 Third-party administrators (TPAs)2.5 Brokers and consultantsGeography3.1 North America3.2 Europe3.3 APAC3.4 Middle East and Africa3.5 South America

1.1 Core benefits administration- The benefits administration service market encompasses various segments, including health insurance, retirement plans, life insurance, and disability insurance. The health insurance segment holds a significant position, facilitating efficient management of healthcare benefits for individuals and employees worldwide. Employers and organizations seek innovative solutions to simplify health insurance enrollment and management, leading to the demand for comprehensive benefits administration services. Advanced technologies, such as AI and data analytics, are utilized to streamline claims processing, identify cost-saving opportunities, and offer personalized health insurance recommendations. The retirement plans segment plays a crucial role in managing future financial security, with a focus on administering retirement benefits like 401(k) plans and pension plans. Employers and individuals require efficient solutions to navigate the complexities of retirement planning, leading to the adoption of technology-driven platforms for seamless enrollment, contribution management, and investment advice. The integration of digital advice and robo-advisors offers personalized investment recommendations based on individual risk tolerance, financial goals, and retirement timelines. The life insurance segment offers essential financial protection to individuals and their families, focusing on policy enrollment, beneficiary management, claims processing, and premium administration. Advanced technologies are utilized to streamline policy management, enhance the customer experience, and optimize underwriting processes. Data analytics and predictive modeling enable tailored life insurance policies and pricing based on individual risk assessment. The disability insurance segment provides income protection for individuals facing disabilities that limit their ability to work. Technology-driven solutions streamline the claims management process and enhance accessibility of benefits for disabled individuals. Data analytics and predictive modeling are utilized to assess disability claims and optimize support services for disabled individuals, ultimately fostering greater financial security and well-being. In conclusion, the benefits administration service market is experiencing growth due to the increasing demand for efficient and technology-driven solutions in health insurance, retirement plans, life insurance, and disability insurance segments. The adoption of advanced technologies, such as AI and data analytics, and the integration of user-friendly digital platforms are key factors driving the market’s growth during the forecast period.

For more information on market segmentation with geographical analysis including forecast (2024-2028) and historic data ( – ) – Download a Sample Report

Research Analysis

Employee benefit administration refers to the process of managing and organizing various benefits programs offered by businesses to their employees. These benefits can include wellness initiatives, retirement plans, health insurance, and more. Effective benefit administration involves managing plan selection, eligibility, customization, and communication, as well as compliance tracking and reporting. Both small and large businesses utilize benefit administration services to streamline HR-related tasks and improve employee-management relations. Business management software, available in both on-premise and cloud-based versions, can help streamline these processes. Medium-sized and large businesses often utilize software platforms for benefits administration, while small agencies may offer these services as part of their HR offerings. Benefits administration processes include eligibility management, plan customization, and compliance tracking to meet various deadlines. Ultimately, the goal is to provide efficient and effective management of employee benefits programs and benefit packages to enhance the overall employee experience.

Market Research Overview

Employee benefit administration refers to the process of managing and overseeing various benefits offered by employers to their workforce. This includes wellness initiatives, retirement plans, health insurance, and more. The market for benefit administration services caters to businesses of all sizes, from small agencies to multinational corporations. Benefits administration involves plan selection, enrollment, eligibility verification, reporting, communication, and compliance with various regulations. User-friendly interfaces, workflows, integration capabilities, data security measures, AI and automation, and cloud-based solutions are key features of modern benefit administration services. Self-service benefits portals, mobile solutions, and customer service are essential for a positive employee experience. Compliance requirements, administrative tasks, and data administration can be streamlined, reducing overhead costs, manual errors, and improving employee happiness and engagement. Subscription-based pricing models, automation, and self-administration portals are popular trends in the market. Small, medium-sized, and large businesses, as well as manufacturing companies, technology firms, and start-ups, can benefit from these digital solutions. HR systems, HRIS, and business management software offer additional capabilities for HR-related tasks, employee-management relations, and HR office functions. On-premise and cloud-based options are available, with the latter providing regular access and customization options without upfront commitment for long-term use.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

Service TypeCore Benefits AdministrationAncillary Benefits AdministrationIntegrated Benefits AdministrationEnd-userEmployersInsurance CompaniesGovernment AgenciesThird-party Administrators (TPAs)Brokers And ConsultantsGeographyNorth AmericaEuropeAPACMiddle East And AfricaSouth America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio

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Technology

NASA Johnson Invites Proposals to Lease Vibration Test Facility

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November 14, 2024

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HOUSTON, Nov. 14, 2024 /PRNewswire/ — NASA’s Johnson Space Center is seeking proposals for the use of its historic, but underused, Vibration and Acoustic Test Facility. Prospective tenants must submit facility walk-through requests by Monday, Nov. 18.

