SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES AND EXCHANGE ACT OF 1934
Date of Report (Date of Earliest Event Reported): June 18, 1997
LOTTOWORLD, INC.
(Exact Name of Registrant as Specified in its Charter)
FLORIDA
(State or Other Jurisdiction of Incorporation)
0-25624 65-0399794
(Commission File No.) (IRS Employer Identification No.)
Suite 200, 2150 Goodlette Road, Naples, Florida 34102
(Address of Principal Executive Offices) (Zip Code)
(941) 643-1677
(Registrant's Telephone Number, Including Area Code)
<PAGE>
Item 5. Other Events
On June 18, 1997, the Company's securities were delisted from the
Nasdaq SmallCap Market for failure to meet the listing requirements. The
Company's securities are now listed on the OTC Bulletin Board.
The Company has temporarily suspended all operations pertaining to the
publication of its magazines, terminated or laid-off 30 employees and does not
have the capital to resume publication. The Company is negotiating with several
potential investors, but there is no assurance that the necessary capital can be
raised.
Item 7. Financial Statements, Pro-forma Financial Information and Exhibits
(A) Financial Statements of Business Acquired
None
(B) Pro-forma Financial Information
None
(C) Exhibits
99.1 Press release dated May 20, 1997 issued by the Company stating that
LottoWorld is seeking additional capital.
99.2 Press release dated June 6, 1997 issued by the Company announcing
lay-offs of personnel and that the Company is continuing to seek
additional capital.
99.3 Press release dated June 18, 1997 issued by the Company informing the
public that the Company's securities are no longer traded on the
Nasdaq SmallCap Market, but are traded on the OTC Bulletin Board.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
LOTTOWORLD, INC.
By: s/Stuart Dubow
---------------------------
Stuart Dubow
Chief Financial Officer
and Senior Vice President
Date: June 24, 1997
-2-
LOTTO America's Lottery Magazine
WORLD
http://www.Lottoworldmagazine.com
Corporate and Publishing
2150 Goodlette Road
Suite 200
Naples, FL 34102
FOR IMMEDIATE RELEASE (941) 643-1677 Phone
(941 ) 643-6670 Fax
(941) 263-0809 Editorial Fax
(800) 223-6814 Toll Free
Advertising
420 Lexington Avenue
Suite 2147
New York, NY 10170
(2t2) 634-4455 Phone
(212) 634-4566 Fax
LOTTOWORLD, INC., SEEKS
ADDITIONAL CAPITAL
NAPLES, FLORIDA, May 20, 1997 -- LottoWorld, Inc. (NASDAQ: LTTO), announced
today in its Form 10-QSB for the period ending March 31, 1997, that an
additional capital investment will be required by the Company or it will be
necessary to substantially reduce its operations past May 1997. The Company
attributes its need for additional capital primarily as a result of lagging
advertising revenue associated with its New York Lottery Players Monthly
magazine. The Company further reported that although it can not assure that a
transaction will be completed, it is currently in the process of negotiating
additional capital investments with several firms. In the event the Company is
unable secure additional capital, it will be delisted from the NASDAQ SmallCap
Market and will be traded on the OTC Bulletin Board Market.
LottoWorld, Inc., through its Lottery Players Publishing Company subsidiary, now
has exclusive contracts to publish magazines in conjunction with state lotteries
in New York, Georgia, Virginia, West Virginia and Nebraska totaling a combined
2,550,000 copies per issue.
The Company also announced today that Allen Gutwirth has been named Director of
Advertising for its New York Lottery Players Monthly magazine. The New York
Lottery Player's Monthly magazine is the seventh largest controlled circulation
magazine in the United States.
Gutwirth joins LottoWorld's New York office from Elaine Lewis, Ltd., where he
was a senior vice president of sales, marketing and public relations.
Previously, Gutwirth, a native New Yorker, was associated with Beefsteak Charlie
and Bombay Palace companies in charge of advertising, public relations and
marketing for their subsidiary restaurants.
CONTACT: James D. Cullen, Investor Relations. (800) 223-6814 or
[email protected]
LOTTO America's Lottery Magazine
WORLD
http://www.Lottoworldmagazine.com
Corporate and Publishing
2150 Goodlette Road
Suite 200
Naples, FL 34102
FOR IMMEDIATE RELEASE (941) 643-1677 Phone
(941 ) 643-6670 Fax
(941) 263-0809 Editorial Fax
(800) 223-6814 Toll Free
LOTTOWORLD, INC., ANNOUNCES
IOWA LOTTERY MAGAZINE AGREEMENT
AND LAY-OFFS Advertising
420 Lexington Avenue
Suite 2147
New York, NY 10170
(2t2) 634-4455 Phone
(212) 634-4566 Fax
NAPLES, FLORIDA, June 6, 1997 -- LottoWorld, Inc. (NASDAQ: LTTO), a leading
publisher of lottery-related magazines, announced today that its wholly owned
subsidiary, Lottery Players Publishing Company, Inc., has signed an exclusive
agreement with the Iowa Lottery to publish a new magazine, the Iowa Lottery
Players Digest. The agreement, following similar agreements with the Georgia,
Nebraska, and Virginia state lotteries in 1997, marks the company's forth major
publishing milestone this year.
Specifically tailored for the Iowa Lottery, the Iowa Lottery Players Digest will
boast an initial circulation of 300,000 copies per issue and will be available
at over 3,000 Iowa lottery ticket outlets statewide.
The new 48-page, four-color magazine will offer information about new and
existing Iowa Lottery games, profiles of lottery winners, second-chance
drawings, special lottery promotions and updates on lottery revenues and how
proceeds aid education and the environment in Iowa. It will be dedicated to
serving the needs of players and to provide an effective method to communicate
the many benefits to the citizens of Iowa that come from lottery contributions
to the state.
The Company also announced today that it is continuing to seek additional
capital to fund current and future operations and that it is in the process of
negotiating capital investments with several firms. The Company further reported
that because it can not assure that a transaction will be completed and in an
effort to conserve available capital, it was implementing the lay-off of 12
employees.
CONTACT: Jaines D. Cullen. Investor Relations. (800) 223-6814 or
[email protected]
FOR IMMEDIATE RELEASE
LOTTOWORLD, INC., ANNOUNCES
OTC BULLETIN BOARD MARKET TRADING AND
CALIFORNIA LOTTERY MAGAZINE INVITATION TO BID
NAPLES, FLORIDA, June 18, 1997 -- LottoWorld, Inc. (LTTO), a leading publisher
of lottery-related magazines, announced that beginning today, open market
trading of its common stock will be conducted on the Over-the-Counter Bulletin
Board Market and that its common stock will no longer be traded on the NASD
SmallCap Market. The ticker symbol for the Company will remain LTTO.
Following last weeks announcement that its wholly owned subsidiary, Lottery
Players Publishing Company, Inc., had signed an exclusive agreement with the
Iowa Lottery to publish 300,000 copies per issue of a new magazine, the Iowa
Lottery Players Digest, the Company reported that it has responded to a bid from
the California Lottery to publish a minimum of 1,800,000 copies per month of a
California Lottery Digest magazine under an exclusive contract. It is expected
that the California Lottery will award this contract to the winning bidder
within 90 days.
The Company also announced today that it is continuing to seek additional
capital to fund current and future operations and that it is in the process of
negotiating capital investments with several firms. The Company further reported
that because it can not assure that a transaction will be completed that will
continue every effort to conserve available capital.
CONTACT: James D. Cullen, Investor Relations, (941) 643-1677 or
[email protected]
