AUSTIN, Texas, Jan. 29, 2021 (GLOBE NEWSWIRE) -- Lottery.com (the “Company”), a leading online platform to play the lottery online or from a mobile device, has announced that it has entered into an agreement of cooperation for a 30-year term with Turkish company Inball to offer select Lottery.com products in Turkey, both physically and electronically. The Company also is targeting mid-February 2021 to sign a definitive agreement for a business combination with Trident Acquisitions Corp. (Nasdaq: TDACU, TDAC, TDACW).
Turkey has a market of approximately 58 million people eligible to purchase lottery products. Inball has a commercial partnership with Mete Group, the largest advertiser in Turkey, and with Unilever among other large corporations. Inball also owns Karsan, a large distribution company listed on the Turkish Fortune 500.
“Lottery.com has long had the goal to further our expansion, not only domestically, but internationally,” said Lottery.com CEO Tony DiMatteo. “We believe Inball is going to be a great partner to introduce us to the Turkish market and we feel confident and grateful to be partnered with such a strong brand. The expected business combination with Trident Acquisitions should provide Lottery.com with the necessary capital to support our international expansion."
Niyazi Mete, CEO of both Inball and Mete Group, added: “We are very keen to launch this business in Turkey as soon as possible. We are working with officials to finalize legal approvals and to begin distribution of U.S. lottery products in Turkey.”
Lottery.com has been working on its business development strategy and has several additional business developments that will be disclosed in the following weeks. This agreement is paramount for the Company, as it marks the first international cooperation agreement and further paves the way for international expansion. This move also strongly affirms Lottery.com’s commitment to complete a business combination with Trident Acquisitions Corp., as the Company views access to the public capital markets as a critical part of its growth strategy.
On November 19, 2020, Lottery.com announced a binding letter of intent to combine with Trident Acquisitions Corp. (Nasdaq: TDACU, TDAC, TDACW), which would make Lottery.com a publicly-traded company on The Nasdaq Stock Market.
Lottery.com is an Austin, TX-based company enabling consumers to play state-sanctioned lottery games from their home or on the go in the US, and select lottery products internationally. The Company works closely with state regulators to advance the lottery industry, providing increased revenues and better regulatory capabilities, while capturing untapped market share, including millennial players. Lottery.com is also gamifying charitable giving to fundamentally change how nonprofits engage with their donors and raise funds. Through their WinTogether.org platform, they offer charitable donation sweepstakes to incentivize donors to take action by offering once in a lifetime experiences and large cash prizes.
Important Information and Where to Find it
In connection with the proposed business combination, Trident Acquisitions Corp. (“Trident”), expects to file a preliminary proxy statement (the "Proxy Statement") with the SEC for the solicitation of proxies from Trident's shareholders. Additionally, Trident and Lottery.com Holdings will file other relevant materials with the SEC in connection with the business combination. Copies may be obtained free of charge at the SEC's web site at www.sec.gov. A definitive proxy statement will be mailed to Trident shareholders as of a record date to be established for voting on the proposed business combination. Investors and security holders of Trident are urged to read the proxy statement and the other relevant materials when they become available before making any voting decision with respect to the proposed business combination because they will contain important information about the business combination and the parties to the business combination. The information contained on, or that may be accessed through, the websites referenced in this press release is not incorporated by reference into, and is not a part of, this press release.
Participants in the Solicitation
Trident and its directors and officers may be deemed participants in the solicitation of proxies of Trident's shareholders in connection with the proposed business combination. Lottery.com and its officers and directors may also be deemed participants in such solicitation. Security holders may obtain more detailed information regarding the names, affiliations and interests of certain of Trident's executive officers and directors in the solicitation by reading Trident's Annual Report on Form 10-K for the fiscal year ended December 31, 2019, and the Proxy Statement and other relevant materials filed with the SEC in connection with the business combination when they become available. Information concerning the interests of Trident's participants in the solicitation, which may, in some cases, be different than those of their stockholders generally, will be set forth in the proxy statement relating to the business combination when it becomes available.
No Offer or Solicitation
This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or constitute a solicitation of any vote or approval.