HUNTINGTON, NY--(Marketwired - Dec 10, 2013) - SeanieMac International, Ltd (OTCQB: BETS) ("SeanieMac"), announced today that it has repaid the convertible promissory note owed to Asher Enterprises, Inc. (the "Note") due on December 23, 2013 in full. As a result none of the debt will be converted into equity and none of the debt had been converted to equity at the time of repayment. The Note will be retired entirely for cash.
In repaying the Note SeanieMac drew down 200k of its recently established 600k credit facility as provided by Iliad Research and Trading. The new credit facility bears interest at 8 percent. The company will use the remaining proceeds after retiring the Asher note to fund additional marketing.
SeanieMac Limited is an Irish gaming company. It owns and operates www.SeanieMac.com, an online sports and casino wagering web-based platform serving gamblers directly under the brand name SeanieMac.com.
While the site offers wagering for many categories outside of sports, SeanieMac intends to capture the Irish market by initially focusing on the Gaelic Athletics Association (GAA) or Gaelic Games as well as Irish horse racing and soccer. The company's mission is to provide a market-leading, user-friendly website for online gambling, including sports betting and casino gaming (traditional casino, live casino, poker, bingo and interactive skilled games). The Company does not market to U.S. residents and, hereby, specifically discourages them from attempting to access its wagering services.
The Irish gambling industry generated approximately $18.7 billion in revenue in 2011, with $1.7 billion of that generated online. The Irish online gambling sector is projected to reach $3.2 billion in 2012.
As its national pastime, the Gaelic Games have long been popular in Ireland but they are gaining worldwide appeal, especially in areas with large communities of Irish heritage and their descendants, such as the U.S., Canada, Australia and the United Kingdom, where many communities have their own teams and clubs participating in the Gaelic Leagues locally and internationally. To learn more about the GAA, see www.gaa.ie.
Safe Harbor Statement
This news release contains forward-looking statements that involve risks, uncertainties and assumptions. If such risks or uncertainties materialize or such assumptions prove incorrect, the results of SeanieMac International, Ltd. and its consolidated subsidiaries could differ materially from those expressed or implied by such forward-looking statements and assumptions. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including but not limited to statements regarding our expectations regarding amounts staked and gross profits and our marketing initiatives. Such risks and uncertainties include, among other things, the uncertainty regarding consumer preferences, a decline in the popularity of our website and competition in the online gambling industry. SeanieMac assumes no obligation and does not intend to update these forward-looking statements.
A further description of risks and uncertainties can be found in SeanieMac International, Ltd.'s Annual Report on Form 10-K for the fiscal year ended December 31, 2012 and in its reports on Form 10-Q and Form 8-K.