Pacific Lottery Corporation

Pacific Lottery Corporation

April 07, 2009 10:38 ET

Pacific Lottery Corporation Update

CALGARY, ALBERTA--(Marketwire - April 7, 2009) - Pacific Lottery Corporation (the "Corporation") (TSX VENTURE:LUK) (FRANKFURT:PCF) is pleased to provide the following corporate update. Recently the Corporation completed a very successful site visit to Vietnam, which included; major shareholder Genting International PLC, several current European shareholders and investors as well as past and present members of the Board of Directors. The delegation met with senior government officials and toured lottery related government facilities, corporate offices and newly installed retailer sites. The delegation expressed genuine excitement at witnessing the Corporation's newly installed proprietary on-line lottery technology in operation and hearing the positive reaction from the various front line officials and retailers. The Corporation is committed to continuing to build upon its initial stage one technical installation and implementation success. Furthermore, the initial sales performance is within anticipated parameters and the continuing steady growth pattern through this initial stage has the Corporation excited about its upcoming fiscal year prospects. Therefore, the Corporation has agreed to speed up its operational expansion plans in Vietnam, which it is confident will lead to fiscal 2009 being a transformational year.

In a related development, the Corporation is pleased to announce that as a part of its new rapid expansion program, it has arranged a non brokered financing of CDN $ 1.98 million. Existing shareholder and Board member Mr. Richard W. DeVries has agreed to subscribe to a Private Placement (through his company Oceanic Greystone Securities Inc.) that includes a placement of 8.6 million units at $0.11 each, consisting of one (1) common share and one (1) common purchase warrant exercisable at $0.12 until April 3, 2014 for total gross proceeds of $ 1.98 million CDN. Further, as part of this rapid expansion program, the Corporation is pleased to advise that it is in advanced discussions with a highly reputable Global Private Equity group working towards completion of an additional $5 million CDN financing facility with combination debt / loans and equity components. This new facility is expected to allow the Corporation even faster expansion progress and quicker reaction to growth related activities in Vietnam as well as in other potential markets for example in neighboring Laos and Cambodia. The proceeds of these financings will be used for general working capital purposes.

In other developments, the Corporation is pleased to announce that subsequent to the recent approval of its securities listing prospectus in Germany, the Corporation has filed an application through its listing partner, for its shares to trade on the Entry Standard segment within the Open Market of the Deutsche Borse (Frankfurt Stock Exchange). The Corporation expects Entry Standard trading of its shares to begin on April 14th 2009 subject to the approval of Deutsche Borse AG. Simultaneous XETRA trading will begin at that time, as well.

The following provides some basic information about the Entry Standard. Entry Standard was launched as a segment within the Open Market (Regulated Unofficial Market) On 25 October 2005, providing an alternative to EU-regulated segments for companies seeking access to the capital market. Entry Standard is the segment for companies wishing to position themselves more clearly on the capital market and provide additional information. Transparency requirements in Entry Standard include:

On the company website:

- publication of the audited consolidated financial statements and management report (respective national accounting principles or IFRS) no later than six months after the end of the reporting period

- publication of a brief, up-to-date profile of the company and a calendar of company events

- publication of the interim report no later than three months after the end of the first half

- immediate publication of significant company news or circumstances that may be significant for the valuation of the respective stock/issuer

Trading surveillance on Entry Standard:

Shares in Entry Standard are insider securities. They are, thus, monitored by the Federal Financial Supervisory Authority (BaFin) with view to the rules on insider trading and market abuse. Price calculation is monitored by the Market Surveillance Office (HuSt). The fulfillment of transparency requirements by the companies in Entry Standard is monitored by the applicant trading member of the Frankfurt Stock Exchange.

Additional information about Entry Standard is available on the website of Deutsche Borse AG.

Finally, the Corporation has recently updated its website and including the above has also added several new features such as a media room, which includes access to corporately produced television commercials currently running on Vietnamese state run television channels. Additional information will be added to the website periodically as information becomes available and events warrant.

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