Monday June 8,2015 : ALC WRITES DOWN INVESTMENT IN GEONOMICS (Update)
Atlantic Lottery Corporation cuts substantial losses
The Atlantic Lottery Corporation (ALC) said Friday it will write down its $8.7 million investment in Geonomics (formerly Roboreus) following a dismal performance that failed to meet forecasts or expectations.
"We are as disappointed as all Islanders that Atlantic Lottery will write down this investment as a loss on its books. Going forward our new government will take a prudent approach to economic development," commented P.E.I. Finance Minister Allen Roach.
In the meantime, GeoSweep, rebranded as GeoLotto, recently re-entered the UK market, following a previously failed attempt prior to ALC’s involvement, under Geo24 a joint venture between the Zeal Network (formerly Tipp24) and Geonomics.
Geonomics eventually crowned its first millionaire at the end of May 2015