Nasdaq:LTRY

Lottery.com, Inc. appoints new Chairman and additional Board directors

Published

1 year ago

November 24, 2022

Matthew H. McGahan appointed as Chairman
Barney Battles and Naila Chowdhury appointed as directors

AUSTIN, Texas, Nov. 10, 2022 (GLOBE NEWSWIRE) — Lottery.com, Inc. (NASDAQ: LTRY, LTRYW) (“Lottery.com” or the “Company”), a global tech company delivering trusted gaming solutions wherever lotteries are played, announces the appointment of an existing director, Matthew Howard McGahan as Chairman of the Board. This announcement comes at a transformational time for the Company.

The company has also appointment two new Board members; Barney Battles and Naila Chowdhury. These appointments fill two recent vacancies on the Company’s Board. The Company looks forward to benefiting from Barney’s significant professional accountancy related expertise and Naila’s experience in building global business partnerships.

Matthew H. McGahan is a seasoned investor and entrepreneur with vast experience in turnarounds and distressed projects. After graduating from Guildford Engineering Technology College, he joined his family’s business, Pinewood Motor Group, which was founded in 1969. He became the first dealer to bring Toyota Motor Corporation to the United Kingdom. Matthew also founded Magic Automotive Group which developed into one of the largest Harley-Davidson and BMW dealerships in Europe. He sold the Group in 2010 and went on to become a successful investor building a portfolio which included a sizeable property portfolio, as well as investments in several sectors including motorsports, EV, technology, minerals, mining, recycling, fintech and medical research. Matthew is also the founder of the UK charity “Mask Our Heroes” created in memory of his father, who was a victim of the COVID-19 pandemic. In the first months of the pandemic, it flew in over 30 million surgical masks for distribution to hospitals and care homes throughout the UK.

Barney Battles is the Founder of The League of Angels, a network of UHNW international members investing in fast growth British ventures with a global impact and strong corporate values. Barney is also the former co-owner of Jackpot Games, a Maltese online gaming venture that was sold to a large German media group. Additionally, Barney is the former senior advisor to the Rank Group PLC (LSE: RNK), where he focused on Grosvenor Casinos and Bingo, a UK-based chain of 53 casinos located in major towns and cities across the UK and 76 bingo clubs located in Belgium, Spain, and the UK. During his time at Grosvenor Casinos and Bingo, Barney focused on delivering interactive digital gaming formats across their retail footprint. He also has extensive FTSE experience working in Executive Chairman and CFO roles in turnaround or high growth sectors and is a former CFO of London’s largest digital [marketing] agency. Barney has a master’s degree in computing science from the University of Aberdeen and was formerly a Scottish Chartered Accountant with Ernst & Young.

Naila Chowdhury has 25 years of leadership experience in senior management in private, public, and non-profit organizations globally. She is co-founder and former CEO of “Pillar 4 Dignity” that supports and empowers underserved women and girls worldwide who face social and economic challenges. For many years, she actively worked for the economic empowerment of young people through a heavy focus on digital inclusion in technology, and programs to change specific national policies and procedures. Her experience therefore perfectly syncs with action that Lottery.com is taking to fundamentally change how non-profit donors are incentivized to action by gamifying charitable giving. Naila is also a global networker with a proven record of building bridges to foster strategic partnerships. She holds an Executive MBA from the Stockholm School of Economics.

Matthew McGahan, Chairman, Lottery.com, said, “My appointment as Chairman comes at an important inflection point for the Company. We are now seeking to recapitalize and engage in a revitalized growth strategy in a changed business environment. Lottery.Com, Inc. has fine-tuned its management team, who work together with an outstanding, knowledgeable, and self-driven staff dedicated to operations, technology, revenue generation, and legal compliance.”

Naila Chowdhury said, “I am extremely pleased to be working with a tech company that promises to deliver highly responsible and trusted services to its customers. I look forward to driving the Company’s transformation into an ethical and secure workplace and working with the team who has a vision to fulfill it.” Barney Battles added, “I am committed to building and improving our services and enhancing our policies and procedures and financial discipline. I am delighted to join the Board of a forward-thinking, proactive company committed to growth.”

