Real Luck Group Ltd. Announces Results of Annual General Meeting

Rhea-AI Summary

Real Luck Group Ltd. (OTCQB: LUKEF) held its Annual General Meeting on August 11, 2022, announcing that its transformation is complete and player acquisition has begun. CEO Thomas Rosander and CFO William Moore highlighted a path to profitability for H1 2023, supported by cash reserves for marketing. Shareholders approved the appointment of Baker Tilly WM LLP as auditors and elected five directors. A total of 17,415,543 shares were represented, amounting to 25.32% of issued shares. The company focuses on licensed esports and sports betting, aiming for revenue growth with innovative products.

Positive

• Transformation of the company is complete.
• Player acquisition has commenced.
• Path to profitability expected in H1 2023.
• Strong cash reserves for marketing investments.
• Shareholders approved the appointment of Baker Tilly WM LLP as auditors.

Negative

• None.

Investor Update Available to Interested Parties

CALGARY, AB and ISLE OF MAN, Aug. 17, 2022 /PRNewswire/ - Real Luck Group Ltd. (TSX.V: LUCK) (OTCQB: LUKEF) (the "Company") and its subsidiary companies doing business as "Luckbox" (the "Group"), an award-winning provider of licensed, real money esports betting, sports betting and casino games, announces the results from its 2022 Annual General Meeting ("AGM") held on August 11, 2022.  Interested parties can access the investor update slide presentation provided at the AGM here.

During the update, CEO Thomas Rosander, and CFO William Moore indicated the Company's transformation is now complete, with meaningful player acquisition now having commenced. Additionally, Online Casino provides the Company a path to profitability in H1 2023, with an adequate current cash position to support the required investment in marketing. Management also highlighted the Company's focus on innovative (e)sportsbook products, and a potential new Business to Business (B2B) offering, to drive revenue growth, and relevant milestones over the next six quarters.

All matters put forward before Shareholders for consideration and approval as set out in the Company's management information circular dated July 11, 2022 (the "Circular") were approved by the requisite majority of votes cast at the Meeting. Shareholders approved setting the number of Directors at five and elected the following Director nominees to the Board:

1. Thomas Rosander
2. Drew Green
3. Lloyd Melnick
4. Maruf Raza
5. Bo Wänghammar

Shareholders also approved the appointment of Baker Tilly WM LLP as Company auditor for the ensuing year and approved an ordinary resolution of disinterested shareholders regarding issuance of shares.

The total number of Common Shares represented by 63 Shareholders in person or by proxy at the Meeting was 17,415,543 Common Shares, representing 25.32% of the total 68,781,500 issued and outstanding Common Shares at the record date for the Meeting.

About Luckbox

The Company is an award-winning betting company that offers legal, real-money betting, live streams, and statistics on all major esports and sports on desktop and mobile devices. The Company has a Business-to-Consumer (B2C) platform, and by leveraging shared technology, data, and resources, the Company can offer an extensive range of betting options for esports tournaments. The Company's in-house customized user interface and user experience, built on a technology stack that supports multiple odds and streaming sources, allows the Company to deliver deep esports betting coverage. The Company has been built by a team combining experience in the igaming industry and a passion for esports to offer players a unique, broad, engaging, and legal CS:GO betting, Dota 2 and League of Legends betting experience. The Company serves esports fans in more than 80 territories across the globe. In November 2020, Luckbox was named Rising Star at the EGR Operator Awards. The Company (via the Group) holds a full license under the Online Gambling Regulation Act (OGRA), issued by the Isle of Man Gaming Supervision Commission. As the Group is fully licensed in the Isle of Man for B2C and B2B esports & sports betting and casino, the Company has access to favourable payment processors. Luckbox is committed to supporting responsible gambling.

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CAUTION WITH RESPECT TO FORWARD-LOOKING STATEMENTS

The TSX Venture Exchange has neither approved nor disapproved the contents of this press release. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release may contain certain "forward-looking statements" and "forward-looking

information" within the meaning of applicable Canadian securities laws. When used in this news release, the words "anticipate", "believe", "estimate", "expect", "target, "plan", "forecast", "may", "schedule" and other similar words or expressions identify forward-looking statements or information. Such statements represent the Company's current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affections such statements and information other than as required by applicable laws, rules and regulations.

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SOURCE Real Luck Group Ltd.

FAQ

What were the key highlights from Real Luck Group Ltd's 2022 AGM?

The 2022 AGM highlighted the completion of the company's transformation, the start of meaningful player acquisition, and a potential path to profitability in H1 2023.

What is the expected profitability timeline for Real Luck Group Ltd?

Real Luck Group Ltd expects to achieve profitability in H1 2023.

Who were elected as directors at the Real Luck Group Ltd AGM?

The elected directors include Thomas Rosander, Drew Green, Lloyd Melnick, Maruf Raza, and Bo Wänghammar.

What percentage of shares were represented at the Real Luck Group Ltd AGM?

A total of 17,415,543 shares were represented at the AGM, which is 25.32% of the total issued shares.

What is the stock symbol for Real Luck Group Ltd?

The stock symbol for Real Luck Group Ltd is LUKEF.