Lottery.com, Inc. (NASDAQ:LTRY)(NASDAQ:LTRYW) (the "Company" or "Lottery.com"), today announced the appointment of Mr. Mark Gustavson as its new Chief Executive Officer.
Lottery.Com, Inc. has appointed Mark Gustavson as Chief Executive Officer and principal executive officer, effective February 1, 2023. He will also serve as the principal financial/accounting officer of the company until a replacement is found. Gustavson replaced Sohail S. Quraeshi, who is no longer serving as Chief Executive Officer or as a principal executive officer of the company. On January 30, 2023, Edward K. Moffly resigned as Interim Chief Financial Officer of the company. Gustavson is not a party to any material plan, contract or arrangement (whether or not written) with the company, and there are no arrangements or understandings between Gustavson and any other person pursuant to which they were selected to serve as an officer of the company.
The Board of Directors of the company has not yet determined Gustavson's compensation or agreed to terms on a written compensation agreement. The company will file a Current Report on Form 8-K once such compensation has been determined by the Board of Directors. Gustavson will be eligible to participate in the company's equity compensation plans. The company plans to enter into an indemnification agreement with Gustavson in the same form as its other officers have entered.
Gustavson has 17 years of business development, transactional, alliance management, finance, operational, company formation, and IP experience with emerging businesses. Gustavson held senior management positions in a variety of technology companies. In his various executive capacities, he was responsible for transactions ranging from acquisitions and strategic collaborations to ordinary course transactions.
Mr. Gustavson is a co-founder and currently serves as Chief Executive Officer of ZENIOS Technologies Corporation. In March 2020, he and a group of investors acquired control of Sansar from Linden Labs Corporation, implementing an expansion plan and deploying virtual reality applications for live events and festivals. The assets of Sansar were transferred to Sansar, Inc. in June 2022, and Gustavson has served as a Board member of Sansar, Inc. since June 2022. He also previously served as Chief Executive Officer of Regnum Corp (OTC:RGMP), President, CFO and co-founder of Tri Capital Energy Corporation, Chief Financial Officer and Director of Wookey Search Technologies Corporation, and Chief Financial Officer and Director of Sharkreach Corporation.
In addition, Mr. Gustavson previously served as President and co-founder of MedicuRx Corporation, a position he held from February 2013 to June 2015. During this time, he was responsible for managing the company formation and transactional activities in collaboration with co-founder Dr. Joseph Rubinfeld a co-founder of Amgen Inc. (NASDAQ:AMGN) developing cancer therapeutics addressing Glioblastoma Multiforme.
Gustavson began his career as a Private Banker at HSBC in Saipan, Commonwealth of the Northern Mariana Islands. From April 1997 through February 1999, Gustavson was Vice President of Private Banking and was charged with co-launching the Commonwealth of the Northern Mariana Islands branch of the Pacific Regional Division during the bank's expansion period.
Mr. Gustavson also previously served as President and co-founder of MedicuRx Corporation, a position he held from February 2013 to June 2015. During this time, he was responsible for managing the company formation and transactional activities in collaboration with co-founder Dr. Joseph Rubinfeld, a co-founder of Amgen Inc. (NASDAQ:AMGN) developing cancer therapeutics addressing Glioblastoma Multiforme.