Final proposals are due by 12 p.m. EST Monday, Dec. 16, and must promote activities that will build, expand, modernize, or operate aerospace-related capabilities at NASA Johnson and help preserve the historic and iconic building through preservation and adaptive reuse.

NASA plans to sign a National Historic Preservation Act (NHPA) lease agreement for the facility, also known as Building 49, for a five-year base period and one five-year extension to be negotiated between NASA and the tenant. To request a walk-through, send an email to hq-realestate@mail.nasa.gov. 

“This historic facility has been used for decades to ensure the success and safety of all human spaceflight missions by putting engineering designs and hardware to the ultimate stress tests,” said NASA Johnson Director Vanessa Wyche. “For more than 60 years, NASA Johnson has been the hub of human space exploration and this agreement will be a vital part of the center’s efforts to develop a robust and durable space economy that refines our understanding of the solar system and space exploration.”

All proposals must adhere to the guidelines detailed in the Agency Announcement for Proposals describing concept plans for development of the property, including any modifications proposed to the building; a statement of financial capability to successfully achieve and sustain operations, demonstrated experience with aerospace-related services or other space-related activities, and a detailed approach to propelling the space economy.

The nine-story building complex has a gross square footage of 62,737 square feet and consists of a north wing measuring 62 feet long, 268 feet wide and 106 feet tall, and a central wing about 64 feet long and 115 feet wide. Building 49 currently houses five laboratories, including the General Vibration Laboratory, Modal Operations Laboratory, Sonic Fatigue Laboratory, Spacecraft Acoustic Laboratory, and Spacecraft Vibration Laboratory. The south administrative portion of the building is not included in the property offered for lease. 

As the home of Mission Control Center for the agency’s human space missions, astronaut training, robotics, human health and space medicine, NASA Johnson leads the way for the human exploration. Leveraging its unique role and location, the center is developing multiple lease agreements, including the recently announced Exploration Park, to sustain its key role in helping the human spaceflight community foster a robust space.

In the coming years, NASA and its academic, commercial, and international partners will see the completion of the International Space Station Program, the commercial development of low Earth orbit, and the first human Artemis campaign missions establishing sustainable human presence on the Moon in preparation for human missions to Mars.

Johnson already is leading the commercialization of space with the commercial cargo and crew programs and private astronaut missions to the space station. The center also is supporting the development of commercial space stations in low Earth orbit, and lunar-capable commercial spacesuits and lunar landers that will be provided as services to both NASA and the private sector to accelerate human access to space. Through the development of Exploration Park, the center will broaden the scope of the human spaceflight community that is tackling the many difficult challenges ahead.

Learn more about NASA Johnson’s efforts to collaborate with industry partners:

https://www.nasa.gov/johnson/frontdoor/ 

NASA Johnson Space Center news releases and other information are available automatically by sending an Internet electronic mail message to listserv@listserver.jsc.nasa.gov.  In the body of the message (not the subject line) users should type “subscribe hsfnews” (no quotes). This will add the email address that sent the subscribe message to the news release distribution list. The system will reply with a confirmation via E-mail of each subscription.  Once you have subscribed you will receive future news releases via e-mail.

 

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SOURCE NASA

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Technology

Cabana Partners with Virginia Department of Veterans Services to Provide Comprehensive, Free Mental Health Support for Veterans, Guard/Reserve Members, and Their Families

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November 14, 2024

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RICHMOND, Va., Nov. 14, 2024 /PRNewswire/ — Cabana, a modern mental health provider offering confidential, tech-enabled support, has partnered with the Virginia Department of Veterans Services (DVS) to provide free, comprehensive mental health resources to Virginia’s veterans, Guard and Reserve members, as well as their spouses and caregivers. This collaboration expands access to Cabana’s digital mental health services, including live peer support groups moderated by Virginia-certified Veteran Peer Specialists.

