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Seaniemac Reaction to Bad Media Reports
SEANIEMAC MANAGEMENT REACTS TO ADVERSE MEDIA REPORTAGE
Launch of new platform from Optima imminent, says CEO ODriscoll.
Shane ODriscoll, CEO of online gambling operator Seaniemac, has reacted to reports in the Irish media and elsewhere earlier this month which quoted a company statement that if it could not raise more investment capital it may have to cease operating, and has accumulated losses totaling $10 million .
The subject of excessive debt (at that point quoted as $6 million) was addressed in a stakeholder Q&A by ODriscoll in April this year in which he advised stakeholders:
"A substantially large portion of our debt and all of our residual preferred stock obligations predate the merger with SeanieMac International to the days when the public company was Compliance Systems. We believe many of these obligations can and will be settled or removed from the balance sheet in 2016."
ODriscoll revisited this issue in a statement this week reassuring investors that the company remains viable and expects great things from its change of software platform to the Optima system mid-September.
Accusing the media of overstating Seaniemac losses, ODriscoll commented that reporters had incorrectly included $7 million in losses incurred by the US public company before the SeanieMac acquisition, and that the company has invested close to $3 million in brand building and day-to-day operating expenses, illustrating its commitment to the business.
ODriscoll additionally claimed that the acquisition of Apollo Bet earlier this year has delivered "significant growth in turnover."
Seaniemac has been receiving ongoing financing over the past three years, and has planned and transparent credit facilities, ODriscoll asserted. Investment had been received in July and August from existing investors.
“While it is completely true that we rely on outside financing to grow and build our brand the suggestion that we did not have a responsible financing plan in place was not balanced," ODriscoll said.
“Like any start-up we have depended on investment to launch our business and will rely on continued investment to grow."
Danske Spil Bingo Moves to Microgaming -
The national lottery of Denmark, Danske Spil, is live on the Microgaming Bingo Network. Danske Spil, the Danish national lottery, is live on the Microgaming Bingo Network following a change to its licence conditions.
Quickfire live on Strendus -
Quickfire powered by Microgaming is extending its reach in the LatAm region with the signing of Strendus. Strendus is the online division of Logrand Entertainment Group. The group comprises several companies that operate gaming and entertainment establishments in Mexico, running 14 land-based casinos in total.
Quickfire content live on BetatHome -
Online gaming and sports betting company bet-at-home was founded in 1999. Today the company has 4.8 million registered customers around the world, offering sports betting, casino, live casino, Vegas games, poker and virtual sports.
Microgaming has donated £30,000 between four charities -
Gift of Giving provides Microgamingís customers the opportunity to vote for one of several charities in their region. In lieu of Christmas gifts, £30,000 is split equally between four global regions: Isle of Man, UK and Europe, Africa, and Rest of the World.
Entertainment Betting Odds: 90th Academy Awards -
The Shape of Water leads Sundayís 90th Academy Awards (8 PM ET, ABC) with 13 Oscar nominations, but when it comes to Best Picture, this highly-acclaimed film is a +140 second-favorite behind Three Billboards Outside Ebbing, Missouri at Ė115.
Fair Play Bets and QuickFire in Deal -
Fair Play Bets enjoys an unrivalled reputation for an outstanding player experience, with secure deposits and withdrawals, surprising casino bonuses and committed customer support. Fair Play Bets is licensed in UK, Malta and Curacao.
Cavaliers Aim to Take Down Wizards on 2/22/18 -
The Cleveland Cavaliers have looked like a different team since making their moves at the trade deadline. The Washington Wizards are up next for the Cavaliers, who will be at home after the All-Star break.
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