Real Luck Group Signs LOI For Potential Merger or Acquisition
- Q2 2023 saw a record quarterly Global Gaming Handle of $11.4 million
- Positive net contribution achieved for the first time
- None.
Calgary, Alberta and Isle of Man, Isle of Man--(Newsfile Corp. - September 7, 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, is pleased to inform stakeholders about the recent signing of a Letter of Intent ("LOI"), that carries the potential to ensure the Company's immediate prospects and to fund its ongoing growth and operations.
This LOI is intended to provide the necessary financial resources for meeting present commitments and facilitating the Company's expansion through operational synergies. The transaction is contingent upon approval from the TSX Venture Exchange ("TSXV") and shareholders.
Real Luck Group CEO, Thomas Rosander, commented, "We expect an initial capital injection into the Company by the end of September, and subsequently expect to finalize a transaction. The signing of this LOI indicates industry interest in our company and its operations and assets. We are confident this would greatly benefit our shareholders and partners by securing capital in a very challenging fundraising environment."
There can be no assurance that this process will result in any specific financial transaction. The Company does not plan to provide updates on the status of the transaction unless there are material developments to report.
The Company, on August 29 2023 filed its financial results for the three months ended June 30, 2023 ("Q2 2023") on SEDAR+.
Q2 2023 Operational Highlights
- Ended Q2 2023 with player registrations of 450,000 up from 137,000 at the end of 2022.
- Generated Global Betting Handle of approximately
$11.4 million during Q2, up from$3.2 million for the full year of 2022. - Average wager per Real Money Player increased
180% over Q1 2023 - The Company in June 2023 achieved Positive Net Contribution (defined as Net Gaming Revenue less Cost of Sales less Marketing) for the first time
Real Luck Group CEO Thomas Rosander said: "We continue to make operational improvements and have made significant optimizations and reductions in our operational costs. Q2 2023 saw us generate a record quarterly Global Gaming Handle of around
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
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 affecting such statements and information other than as required by applicable laws, rules and regulations.
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