SeanieMac responds to closure reports
Shane O’Driscoll, chief executive of SeanieMac, has hit out at recent reports that suggested the company could close if it was unable to access new funding.
Earlier this month, a report by the Irish Independent newspaper said that the firm, which this year acquired Apollo Betting, needed $500,000 (€447,600) to pay for operational costs such as its website and marketing expenses.
However, in a statement issued to iGaming Business, O’Driscoll denied the firm is in danger and said it is on track to launch a new platform with Optima next month.
“The article overstated the amount of loss incurred by SeanieMac UK by incorrectly including $7 million in losses incurred by the US public company before the SeanieMac acquisition,” O’Driscoll said.
“SeanieMac has spent close to $3 million to date in brand building and day to day operating expenses.
“Furthermore recent investment in the acquisition of Apollo Bet endorses our commitment to the business.
“Since the Apollo Bet acquisition in February of this year the company has seen a significant growth in turnover.
“We are working towards a mid-September new platform launch and are excited about the prospects.
“The article also took the public disclosure that we are dependent on financing to implement our business plan and ignored the fact that the company has been receiving ongoing financing over the past three years and the company put out a press release on 07/20/2016 about its planned credit facility.
“The company has been receiving investment on an ongoing basis and has received investment 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.
“Like any start-up we have depended on investment to launch our business and will rely on continued investment to grow.
“We look forward to our September 16 launch with Optima as disclosed in our prior press release.”
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