Lottery.com, Inc. (NASDAQ: LTRY, LTRYW) (“Lottery.com” or the
“Company”) announces that United Capital Investments London, Ltd.
(“UCIL”) has agreed to enter into a funding agreement with the
Company. The terms and conditions of the funding agreement with
UCIL will be announced after the definitive agreement is finalized.
The Company also announces changes to its Board of Directors and
executive management aimed at further enhancing corporate
governance and strategic leadership, by drawing from deep talent
within the world of finance, entertainment and sport. These changes
reflect the Company's commitment to sustained growth and innovation
in the gaming, sport, and entertainment industries.
New Interim CEO
On July 20, 2023, the Board of Directors made the decision to
terminate Mark Gustavson from his role as Chief Executive Officer
of the Company. In his place, Matthew McGahan, Chairman of the
Board of Directors, has been appointed as interim Chief Executive
Officer.
McGahan brings a wealth of experience and expertise to the role,
having been an integral part of the Company's turnaround to date.
This appointment ensures the continuation of the management of the
Company under a safe, talented, and skilled pair of hands.
New CFO
On July 14, 2023, the Board of Directors appointed Robert J.
Stubblefield as Chief Financial Officer of the Company, effective
immediately. Mr. Stubblefield brings with him extensive financial
expertise, having recently served as the chief financial officer of
Demeta, Inc. and Regnum Corp. His successful tenure as a financial
executive in various start-up, early-stage growth, and public
companies speaks to his ability to drive the Company’s financial
strategy and revenue initiatives.
"Mr. Stubblefield has been a key member of the consulting team
that helped the Company regain regulatory compliance with Nasdaq.
The Company was extremely fortunate to find someone with his
background to step in and assume a leadership role over the last
four months, during which he gained significant knowledge about the
Company and its operations. His wealth of financial experience and
leadership will be invaluable as we begin to execute our growth
plans now with the support of our new investment partner, UCIL,"
stated interim CEO, Matthew McGahan.
“I am eager to join the Lottery.com team at such an important
time for the Company. I look forward to leveraging my years of
experience to guide the Company in implementing sustainable
financial processes and controls," said Rob Stubblefield,
Lottery.com’s new CFO. "I am grateful to be working alongside an
energetic group of leaders to advance the Company’s strategic
goals, rebuild our domestic and international revenue engines, and
focus the Company's efforts on delivering maximum shareholder
value. It’s an exciting time to join this organization as we
prepare to fully realize the revenue-generating power of our two
primary assets: lottery.com and sports.com.”
Independent Non-Executive Directors
In line with its ongoing restructuring and commitment to
improving compliance, corporate governance, disclosure, and
reporting structures, as well as boosting its offerings to
customers, Lottery.com announces two new independent non-executive
directors to its Board.
Tamer Hassan, renowned actor, entrepreneur, and founder of The
Tamer Hassan Academy of Acting, joins the Board as an independent
non-executive director.
With an illustrious career in the film and television industry,
Mr. Hassan’s entrepreneurial skills have also led him to success in
entertainment, sports, leisure, and hospitality ventures. He has a
passion for supporting emerging talent in both the UK and Cyprus
and has a strong track record in business ventures across various
industries.
Mr. Hassan shared his thoughts on the new role,
saying,
"My journey as an actor and entrepreneur, working successfully
over many years with some of the biggest household entertainment
brands, has given me unique insights into industry, and I look
forward to contributing my expertise to the growth and success of
Lottery.com."
The second new non-executive addition to the Board is Paul
Jordan, a commercial motorsport specialist with extensive
international experience in sponsorship, acquisitions, and
communication. With an impressive career spanning over four
decades, Mr. Jordan has held senior positions with top Formula One
teams and renowned motorsport brands. His ability to foster
positive relationships with governing bodies, promoters, and
government officials has earned him respect and admiration from
peers and former colleagues.
"We are delighted to welcome both Paul and Tamer to our Board.
Their vast experience and achievements in the sports and
entertainment industries will undoubtedly be an asset to our
strategic decision-making process," commented Chairman
Matthew McGahan.
