New Wave Mobile Inc. snared a $500,000 investment to fund the launch of a platform the company said will support wireless sales of lottery tickets.
New Wave said it expects its acquisition of WagerPhone, a mobile gaming technology company, to close next week. Hurricane Capital of Toronto is underwriting the WagerPhone services, which “will offer a substantial alternative to current lottery suppliers worldwide and online casinos where prohibited through proprietary SMS, text-based software,” New Wave said.
A new-and struggling-player in wireless, New Wave Mobile emerged last month as the new face of Congo Crest Mineral Corp., which failed to tap the Congolese copper-mining market. The new company is looking for a share of the global wireless lottery market, which Juniper Research predicts will account for 41 percent of total mobile gambling expenditures over the next five years.
“The WagerPhone transaction closing along with the initial financing commitment by Hurricane Capital ensures a successful 2007 for all our shareholders,” said New Wave President Armando Russo. “We are looking forward to releasing more detailed information on WagerPhone’s success to date on launching its technologies into the marketplace.”
Shares of New Wave Mobile were essentially unchanged on the news, trading at 3 cents each.
Failed copper miner turns to wireless lotteries
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