Originally developed through research and development initiatives with the U.S. Air Force, Cabana’s services are designed to meet the unique needs of military and veteran communities. With this partnership, eligible Virginia users gain full access to Cabana’s digital suite, which includes the full range of virtual, professionally facilitated groups offered by Cabana, as well as dedicated Virginia Veteran peer-led support groups. Participants can connect discreetly on topics such as transitioning to civilian life, managing family relationships, and coping with stress, all within a secure and confidential environment accessible from any device.

David Black, Founder and CEO of Cabana, underscored the mission behind the partnership: “We’re honored to work with the Virginia Department of Veterans Services to offer a holistic mental health solution for Virginia’s military-connected community. With Virginia-certified Veteran Peer Specialists and our full array of live support groups, we’re providing a powerful, confidential resource that veterans and military families can rely on, whenever and wherever they need it.”

Key Features of the Partnership:

Comprehensive Access to Support: Virginia veterans, Guard/Reserve members, and their families will have unrestricted access to all live virtual groups available through Cabana, in addition to specialized peer-led groups run by Virginia-certified Veteran Peer Specialists.Support for Families and Caregivers: The initiative includes spouses and caregivers, addressing the unique mental health needs of military-connected families through sessions tailored to issues like family dynamics, stress management, and the transition to civilian life.Confidential and Flexible Access: Cabana’s services are available on mobile and desktop devices, providing Virginia’s veterans and their families with an easily accessible, cost-free solution for mental health support.

This collaboration highlights Cabana’s commitment to supporting the mental well-being of those who serve and their families. By joining forces with the Virginia Department of Veterans Services, Cabana seeks to strengthen the resilience and wellness of Virginia’s military community.

For more information on the partnership between Cabana and the Virginia Department of Veterans Services, please contact:

Nick Armstrong, Ph.D.
Head of Public Sector, Cabana
nick@cabanahealth.org

About Cabana™
Cabana is a leading, modern mental health provider offering confidential, tech-enabled support solutions tailored to the needs of diverse communities. Through live, professionally moderated group sessions, evidence-based content, and adaptable wellness tools, Cabana helps individuals proactively manage their mental health. Our mission is clear: to make mental health care more accessible through technology and human connection.

About the Virginia Department of Veterans Services (DVS)

The Virginia Department of Veterans Services (DVS) is a state government agency with more than 50 locations across the Commonwealth of Virginia. DVS traces its history to 1928 and the establishment of the Virginia War Service Bureau to assist Virginia’s World War I veterans. Today, DVS assists veterans and their families in filing claims for federal veterans benefits; provides veterans and family members with linkages to services including behavioral health, housing, employment, education, and other programs. The agency operates long-term care facilities offering in-patient skilled nursing care, dementia/memory care, and short-term rehabilitation for veterans; and provides an honored final resting place for veterans and their families at three state veterans cemeteries. It operates the Virginia War Memorial, the Commonwealth’s tribute to Virginia’s men and women who gave the ultimate sacrifice from World War II to the present. For more information, please visit www.dvs.virginia.gov.

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SOURCE Cabana

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East Side Games Group Reports Third Quarter 2024 Financial Results

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November 14, 2024

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Revenue of $21.4M in Q3 2024 and $62.8M Year to DateA-EBITDA of $2.56M in Q3 2024 and $9.2M Year to DatePOWER RANGERS: MIGHTY FORCE launched globally

VANCOUVER, BC, Nov. 14, 2024 /CNW/ – East Side Games Group (TSX: EAGR) (OTC: EAGRF) (“ESGG” or the “Company”), is pleased to announce its financial results for the third quarter ended September 30, 2024. All amounts are stated in Canadian dollars on an IFRS basis unless otherwise indicated. Building on the momentum from Q2, the company achieved its first growth quarter of the year, reporting a top-line revenue of $21.4 million, a 4% increase quarter-over-quarter and a 3% increase year-over-year.

The company’s adjusted EBITDA for the quarter was $2.56 million, representing a 12% margin and marking the eighth consecutive profitable quarter above $2.5 million. East Side Games Group continues to demonstrate strong performance metrics across its core portfolio, with an average daily user count (DAU) of 236,000, a stickiness rate of 24%, and an average revenue per daily active user (ARPDAU) of $0.99.

“Our focus on profitability within our existing portfolio has paid off, and we are excited to further enhance our user acquisition strategies,” said Jason Bailey, CEO of East Side Games Group. “With $8.3 million in cash—our highest balance since Q2 2022—we are well-positioned to invest in our future game launches and bolster our share buyback program.”

