AutoLotto, Inc. (“Lottery.com”), a leading technology company that
is transforming how, where and when the lottery is played and
Trident Acquisitions Corp. (Nasdaq: TDACU, TDAC, TDACW) (“Trident”)
today provided business update, available on Lottery.com’s Investor
Relations website here.
Additionally, Lottery.com provided preliminary
results for second quarter 2021 revenue, which is expected to be
between $9.1 million and $9.6 million on a reported basis and
between $10.0 million and $10.5 million on a pro forma basis
including the recently acquired interests in Juega Lotto and
Aganar. This compares to $0.9 million on a reported basis in the
second quarter of 2020.
During the last four quarters ended June 30,
2021, sequential revenue growth averaged approximately 87% per
quarter, and the Company expects to achieve similar average growth
in the near term. This growth does not include the acquired
interests in Juega Lotto and Aganar, which are expected to be an
additional tailwind to revenue growth.
Revenue through the first six months of 2021 is
expected to be between $14.6 million and $15.1 million on a
reported basis and $16.5 million and $17.0 million on a pro forma
basis including the recently acquired interests in Juega Lotto and
Aganar. Through the first six months of 2021, pro forma revenue is
more than 60% above the full 12 months of 2020, also on a pro forma
basis giving effect to the acquisitions of Juega Lotto and
Aganar.
Tony DiMatteo, Chief Executive Officer of
Lottery.com, stated, “Our revenue in the first half of the year is
tracking ahead of our internal estimates, and based on the progress
we are making on several initiatives and historical growth trends,
we are forecasting strong sequential growth in the second half of
2021. We continue to focus on bringing new products to market and
executing agreements with new partners, affiliates and
complimentary service providers to realize our vision of being a
premier global marketplace for all forms of online gaming.”
Vadim Komissarov, Chief Executive Officer of
Trident added, “We are pleased with the growth Lottery.com has
continued to demonstrate and are optimistic about the Company’s
future. Both teams at Trident and Lottery.com are working together
and sharply focused on completing our business combination as
quickly as possible.”
About Lottery.com
Lottery.com is a leading technology company that
is transforming how, where and when lottery is played. Its engaging
mobile and online platforms enable players and commercial partners
located in the U.S. and internationally to remotely purchase
legally sanctioned lottery games. Fans and subscribers look to
Lottery.com for compelling, real-time results on more than 800
lottery games from more than 40 countries. Additionally, through
WinTogether.org, Lottery.com is fundamentally changing how
non-profit donors are incentivized to action by gamifying
charitable giving. 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. For
more information, visit http://www.lottery.com.
On Feb. 22, 2021, the Company entered into a
definitive agreement with Trident to become a publicly-traded
company.
About Trident Acquisitions
Corp.
Trident is a blank check company formed for the
purpose of entering into a merger, share exchange, asset
acquisition, stock purchase, recapitalization, reorganization or
other similar business combination with one or more businesses or
entities. Trident's securities are quoted on the Nasdaq stock
exchange under the ticker symbols TDACU, TDAC and TDACW. For more
information, visit www.tridentacquisitions.com/home.
