HUNTINGTON, NY, Jan. 14, 2015 /PRNewswire/ -- SeanieMac
International, Ltd (OTCQB: BETS), announces it is has regained
OTCQB status, after becoming current in its SEC filings with the
filing of its 3rd quarter results on December 31, 2014. The CEO also provided
the following update:
Dear Shareholders,
As promised in SeanieMac's previous shareholder update, the
Company is now current in its financial reporting and has been
reinstated on the OTCQB. I would like to update shareholders
on our business, financing and corporate goals for 2015.
The most important thing we do every day is manage our business
in Ireland. In spite of the
challenges presented in 2014 by the delay of our audit, we were
able to continue to manage our platform and add thousands of
customers over the past few months.
On an unaudited basis, we had turnover revenue of $10,750,114 in 2014 versus $2,949,471 in 2013, representing an increase of
364%. SeanieMac generated a gross profit of $643,200 in 2014 versus $222,391 in 2013, representing an increase of
289%. We accomplished this without a marketing budget for most of
the year.
SeanieMac launched in May 2013, so
we only have month-to-month comparisons from May 2013 to December
2014. For every month, company turnover increased
year-over-year when comparing 2014 to 2013. In 2014, we had
$7,718,000 in turnover, compared to
$2,949,471 in 2013, representing an
increase of 261% year-over-year.
In 2014, we registered 9,336 new customers and processed and
paid over 172,434 bets.
We remain in advanced discussions on financing on substantially
better terms then some of the prior debt financing we entered into
in 2013. We hope to update shareholders on this shortly, along with
our JV discussions. Both these discussions are in the final
stages now that we are current in our financial reporting. With
these items in place, we believe we can substantially grow the
business in 2015.
2014 was definitely a challenging year. We at SeanieMac
are excited and determined to make 2015 a great year. I am
extremely proud of our team and think our level of growth for a
start-up has been exceptional.
Thank you for you continued support.
Shane O'Driscoll
Non-GAAP Financial Measures
In addition to financial results reported in accordance with
U.S. GAAP, we have provided the following non-GAAP financial
measures: turnover amounts and gross profit. These non-GAAP
financial measures are used in addition to and in conjunction with
results presented in accordance with U.S. GAAP. However, neither of
these measures is intended to be a substitute for those reported in
accordance with U.S. GAAP. These measures may be different from
non-GAAP financial measures used by other companies, even when
similar terms are used to identify such measures.
Turnover amounts is a non-GAAP financial measure that reflects
the total amount of bets placed in an accounting period. We
consider turnover amounts to be an important measure for management
to evaluate the performance of our business our revenue is directly
related to the amount wagered. When evaluating our performance, you
should consider turnover amounts as a supplement to other financial
performance measures, including net loss and our other U.S. GAAP
results.
Gross profit is a non-GAAP financial measure that reflects gross
profit from all wages We consider gross profit to be an important
measure for management to evaluate the performance of our business
because gross profit as a percentage of turnover is an important
measure of our odds and bet management. When evaluating our
performance, you should consider gross profit as a percentage of
amounts staked as a supplement to other financial performance
measures, including net loss and our other U.S. GAAP results.
About SeanieMac
SeanieMac International, Ltd. is an Irish gaming company. It
owns and operates www.SeanieMac.com, an online sports and casino
wagering web-based platform serving gamblers directly under the
brand name SeanieMac.com.
While the site offers wagering for many categories outside of
sports, SeanieMac intends to capture the Irish market by initially
focusing on the Gaelic Athletics Association (GAA) or Gaelic Games
as well as Irish horse racing and soccer. The Company's mission is
to provide a market-leading, user-friendly website for online
gambling, including sports betting and casino gaming (traditional
casino, live casino, poker, bingo and interactive skilled games).
The Company does not market to U.S. residents and, hereby
specifically discourages them from attempting to access its
wagering services.
The Irish gambling industry generated approximately $23.7 billion in revenue in 2014, with
$2.3 billion of that amount generated
online. The Irish online gambling sector is projected to reach
$4 billion in 2016.
As its national pastime, the Gaelic Games have long been popular
in Ireland but they are gaining
worldwide appeal, especially in areas with large communities of
Irish heritage and their descendants, such as the U.S.,
Canada, Australia and the United Kingdom, where many communities have
their own teams and clubs participating in the Gaelic Leagues
locally and internationally. To learn more about the GAA, see
www.gaa.ie.
Safe Harbor Statement
This news release contains forward-looking statements that
involve risks, uncertainties and assumptions. If such risks or
uncertainties materialize or such assumptions prove incorrect, the
results of Seaniemac International, Ltd. and its consolidated
subsidiaries could differ materially from those expressed or
implied by such forward-looking statements and assumptions. All
statements other than statements of historical fact are statements
that could be deemed forward-looking statements, including but not
limited to statements regarding our expectations regarding amounts
staked and gross profits and our marketing initiatives. Such risks
and uncertainties include, among other things, the uncertainty
regarding consumer preferences, a decline in the popularity of our
website and competition in the online gambling industry. Seaniemac
assumes no obligation and does not intend to update these
forward-looking statements.
A further description of risks and uncertainties can be found in
SeanieMac International, Ltd.'s annual report on Form 10-K for the
fiscal year ended December 31, 2013,
its quarterly reports on Form 10-Q and its current reports on Form
8-K, each as filed with or furnished to the Securities and Exchange
Commission.
Investor Relations
Chuck Arnold
+1-(310) 344-7073
invrelsvc@gmail.com
At the Company
Barry
Brookstein
Chief Executive Officer
+1-(516)369-7104
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SOURCE SeanieMac International, Ltd