These Board changes come as part of Lottery.com's dedication to
maintaining a strong leadership team and ensuring the Company's
continued growth and success in the global gaming market.
Mr. McGahan added:
“Lottery.com is committed to maintaining transparency,
innovation, and excellence in its operations and governance. With
the funding partner announced today and the Board changes in place,
the Company is well-positioned to advance its mission and create
value for all stakeholders.”
For more information please
contact: ir@lottery.com, or
visit: http://www.lottery.com
and Sports.com
Twitter
About Lottery.com, Inc.
Lottery.com, Inc. is a leading technology
company that is transforming how, where and when lotteries are
played. Its engaging mobile and online platforms enable players and
commercial partners located throughout the United States and other
countries to remotely purchase safe and legally sanctioned lottery
games. Lottery participants look to the Company’s website,
Lottery.com, for compelling, real-time results on over 800 lottery
games from over 40 countries. In all that it does, Lottery.com’s
mission remains the same: an uncompromising passion to innovate,
grow a new demographic of enthusiasts, deliver responsible and
trusted solutions, and promote community and philanthropic
initiatives.
Important Notice Regarding
Forward-Looking Statements
This press release contains statements that
constitute “forward-looking statements” within the meaning of
Section 27A of the Securities Act of 1933, as amended (the
“Securities Act”), and Section 21E of the Securities Exchange Act
of 1934, as amended (the “Exchange Act”). All statements, other
than statements of present or historical fact included in this
press release, regarding the company’s future financial
performance, as well as the company’s strategy, future operations,
revenue guidance, projected costs, prospects, plans and objectives
of management are forward-looking statements. When used in this
press release, the words “could,” “should,” “will,” “may,”
“believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,”
the negative of such terms and other similar expressions are
intended to identify forward-looking statements, although not all
forward-looking statements contain such identifying words. These
forward-looking statements are based on management’s current
expectations and assumptions about future events and are based on
currently available information as to the outcome and timing of
future events. Except as otherwise required by applicable law,
Lottery.com disclaims any duty to update any forward-looking
statements, all of which are expressly qualified by the statements
in this section, to reflect events or circumstances after the date
of this press release. Lottery.com cautions you that these
forward-looking statements are subject to numerous risks and
uncertainties, most of which are difficult to predict and many of
which are beyond the control of Lottery.com. In addition,
Lottery.com cautions you that the forward-looking statements
contained in this press release are subject to the following
factors: (i) the outcome of any legal proceedings that may be
instituted against Lottery.com; (ii) the Company’s ability to
maintain effective internal controls over financial reporting,
including the remediation of identified material weaknesses in
internal control over financial reporting relating to segregation
of duties with respect to, and access controls to, its financial
record keeping system, and its accounting staffing levels; (iii)
the effects of competition on Lottery.com’s future business; (iv)
risks related to its dependence on its intellectual property and
the risk that technology could have undetected defects or errors;
(v) changes in applicable laws or regulations; (vi) risks related
to the COVID-19 pandemic or other pandemic and their effect
directly on Lottery.com and the economy generally; (vii) risks
relating to privacy and data protection laws, privacy or data
breaches, or the loss of data; (viii) the possibility that the
Company may be adversely affected by other economic, business,
and/or competitive factors; (ix) the ability of Lottery.com to
achieve its strategic and growth objectives as stated or at all;
and (x) those factors discussed in the proxy statement/prospectus
filed by Lottery.com, Inc. with the U.S. Securities and Exchange
Commission (“SEC”) under the heading “Risk Factors” and the other
documents filed, or to be filed, by the Company with the SEC.
Should one or more of the risks or uncertainties described in this
press release materialize or should underlying assumptions prove
incorrect, actual results and plans could differ materially from
those expressed in any forward-looking statements. Additional
information concerning these and other factors that may impact the
operations and projections discussed herein can be found in the
reports that Lottery.com has filed and will file from time to time
with the SEC. These SEC filings are available publicly on the SEC’s
website at www.sec.gov.
Grafico Azioni Lottery com (NASDAQ:LTRY)
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Grafico Azioni Lottery com (NASDAQ:LTRY)
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