Pacific Lottery Corporation

Pacific Lottery Corporation

April 30, 2009 17:09 ET

Pacific Lottery Corporation: Auditors Confirm Elevation to Operational Stage Status from Development Stage Entity

CALGARY, ALBERTA--(Marketwire - April 30, 2009) - Pacific Lottery Corporation (TSX VENTURE:LUK) (FRANKFURT:PCF) ("Corporation") is pleased to announce the release of its December 31, 2008 Consolidated Financial Statements and Management Discussion and Analysis report (MD&A). Among the highlights of these statements is the confirmation by the Corporation's auditors of elevation to an operational stage entity from a development stage entity. The Corporation has worked diligently through these past years developing its technology assets and consolidating its exclusive market position within Vietnam and has finally crossed the threshold of bringing this value to market. With the launch of the Corporation's proprietary technology in October of 2008 and its pilot project retailer based on-line lottery program, the Corporation has demonstrated its success at providing a production ready online lottery solution, which has performed beyond all required parameters.

The statements, released today, reflect the first revenues generated from this initial introduction of 200 terminals. The growth rates in sales per terminal, from implementation in October 2008, were in excess of 50%. The Corporation is very pleased to see this market response and when extrapolated over a larger distribution network, scheduled to increase significantly over the coming months, the results should be dramatic. Notably, pursuant to the Corporation's news release of April 23, 2009, through the use of new proprietary technology, the potential paradigm shift in the distribution channels in the near future could see an exponential lift in the Corporation's revenue earning performance.

With the Corporation anticipating a leveling in its costs, along side the ongoing increase in sales, the Corporation is looking forward to achieving breakthrough results in the coming year.

About Pacific Lottery Corporation:

Pacific Lottery Corporation is engaged in the provision of comprehensive computerize on-line and mobile phone lottery technology and related professional services for delivery to a growing audience of international customers. Today, the Corporation exclusively leads the technical support activities for the only authorised State run on-line lottery program in Vietnam.

SEC 12g exemption 82-4832

This release contains forward-looking statements within the meaning of the Private Securities Litigation Act of 1995. Investors are cautioned that such forward-looking statements involve risk and uncertainties, which could cause actual results, performance or achievements of the Company, or industry results to differ materially from those reflected in the forward-looking statements. Forward-looking statements are based on the current expectations, projections and opinions of the Company's management, and the Company undertakes no obligation to publicly release the results of any revisions to such forward-looking statements which may be made, for example to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

Neither the Deutche Borse and or the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy and accuracy of this release."

Contact Information

  • Pacific Lottery Corporation
    Jill L.E. Johnson
    (403) 266-8900
    (403) 266-8909 (FAX)
    Pacific Lottery Corporation
    480, 2710 17th Avenue S.E.
    Calgary, Alberta T2A 0P6