Lottery.com, Inc. Appoints New CEO
Lottery.com (NASDAQ:LTRY)(NASDAQ:LTRYW) has appointed Mark Gustavson as its new Chief Executive Officer, effective February 1, 2023, replacing Sohail S. Quraeshi. Gustavson brings 17 years of extensive business experience, having held senior positions in various tech firms. He was previously CEO at ZENIOS Technologies and has been involved in successful expansions, including acquiring Sansar. The Board of Directors is yet to determine his compensation. Chairman Matthew McGahan expressed confidence in Gustavson's ability to drive Lottery.com’s turnaround strategy and enhance its operational capacity and revenue streams.
- Appointment of Mark Gustavson as CEO brings experienced leadership.
- Gustavson's background in tech and business development may enhance company operations.
- Expected focus on driving revenue opportunities and operational capacity.
- No compensation agreement for Gustavson yet, creating uncertainty.
- Ongoing compliance issues with Nasdaq could affect stock listing.
AUSTIN, TX / ACCESSWIRE / February 15, 2023 / Lottery.com, Inc. (NASDAQ:LTRY)(NASDAQ:LTRYW) (the "Company" or "Lottery.com"), today announced the appointment of Mr. Mark Gustavson as its new Chief Executive Officer.
Lottery.Com, Inc. has appointed Mark Gustavson as Chief Executive Officer and principal executive officer, effective February 1, 2023. He will also serve as the principal financial/accounting officer of the company until a replacement is found. Gustavson replaced Sohail S. Quraeshi, who is no longer serving as Chief Executive Officer or as a principal executive officer of the company. On January 30, 2023, Edward K. Moffly resigned as Interim Chief Financial Officer of the company. Gustavson is not a party to any material plan, contract or arrangement (whether or not written) with the company, and there are no arrangements or understandings between Gustavson and any other person pursuant to which they were selected to serve as an officer of the company.
The Board of Directors of the company has not yet determined Gustavson's compensation or agreed to terms on a written compensation agreement. The company will file a Current Report on Form 8-K once such compensation has been determined by the Board of Directors. Gustavson will be eligible to participate in the company's equity compensation plans. The company plans to enter into an indemnification agreement with Gustavson in the same form as its other officers have entered.
Gustavson has 17 years of business development, transactional, alliance management, finance, operational, company formation, and IP experience with emerging businesses. Gustavson held senior management positions in a variety of technology companies. In his various executive capacities, he was responsible for transactions ranging from acquisitions and strategic collaborations to ordinary course transactions.
Mr. Gustavson is a co-founder and currently serves as Chief Executive Officer of ZENIOS Technologies Corporation. In March 2020, he and a group of investors acquired control of Sansar from Linden Labs Corporation, implementing an expansion plan and deploying virtual reality applications for live events and festivals. The assets of Sansar were transferred to Sansar, Inc. in June 2022, and Gustavson has served as a Board member of Sansar, Inc. since June 2022. He also previously served as Chief Executive Officer of Regnum Corp (OTC:RGMP), President, CFO and co-founder of Tri Capital Energy Corporation, Chief Financial Officer and Director of Wookey Search Technologies Corporation, and Chief Financial Officer and Director of Sharkreach Corporation.
In addition, Mr. Gustavson previously served as President and co-founder of MedicuRx Corporation, a position he held from February 2013 to June 2015. During this time, he was responsible for managing the company formation and transactional activities in collaboration with co-founder Dr. Joseph Rubinfeld a co-founder of Amgen Inc. (NASDAQ:AMGN) developing cancer therapeutics addressing Glioblastoma Multiforme.
Gustavson began his career as a Private Banker at HSBC in Saipan, Commonwealth of the Northern Mariana Islands. From April 1997 through February 1999, Gustavson was Vice President of Private Banking and was charged with co-launching the Commonwealth of the Northern Mariana Islands branch of the Pacific Regional Division during the bank's expansion period.
Mr. Gustavson also previously served as President and co-founder of MedicuRx Corporation, a position he held from February 2013 to June 2015. During this time, he was responsible for managing the company formation and transactional activities in collaboration with co-founder Dr. Joseph Rubinfeld, a co-founder of Amgen Inc. (NASDAQ:AMGN) developing cancer therapeutics addressing Glioblastoma Multiforme.
Matthew McGahan, Chairman of Lottery.com, commented:
"We are delighted to have Mark as our new CEO. Mark is a seasoned business leader, with significant experience of turning companies to success. We believe the Company will greatly benefit from Mark's extensive know-how and we are excited about his ability to further develop our engaging mobile and online platforms. We look forward to Mark's executive direction as Lottery.com returns its focus to its operations and continuing its turnaround strategy."
Mark Gustavson, CEO of Lottery.com added:
"I am excited about the opportunities that lie ahead for Lottery.com and I am honoured to be part of this world class team. I believe that the Company stands at a promising new juncture. I believe our core focus must be to build out operational capacity and drive revenue opportunities, alongside our plans to restart and grow our core business. With my tech experience in, among others, the mobile gaming, fibre optics, and mixed and virtual reality technologies, I am confident that I may further increase Lottery.com's profile as a leading technology company that transforms how, where, and when lotteries are played."
About Lottery.com, Inc.
Lottery.com, Inc. is a leading technology company whose goal is to transform how, where and when lotteries are played. It plans to re-engage mobile and online platforms to enable players and commercial partners located throughout the United States and other countries to remotely purchase safe and legally sanctioned lottery games. The Company is in the process of re-engaging its operations with various counterparties so lottery participants across the world will be able to look to the Company's website, Lottery.com, for compelling, real-time results on, depending upon circumstances, over 800 lottery games from over 40 countries. Additionally, through WinTogether.org, Lottery.com plans to fundamentally changing how non-profit donors are incentivized to action by gamifying charitable giving. In all that it plans to do, 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 the federal securities laws, including 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. 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 unknown risks, uncertainties and other factors, including: (i) the need for additional funding, the availability of and terms of such potential funding, and potential dilution caused thereby and the Company's ability to continue as a going concern; (ii) the Company's ability to timely file deficient periodic reports with the Securities and Exchange Commission; (iii) the Company's ability to restart its operations, hire new employees, and grow its business and operations; (iv) the Company's ability to maintain the listing of its securities on Nasdaq, including the Company's current non-compliance with such continued listing obligations; (v) the outcome of pending and threatened legal proceedings; (vi) the Company's lack of 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; (vii) the effects of competition on Lottery.com's future business; (viii) risks related to its dependence on its intellectual property and the risk that technology could have undetected defects or errors; (ix) changes in applicable laws or regulations; (x) risks related to the COVID-19 pandemic or other pandemics and their effect directly on Lottery.com and the economy generally; (xi) risks relating to privacy and data protection laws, privacy or data breaches, or the loss of data; (xii) the possibility that the Company may be adversely affected by other economic, business, and/or competitive factors, including, but not limited to raising interest rates and inflation, and ongoing or future global conflicts, like the ongoing conflict between Ukraine and Russia; (xiii) the ability of Lottery.com to achieve its strategic and growth objectives as stated or at all; (xiv) technical problems with our websites, apps and products; and (xv) those factors discussed in the Form 10-Qs and Form 10-Ks 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. Other unknown or unpredictable factors also could have material adverse effects on the Company's future results and/or could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements. 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. We undertake no obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable laws. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.
Lottery.com Contact: ir@lottery.com
SOURCE: Lottery.com, Inc.
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