Vancouver, British Columbia--(Newsfile Corp. - December 3, 2018) - LottoGopher Holdings Inc. (CSE: LOTO) (OTCQB: LTTGF) (FSE: 2LG) ("LottoGopher" or the "Company") is pleased to announce that Ali Zamani, a current director of the Company, has been appointed as interim Chief Financial Officer.
Mr. Mohan has resigned from his role as director and Chief Financial Officer of Lottogopher. The Company would like to thank Mr. Mohan for his hard work and contributions to the Company.
The Company also announces that it will not meet the requirements set out in NI 51-102 Sec. 4.4(b)(i) and therefore will be in default. The reason for the default is prior to the interim financial reporting deadline the accounting firm responsible for completing all reporting requirements terminated its relationship with the reporting issuer. The reporting issuer has hired in-house staff to complete the interim reporting responsibilities and fulfill the accounting and finance functions going forward. The reporting issuer expects to remedy the default by December 31, 2018. The Company confirms that it intends to satisfy the provisions of the alternative information guidelines so long as it remains in default of a specified requirement. The reporting issuer is seeking an extension to file interim financial reports. During this period no other financial information will be available. No other information is required that has not already been disclosed.
LottoGopher Holdings owns and operates websites including LottoGopher.com and FreeLotto,.com. LottoGopher.com is a lottery messenger service that allows users to easily order and manage their state lottery tickets online using a debit or credit card. By allowing individuals to choose their numbers and safely order tickets for the official lottery drawings in California, LottoGopher makes it simple for users to keep track of their tickets and winnings. LottoGopher Holdings also owns and operates the FreeLotto.com sweepstakes, online marketing and free member acquisition website. FreeLotto.com has attracted over 65 million members to date and has awarded nearly $100 million in prize money. Since its inception in 1999, FreeLotto members have played over 3.7 billion games. Currently, the FreeLotto website attracts over 7.3 million unique visitors per month and produces over 20,000 small prize winners per month. A global online database company, FreeLotto is a proven direct marketing model that offers free membership and a subscription service for its daily sweepstakes games.
On behalf of the Board of LottoGopher Holdings Inc.
President, CEO & Director
For Investor Information, please visit LottoGopher.com/investor
This news release contains statements and information that, to the extent that they are not historical fact, constitute "forward-looking information" within the meaning of applicable securities legislation. Forward-looking information may include financial and other projections, statements regarding expansion plans, as well as statements regarding future plans, objectives or economic performance, or the assumption underlying any of the foregoing. Statements in this news release relating to the Company's proposed change of business are forward-looking information. Forward-looking information is based on the reasonable assumptions, estimates, analysis and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect.
Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information. In respect of the Company's plans to pursue a change of business, risks would include the ability of the Company to obtain additional financing on acceptable terms and to identify and negotiate investment opportunities in cryptocurrency, blockchain technology, and the cannabis sectors.Accordingly, readers should not place undue reliance on any such forward-looking information. Further, any forward-looking statement speaks only as of the date on which such statement is made. New factors emerge from time to time, and it is not possible for the Company's management to predict all of such factors and to assess in advance the impact of each such factor on the Company's business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. The Company does not undertake any obligation to update any forward-looking information to reflect information, events, results, circumstances or otherwise after the date hereof or to reflect the occurrence of unanticipated events, except as required by law including securities laws.
The CSE has in no way passed upon the merits of the Transaction and has neither approved nor disapproved the contents of this news release. Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.