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
presentation, regarding the proposed business combination, Trident
and Lottery.com's ability to consummate the proposed business
combination, the benefits of the transactions and the combined
company's future financial performance, as well as the combined
company's strategy, future operations, estimated financial
position, estimated revenues and losses, 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, Trident and Lottery.com disclaim 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 Current Report. Trident and
Lottery.com caution 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
either Trident or Lottery.com. In addition, Trident cautions you
that the forward-looking statements contained in this press release
are subject to the following factors: (i) the occurrence of any
event, change or other circumstances that could delay the business
combination or give rise to the termination of the agreements
related thereto; (ii) the outcome of any legal proceedings that may
be instituted against Trident or Lottery.com following announcement
of the transactions; (iii) the inability to complete the business
combination due to the failure to obtain approval of the
shareholders of Trident, or other conditions to closing in the
merger agreement; (iv) the risk that the proposed business
combination disrupts Lottery.com's current plans and operations as
a result of the announcement of the transactions; (v) Lottery.com's
ability to realize the anticipated benefits of the business
combination, which may be affected by, among other things,
competition and the ability of Lottery.com to grow and manage
growth profitably following the business combination; (vi) costs
related to the business combination; (vii) risks related to the
rollout of Lottery.com's business and the timing of expected
business milestones; (viii) Lottery.com's dependence on obtaining
and maintaining lottery retail licenses or consummating partnership
agreements in various markets; (ix) Lottery.com'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 Lottery.com's accounting staffing
levels; (x) the effects of competition on Lottery.com's future
business; (xi) risks related to Lottery.com's dependence on its
intellectual property and the risk that Lottery.com's technology
could have undetected defects or errors; (xii) changes in
applicable laws or regulations; (xiii) the COVID-19 pandemic and
its effect directly on Lottery.com and the economy generally; (xiv)
risks related to disruption of management time from ongoing
business operations due to the proposed business combination; (xv)
risks relating to privacy and data protection laws, privacy or data
breaches, or the loss of data; (xvi) the possibility that
Lottery.com may be adversely affected by other economic, business,
and/or competitive factors. Should one or more of the risks or
uncertainties described in this Current Report 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 Trident has filed
and will file from time to time with the SEC, including its
Registration Statement on Form S-4 (“Registration Statement”).
Trident's SEC filings are available publicly on the SEC's website
at www.sec.gov.
Important Information and Where to Find
it
The proposed business combination will be
submitted to shareholders of Trident for their consideration.
Trident has filed a Registration Statement with the SEC which
includes a preliminary proxy statement and will include a
definitive proxy statement to be distributed to Trident’s
stockholders in connection with Trident’s solicitation for proxies
for the vote by Trident’s stockholders in connection with the
proposed business combination and other matters as described in the
Registration Statement, as well as the prospectus relating to the
offer of the securities to be issued to Lottery.com’s shareholders
in connection with the completion of the proposed business
combination. After the Registration Statement has been declared
effective, Trident will mail a definitive proxy statement and other
relevant documents to its shareholders as of the record date
established for voting on the proposed business combination.
Trident’s shareholders and other interested persons are advised to
read the preliminary proxy statement / prospectus and any
amendments thereto and, once available, the definitive proxy
statement / prospectus, in connection with Trident’s solicitation
of proxies for its special meeting of shareholders to be held to
approve, among other things, the proposed business combination,
because these documents will contain important information about
Trident, Lottery.com and the proposed business combination.
Stockholders may also obtain a copy of the preliminary proxy
statement or, once available, the definitive proxy statement, as
well as other documents filed with the SEC regarding the proposed
business combination and other documents filed with the SEC by
Trident, without charge, at the SEC's website located at
www.sec.gov or by directing a request to Cody Slach, (949)
574-3860, TDAC@gatewayir.com. The information contained on, or that
may be accessed through, the websites referenced in this press
release is not incorporated by reference into, and is not a part
of, this press release.
Participants in the
Solicitation
Trident and its directors and officers may be
deemed participants in the solicitation of proxies of Trident’s
stockholders in connection with the proposed business combination.
Lottery.com and its officers and directors may also be deemed
participants in such solicitation. Security holders may obtain more
detailed information regarding the names, affiliations and
interests of certain of Trident’s executive officers and directors
in the solicitation by reading Trident’s Annual Report on Form
10-K/A for the fiscal year ended December 31, 2020, and the
Registration Statement and other relevant materials filed with the
SEC in connection with the business combination when they become
available. Information concerning the interests of Trident’s
participants in the solicitation, which may, in some cases, be
different than those of their stockholders generally, will be set
forth in the proxy statement relating to the business combination
when it becomes available.
No Offer or Solicitation
This communication shall not constitute an offer
to sell or the solicitation of an offer to buy any securities, nor
shall there be any sale of securities in any jurisdiction in which
such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
jurisdiction. No offering of securities shall be made except by
means of a prospectus meeting the requirements of Section 10 of the
Securities Act.
Lottery.com Contact:
Matthew SchlarbVP, Investor Relations(512)
585-7789ir@lottery.com
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