Alc Writes Down Investment In Geonomics (update)

Atlantic Lottery Corporation cuts substantial losses

The Atlantic Lottery Corporation (ALC) said Friday it will write down its $8.7 million investment in Geonomics (formerly Roboreus) following a dismal performance that failed to meet forecasts or expectations.
"We are as disappointed as all Islanders that Atlantic Lottery will write down this investment as a loss on its books. Going forward our new government will take a prudent approach to economic development," commented P.E.I. Finance Minister Allen Roach.
In the meantime, GeoSweep, rebranded as GeoLotto, recently re-entered the UK market, following a previously failed attempt prior to ALC's involvement, under Geo24 a joint venture between the Zeal Network (formerly Tipp24) and Geonomics.
Geonomics eventually crowned its first millionaire at the end of May 2015 (see previous InfoPowa reports).

Online Casino News Courtesy of Infopowa