Sungold International Holdings Corp. (OTCBB: SGIHF) announced earlier this quarter that it acquired an exclusive license on intellectual property currently under patent application for the first ever lottery to be determined by the results of actual live racing events, for example horse racing or car racing.
To be launched as Horsepower World Pool Lottery, the license grants Sungold the rights to a suite of lottery games that will include live horse racing at participating racetracks. In general the patents cover live and virtual horse, dog and auto races across North America.
Sungold also announced the appointment of experienced Thoroughbred breeder and owner, Todd Stinson, as its Racing Industry Consultant, and that the company will be directing a portion of the takeout on the Horsepower World Pool Lottery games to recognized North American Horsemen’s Associations for direct purse enhancements for horsemen.
To date, Sungold has not earned significant revenues and is considered to be in the development stage. The company has funded its business operations, working capital and the development of its interests by the issuance of share capital under private placements and through the exercise of warrants and stock options for the aggregate amount of $22,531,154 since inception.
Sungold is a development stage company focused on the development and promotion of a pari-mutuel, virtual horseracing game, the development of a live race lottery event, distribution of an internet sports scores video display and the related sale of place-based advertising, publishing the Thoroughbred Style magazine, and the development of an Internet payment system. The company conducts its operations through its wholly owned subsidiaries: Horsepower Broadcasting Network (HBN) International Ltd.; Racing Unified Network (R.U.N.) Inc.; SafeSpending Inc.; and Silks Media Corporation.