BNNTechnology Plc is pleased to announce that its exclusive technology partner, Beijing New Net Science & Technology Development Limited (New Net), has signed a significant nationwide lottery distribution contract with one of China’s largest retailers.
Under the terms of this multi-faceted collaboration, BNN and New Net will provide proprietary technology, specialist marketing and promotional support for dedicated lottery terminals to be deployed in the retailer’s outlets, selling Welfare Lottery and Sports Lottery tickets. Upon completion of a successful trial, it is anticipated that a nationwide roll-out will be centered, initially, on major provinces and cities on China’s Eastern seaboard, before covering the vast majority of the retailer’s locations which number in excess of 10,000. The agreement also provides an opportunity for BNN and New Net to connect with the retailer’s significant online presence.
BNN anticipates this to be the first of a number of similar contracts with other prominent Chinese companies and service providers controlling significant numbers of nationwide outlets. Further updates will be provided as final details of these deals become available.
Commenting on this exciting contract, Darren Mercer, Executive Director of BNN, said:
“Securing a very significant and material agreement with such a prestigious and substantial retail partner is testament to the breadth of our longstanding commercial relationships in China, as well as to the strength of our technology platform and our track record in the lottery sector.
“The transformation of our business and the proposed combination with MICT and ParagonEX has allowed us to work closely together as a group in leveraging our network in China, built over 15 years, to pursue major fintech opportunities with considerable value-enhancement for our shareholders.
“Our plans to launch our enlarged and highly profitable business as Global Fintech Holdings are progressing towards completion and we look forward to starting life with several valuable opportunities underway andnet cash reserves in excess of $30m. All participants in the transaction will provide updates in due course. I remain extremely excited about prospects for the new group and view the future with a high degree of confidence.”