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The Weather Lottery acquires Poseve Ltd
Friday May 24,2013 : THE WEATHER LOTTERY ACQUIRES LOTTERY MANAGEMENT FIRM
And Media Corp plc chairman Phil Jackson is named as CEO
Online gambling group The Weather Lottery surfaced in a business press statement Thursday, announcing the acquisition of Poseve Ltd for GBP 350,000 in an all-shares deal, and naming Phil Jackson - chairman of the controversial Media Corp plc internet gambling group, as its CEO.
The price tag for Poseve will be satisfied by the issue of 236.6 million new shares at 0.15p each in TWL to Poseve owner James Rose, representing a 29.75 percent share in TWL.
The company was incorporated on 26 April 2012, and has yet to produce any audited accounts. However, Poseve has had sales from the date of incorporation of over GBP 700,000 and has achieved monthly profitability at the operating level.
During April 2013 an operating profit of GBP 25,000 was achieved on sales of GBP 92,000. Poseve has long term debt of approximately GBP 350,000, and cash of a materially similar amount.
Poseve brings with it a set of unique software products, focused on lottery games and payment processing technologies, the TWL announcement claimed.
"Poseve have a range of lottery, skills and hybrid games that will provide TWL a significant opportunity to better serve its existing customers and introduce new games for existing societies as well as opening new revenue streams appealing to new customers," the company statement explained.
Poseve is 100 percent owned by James Rose, who joins the management team of Prize Provision Services Limited, the company's wholly owned lottery management subsidiary.
The statement reveals that it is intended that Q3 2013 will see the rebranding of the company, additional strengthening of the board to support the launch of an updated online lottery platform as well as the strategic roll out of new gaming, technology and payment products for customers.
Jackson, who took over the leadership of Media Corp plc at the height of the controversial Purple Lounge Poker liquidation scandal (see previous InfoPowa reports) has been punting the new Intabet online gambling product and now widens his involvement in the online gambling industry in assuming the responsibilities of CEO at The Weather Lottery.
His biography boasts over twenty years of experience in general management, sales and marketing, during which he has held senior international marketing positions for UnitedHealth Group, driving their clinical research and data management group revenues from $50 million to $1 billion in the period 2004-2010.
For the last three years, Jackson has been advising on the corporate development of betting software group, Intabet, as well as advising specialist health analytics group, LA-SER, through international expansion. He is a founder of Docobo, a leading eHealthcare company, and was a founder and former CEO of Jackson Beazeley Limited, a specialist manufacturer and international distributor of nursery products.
James Rose will replace Jeff Williams as managing director of PPS. Williams, whose financial assistance has done a great deal to enable the company to survive will continue as a consultant to oversee the changeover. Rose will assume the regulatory responsibilities to the Gambling Commission presently held by Williams. In this he will be assisted by lottery industry expert Garth Caswell who has also agreed to become a consultant to the company.
The UK Gambling Commission has confirmed that PPS is in full compliance with its licence and that they are happy with the changes in management.
Lord Tim Razzall and Andrew Flitcroft remain in their roles as Non-Executive Chairman and Finance Director respectively.
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