Sohail Quraeshi, CEO, commented, “I would like to welcome all the new directors to the Board, and am delighted at Matthew’s appointment to Chairman. Each of them brings considerable and relevant experience, which will substantially enhance our senior leadership team, compliance, CSR and strategic capability. These appointments are a crucial next step as we complete the turnaround of the business and implement a strategy for future growth.”

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 legal 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. 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.

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.

Lottery.com Contact: [email protected]

Nasdaq:LTRY

Lottery.com, Inc. Nominates Warren Macal to Its Board of Directors

Published

1 day ago

April 22, 2024

GlobeNewswire

lotterycom,-inc.-nominates-warren-macal-to-its-board-of-directors

AUSTIN, Texas, April 22, 2024 (GLOBE NEWSWIRE) — Lottery.com Inc. (Nasdaq: LTRY, LTRYW) (“Lottery.com” or the “Company”), a leading technology company in the lottery and gaming sector, is pleased to announce the nomination of Warren Macal to its Board of Directors. Macal will be seated as a director at the Company’s next Board of Directors meeting following the successful completion of required background checks. Macal’s nomination follows the December 2023 $18 million investment commitment from Prosperity Investment Management (“PIM”), subject to due diligence. The investment commitment by PIM is aimed at accelerating Lottery.com’s strategic acquisitions and market development initiatives.

Warren Macal, currently the Managing Director at PIM and the head of its PIM Motorsport Investment Division, brings more than 15 years of extensive experience in wealth management and strategic financial planning. Specializing in the financial needs of high-net-worth individuals and professional athletes, particularly in the motorsports arena, Macal’s expertise will be invaluable as Lottery.com continues to expand its global reach and product offerings and develops its Sports.com brand, which aims to become the premier destination for sports entertainment, offering an unparalleled array of interactive and engaging sports content.

Matthew McGahan, CEO of Lottery.com, commented:

“Warren’s profound knowledge in wealth management and his strategic insight into the sports sector will provide a significant advantage to our board. His leadership at Prosperity Investment Management, particularly in maximizing sports-related opportunities, aligns perfectly with our vision for growth and innovation. This is particularly relevant as we roll out our Sports.com platform, which is designed to connect fans, athletes, and sports influencers in a unique digital ecosystem, making Sports.com the go-to destination for sports enthusiasts across the globe.”

“Warren’s nomination is part of a broader strategic synergy between Prosperity Investment Management and Lottery.com, which includes leveraging high-profile sports partnerships and expanding into new markets, particularly in the digital sports and gaming sectors.”

Warren Macal said:

“I am excited to accept the nomination to join the Board of Directors at Lottery.com and look forward to contributing to the Company’s vision. This partnership represents a unique opportunity to blend my skills in the worlds of investment and sports management, with digital gaming and content creation, delivering value for all stakeholders involved.”

Lottery.com Contact: [email protected]

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 United States 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.

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) 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; (iii) the effects of competition on Lottery.com’s future business; (iv) 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; (v) changes in applicable laws or regulations; (vi) risks related to the COVID-19 pandemic and its 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 Lottery.com 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 with the SEC under the heading “Risk Factors” and the other documents filed, or to be filed, by Lottery.com 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.

Nasdaq:LTRY

Lottery.com Regains Full Nasdaq Compliance

Published

2 weeks ago

April 11, 2024

GlobeNewswire

lottery.com-regains-full-nasdaq-compliance

AUSTIN, Texas, April 11, 2024 (GLOBE NEWSWIRE) — Lottery.com, Inc. (the “Company”) has received written notice from the Listing Qualifications Staff of The Nasdaq Stock Market LLC (“Nasdaq”) stating that the Company has maintained a minimum market value of publicly held shares (“MVPHS”) of $5,000,000 or greater for the last ten consecutive business days. Accordingly, the Company has regained compliance with Nasdaq Listing Rule 5450(b)(1)(C) and the matter is now closed. Regaining full compliance with Nasdaq paves the way for future growth.