One of the key drivers of growth this quarter was the launch of POWER RANGERS: MIGHTY FORCE in August, which quickly garnered nearly 30,000 daily active users and demonstrated impressive return on advertising spend (ROAS) figures.

In Q3, the company also enhanced its revenue generation through innovative strategies. The introduction of bi-monthly season passes for popular titles like Trailer Park Boys: Greasy Money and Cheech and Chong: Bud Farm resulted in a remarkable 40% increase in season pass revenue.

In a major collaboration, East Side Games Group partnered with BBC and Paramount to create the Intergalactic Friendship Day crossover event between Star Trek Lower Decks: The Badgey Directive and Doctor Who: Lost in Time, generating substantial organic traffic and setting new ARPDAU records.

Looking forward to Q4, East Side Games Group is excited to introduce team-based cooperative and competitive play features into titles such as Trailer Park Boys: Greasy Money and RuPaul’s Drag Race Superstar, anticipating a significant boost in player engagement and monetization.

Moreover, the company is preparing to launch Trailer Park Boys: Greasy Money on the Epic Games Store, expanding its reach in a new mobile marketplace with favorable revenue-sharing terms. This is a very exciting opportunity, only being afforded to a few game studios.

Finally, East Side Games Group is thrilled to announce our upcoming title, RuPaul’s Drag Race Match Queen, developed in partnership with Funkitron and World of Wonder. Slated for a 2025 release, this hybrid match-3 game combines beloved gameplay elements with captivating fashion and character features, catering to the passionate fanbase of RuPaul’s Drag Race.

Mike Edwards will be stepping down from the ESGG Board of Directors to focus on other pursuits, effective immediately. ESGG thanks him for his invaluable guidance over the past 12 years and is currently in discussions with several highly qualified candidates for his replacement.

Three Months Ended Sep 30, 2024 Financial highlights

For the quarter ended September 30th, 2024, revenue was $21.4M.Q3 2024 a-EBITDA of $2.56M and 12% a-EBITDA margin.Cashflow for the Company for the quarter ended September 30, 2024 increased by $700k, ending at $8.3M.Daily Active Users in Q3 were 236k, with an ARPDAU of $0.99On November 14, 2023, the Company announced a renewal of its Normal Course Issuer Bid (“NCIB”) authorizing the Company to purchase 4,076,819 of its shares. Through September 30, 2024, the Company purchased 1,540,719 shares at an average price of $0.76. The company continues to buy back stock as restrictions allow.

Certain information provided in this news release is extracted from the consolidated financial statements (the “Financial Statements”) and Management’s Discussion & Analysis (“MD&A”) of the Company for the quarter ended September 30, 2024, and should be read in conjunction with them. It is only in the context of the fulsome information and disclosures contained in the Financial Statements and MD&A that an investor can properly analyze this information. The Financial Statements and MD&A can be found under the Company’s profile on SEDAR and EDGAR.

Earnings Call Video

ESGG will release its third-quarter 2024 financial results and business outlook on its investor relations website https://eastsidegamesgroup.com/investors/financial-information on Thursday, November 14th, 2024, at approximately 2:00 p.m. Pacific Time.

ABOUT EAST SIDE GAMES GROUP

East Side Games Group is a leading free-to-play mobile game group, creating engaging games that produce enduring player loyalty. Our studio groups entrepreneurial culture is anchored in creativity, execution, and growth through licensing of our proprietary Game Kit software platform that enables professional game developers to greatly increase the efficiency and effectiveness of game creation in addition to organic growth through a diverse portfolio of original and licensed IP mobile games that include: The Office: Somehow We Manage, Star Trek: Lower Decks – The Badgey Directive, Bud Farm Idle Tycoon, Doctor Who: Lost in Time, RuPaul’s Drag Race Superstar, AEW: Rise to The Top, Cheech and Chong Bud Farm, and Trailer Park Boys: Grea$y Money.

We are headquartered in Vancouver, Canada and our games are available worldwide on the App Store and Google Play. Additional information about the Company continues to be available under its legal name, East Side Games Group Inc., at www.sedar.com.

Forward-looking Information

Certain statements in this release are forward-looking statements, which reflect the expectations of management regarding the proposed transactions described herein. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. These forward-looking statements reflect management’s current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. A number of risks and uncertainties could cause our actual results to differ materially from those expressed or implied by the forward-looking statements, including factors beyond the Company’s control. These forward-looking statements are made as of the date of this news release.

SOURCE East Side Games Group Inc.

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