Real Luck Group Provides 2023 Operational and Corporate Update
Calgary, Alberta and Isle of Man, Isle of Man--(Newsfile Corp. - August 14, 2023) - Real Luck Group Ltd. (TSXV: LUCK) (OTCQB: LUKEF) ("the Company") and its subsidiary companies doing business as "Luckbox", an award-winning provider of licensed, real money esports betting, sports betting and casino games, announces its year to date Performance Update. Following the Company's operating update for May 2023, over
We also confirm significant optimization and reduction in our overall operational costs, and given this, have been able to achieve Positive Net Contribution (defined as Net Gaming Revenue less Cost of Sales less Marketing) for the first time in both June and July of this year. This is an encouraging step forward for the Company to be Cash Flow Positive and its mission to grow shareholder value.
Despite these encouraging metrics and management's conviction on many of its Key Objectives, the Company has been unable to satisfactorily complete the proposed Private Placement, announced on July 7, 2023. This, in part, is due to the very difficult fundraising environment. The Company has received significant interest from industry investors in both its B2C platform and wholly owned B2B micro-betting product and is now actively exploring alternative strategic options. The management team and Board are reviewing these options, that will allow the Company to grow and maximize value for all shareholders. There can be no assurance that this process will result in any specific strategic plan or financial transaction and no timetable has been set for its completion. The Company does not plan to provide updates on the status of the review unless there are material developments to report.
"We have continued to demonstrate operational improvements into Q3 2023 and have made significant optimizations and reductions in our operational costs," said Real Luck Group CEO Thomas Rosander. "While we are pleased with our business results, which have grown at a faster pace than we initially expected, our recently announced capital raise was unsuccessful in raising a satisfactory amount of capital in a timely manner. This has led us to pursue alternative options to strengthen our balance sheet and enable us to deliver our targets this year."
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 favorable payment processors. Luckbox is committed to supporting responsible gambling.
For further information, please contact:
Real Luck Group Ltd.
Thomas Rosander, Chief Executive Officer
Email: investment@luckbox.com
Phone: (647) 670 2882
Investor Relations
Nikhil Thadani, Sophic Capital
Email: nik@sophiccapital.com
Phone: (647) 670-2882
Follow Luckbox on Twitter / Facebook / LinkedIn
CAUTION WITH RESPECT TO FORWARD-LOOKING STATEMENTS
Certain statements and information contained herein may constitute "forward-looking statements" and "forward-looking information," respectively, under Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as, "expect", "anticipate", "continue", "estimate", "may", "will", "should", "believe", "intends", "forecast", "plans", "guidance" and similar expressions are intended to identify forward-looking statements or information. Forward-looking statements herein include, but are not limited to, statements regarding the development and launch of the live micro-betting product; the steps taken by the Company to becoming cash-flow positive and the impact of this on the growth of shareholder value; the interest received by the Company from industry investors in both its B2C platform and wholly owned B2B micro-betting product and the exploration of strategic options alternative to the previously announced private placement. The forward-looking statements are not historical facts but reflect the current expectations of management of the Company regarding future results or events and are based on information currently available to them. Certain material factors and assumptions were applied in providing these forward-looking statements. Forward-looking statements regarding the Company are based on the Company's estimates and are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, levels of activity, performance, or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The Company will not update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.
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