Lottery.com CEO, Mr. Matthew McGahan commented:

“Regaining full compliance with Nasdaq is a pivotal milestone for Lottery.com and its shareholders. This underscores the success of our decision to focus on good corporate governance, operational integrity, and financial transparency. Our status as a Nasdaq-listed entity is essential to our business framework. It fosters a democratic approach to decision-making, empowering a broad spectrum of stakeholders to actively shape the trajectory of innovative ventures and opportunities at both Lottery.com and Sports.com. We are here to serve the interests of all our shareholders and won’t be swayed by a small minority represented by discredited individuals with vested self-interests.”

“The current management team has worked diligently on the business turnaround in the face of many headwinds and the Company is now well positioned to push the boundaries in the gaming and sports sectors, taking advantage of revenue generating opportunities in order to maximize shareholder value. I would like to thank our shareholders for their ongoing trust and support in the management team. Additionally, I would like to personally express my appreciation to our entire team for their continued dedication and support.”

Lottery.com Contact: [email protected]

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) 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; (iii) the effects of competition on Lottery.com’s future business; (iv) 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; (v) changes in applicable laws or regulations; (vi) risks related to the COVID-19 pandemic and its 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 Lottery.com 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 with the SEC under the heading “Risk Factors” and the other documents filed, or to be filed, by Lottery.com 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.

Nasdaq:LTRY

Lottery.com, Inc. Announces Voluntary Dismissal by Woodford Eurasia Assets of Proxy Misstatement Lawsuit Against Lottery.com and its Directors

Published

2 months ago

February 20, 2024

GlobeNewswire

lotterycom,-inc-announces-voluntary-dismissal-by-woodford-eurasia-assets-of-proxy-misstatement-lawsuit-against-lottery.com-and-its-directors

WILMINGTON, Del., Feb. 20, 2024 (GLOBE NEWSWIRE) — Lottery.com Inc., leading online lottery services provider announces that the legal action alleging proxy misstatements filed in federal court by Woodford Eurasia Assets Ltd against Lottery.com and the individual members of the Company’s Board of Directors, including Chairman Matthew McGahan, has been voluntarily dismissed without prejudice by Woodford.

The Notice of Voluntary Dismissal Without Prejudice was filed by Woodford in the United States District Court for the District of Delaware on February 14, 2024 in Case No. 23-1317-GBW, which stated that Woodford provides notice of dismissal of all claims without prejudice against Defendants Lotttery.com and its directors.

This notice of dismissal comes after Woodford filed its Complaint and unsuccessfully sought to enjoin the Company and its directors from holding the Special Meeting of Stakeholders, wherein the shareholders voted to allow the sale of stock that potentially could result in a change of control of the Company to its primary lender, United Capital Investments London Limited (“UCIL”). Woodford’s Motion For A Temporary Restraining Order, Preliminary Injunction and Expedited Discovery was denied by the Court by Memorandum Order on November 17, 2023, in which Honourable Judge Gregory B. Williams stated, “the Court is not convinced…the directors’ interest in UCIL substantially change a voter’s mind and is not convinced that [Woodford] has shown a likelihood of success of the merits.” The Court added, “public‘s interest is best served by permitting the Special Meeting to continue in line with the Company’s bylaws.”

With the dismissal of this lawsuit by Woodford, no further action is required by Lottery.com or its directors.

Matthew McGahan, Chairman of Lottery.com and Sports.com, commented:

“We are pleased to put this matter behind us. This resolution allows us to focus on our mission to offer innovative solutions in the lottery industry and to transform the sports media and entertainment arena with sports.com. We can now get back to focusing on providing value for our customers and stakeholders. We remain committed to operating with the highest standards of integrity and look forward to continuing our work in revolutionising the lottery and sports media experience worldwide. I would like to express my gratitude to our legal advisors, my fellow Board Directors and all those who have supported the company through this process.”

Lottery.com Contact: [email protected]

About Sports.com

Emerging from the strategic acquisition of SportLocker, Sports.com is poised to become the premier destination for sports entertainment, offering an unparalleled array of interactive and engaging sports content. For more information, visit www.sports.com.

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) 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; (iii) the effects of competition on Lottery.com’s future business; (iv) 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; (v) changes in applicable laws or regulations; (vi) risks related to the COVID-19 pandemic and its 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 Lottery.com 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 with the SEC under the heading “Risk Factors” and the other documents filed, or to be filed, by Lottery.com 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.