LTRY - Lottery.com terminates CEO Mark Gustavson names Matthew McGahan as interim and appoints new CFO

2023-07-21 07:16:25 ET

• Lottery.com ( NASDAQ: LTRY ) announces changes to its board and executive management and has entered into a funding agreement with United Capital Investments London, Ltd. (UCIL).
• The terms and conditions of the funding pact with UCIL will be announced after the definitive agreement is finalized.

• The board has decided to terminate Mark Gustavson from his role as Chief Executive Officer of the company. The position of interim CEO has been given to Matthew McGahan, chairman of the board, in his place.

• The board also announced the appointment of Robert J. Stubblefield as Chief Financial Officer of the Company, effective immediately.

• Stubblefield most recently served as the chief financial officer of Demeta, Inc., and Regnum Corp.

• Further, in line with its ongoing restructuring and commitment to improving compliance, Lottery.com ( LTRY ) announces the addition of two new independent non-executive directors to its board.

• Tamer Hassan, renowned actor, entrepreneur, and founder of The Tamer Hassan Academy of Acting, joins the board as an independent non-executive director, and the second new non-executive addition to the board is Paul Jordan, a commercial motorsport specialist with extensive international experience in sponsorship, acquisitions, and communication.

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