RADNOR, Pa.--(BUSINESS WIRE)--The J.G. Wentworth Company® (“J.G. Wentworth” or the “Company”) (OTCQX:JGWE) today announced a coalition with the New Mexico Lottery Authority that offers a new product in the retail market that combines both a virtual Visa® prepaid gift card and a Scratcher in one offering.
The J.G. Wentworth Give Some! Play Some!™ Visa Gift Card will allow consumers to give a guaranteed gift, while providing the recipient a chance to win an additional cash prize through a scratch-off lottery ticket. The New Mexico Lottery Authority will be the first to seamlessly integrate this combination product into their offerings, and in turn, will drive retailers to embrace incremental store placement. The Scratcher is available for purchase in New Mexico Lottery retailers now. Here’s how it works:
STEP 1: An individual visits a retailer that sells scratch-off lottery tickets and purchases the Give Some! Play Some!™ Scratcher, receiving both a virtual Visa gift card valued at $20 – and a scratch-off lottery ticket as part of the purchase fee.
STEP 2: The recipient gets to play the scratch-off game printed on the card’s packaging with a chance to win up to $100.
STEP 3: The customer will visit an online account center to activate and redeem their $20 guaranteed value.
“Consumers enjoy giving and using gift cards due to the convenience and flexibility they offer,” said Stewart A. Stockdale, CEO of J.G. Wentworth. “Our product brings much needed excitement back to the gift card market. Our collaboration with the New Mexico Lottery Authority combines a new spin on gift card giving with a scratch-off that allows the recipient a chance to increase the value of their gift.”
“We are always seeking new ways to generate additional revenue for the Scholarship program through innovation,” said David Barden, CEO of the New Mexico Lottery Authority. “We believe combining Scratchers with gift cards will help drive incremental revenue for our Legislative Lottery Scholarships and give our players a new way to experience and gift our product.”
Sean Healey, J.G. Wentworth’s Vice President of Payment Solutions, oversees the Company’s prepaid card division and has helped drive and shape the brand’s emerging role in the prepaid marketplace.
“At J.G. Wentworth, we have worked to identify new, creative ways to leverage payments to energize somewhat dated categories,” Healey said. “The product combines the open loop gift card market with the instant ticket market for the first time – markets that are estimated to be in excess of $30 billion each in the U.S. alone.”
About The J.G. Wentworth Company®
The J.G. Wentworth Company® is focused on providing direct-to-consumer access to financing solutions through a variety of avenues, including: mortgage lending and refinancing, structured settlement, annuity and lottery payment purchasing, prepaid cards, and access to providers of personal loans.
Mortgage loans are offered by J.G. Wentworth Home Lending, LLC NMLS ID # 2925 (www.nmlsconsumeraccess.org), 3350 Commission Court, Woodbridge, VA 22192; 888-349-3773.
For more information about The J.G. Wentworth Company®, visit www.jgw.com or use the information provided below.
This announcement shall not constitute an offer to sell, or the solicitation of an offer to buy, nor shall there be any sale of our securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful, prior to registration or qualification under the securities laws of any such state or jurisdiction.
The Give Some! Play Some!™ Visa® Prepaid Card is issued by MetaBank®, Member FDIC, pursuant to a license from Visa U.S.A. Inc. MetaBank, or Visa, is not responsible for lottery rules or winnings, nor does MetaBank, nor Visa, endorse or sponsor those offers. MetaBank is responsible for issuance of the Card and the terms of the related Cardholder Agreement. Card has fees that may reduce initial gift value.
Forward-Looking Statements
Certain statements in this press release constitute "forward-looking statements." All statements, other than statements of historical fact, are forward-looking statements. You can identify such statements because they contain words such as ''plans,'' ''expects'' or ''does expect,'' ''budget,'' ''forecasts,'' ''anticipates'' or ''does not anticipate,'' ''believes,'' ''intends,'' and similar expressions or statements that certain actions, events or results ''may,'' ''could,'' ''would,'' ''might,'' or ''will,'' be taken, occur or be achieved. Any statements that refer to expectations or other characterizations of future events, circumstances or results are forward-looking statements.
A number of factors could cause actual results, performance or achievements to differ materially from the results expressed or implied in the forward-looking statements. These factors should be considered carefully and readers should not place undue reliance on the forward-looking statements. Forward-looking statements necessarily involve significant known and unknown risks, assumptions and uncertainties that may cause our actual results, performance and opportunities in future periods to differ materially from those expressed or implied by such forward-looking statements. Consideration should also be given to the areas of risk set forth under the heading "Risk Factors" in our filings with the Securities and Exchange Commission, and as set forth more fully under "Part 1, Item 1A. Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2015, as updated by "Part II, Item 1A. Risk Factors" in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2016 as previously filed with the SEC and Quarterly Report on Form 10-Q for the quarter ended September 30, 2016 to be filed with the SEC. These risks and uncertainties include, among other things: our ability to execute on our business strategy; our ability to successfully compete in the industries in which we operate; our dependence on the effectiveness of direct response marketing; our ability to retain and attract qualified senior management; any improper use of or failure to protect the personally identifiable information of past, current and prospective customers to which we have access; our ability to upgrade and integrate our operational and financial information systems, maintain uninterrupted access to such systems and adapt to technological changes in the industries in which we operate; our dependence on third parties, including our ability to maintain relationships with such third parties and our potential exposure to liability for the actions of such third parties; damage to our reputation and increased regulation of our industries which could result from unfavorable press reports about our business model; the accuracy of the estimates and assumptions of our financial models; infringement of our trademarks or service marks; our ability to maintain our state licenses or obtain new licenses in new markets; changes in, and our ability to comply with, any applicable federal, state and local laws and regulations governing us, including any applicable federal consumer financial laws enforced by the Consumer Financial Protection Bureau; our business model being susceptible to litigation; our ability to continue to purchase structured settlement payments and other financial assets; the public disclosure of the identities and information of structured settlement holders maintained in our proprietary database; our dependence on the opinions of certain credit rating agencies of the credit quality of our securitizations; our ability to complete future securitizations, other financings or sales on favorable terms; the insolvency of a material number of structured settlement issuers; adverse changes in the residential mortgage lending and real estate markets, including any increases in defaults or delinquencies, especially in geographic areas where our loans are concentrated; our ability to grow our loan origination volume, acquire mortgage servicing rights, or MSRs, and recapture loans that are refinanced; changes in the guidelines of government-sponsored entities, or GSEs, or any discontinuation of, or significant reduction in, the operation of GSEs; potential misrepresentations by borrowers, counterparties and other third parties; changes in prevailing interest rates and our ability to mitigate interest rate risk through hedging strategies; our ability to obtain sufficient working capital at attractive rates or obtain sufficient capital to meet the financing requirements of our business; our ability to remain in compliance with the terms of our substantial indebtedness and to refinance our term debt; our ability to raise additional capital as a result of our Class A common stock now being traded on the OTCQX® Market; and our ability to meet the ongoing eligibility standards of the OTCQX® Market.
Except for our ongoing obligations to disclose material information under the federal securities laws, we undertake no obligation to publicly revise any forward-looking statements, to report events or to report the occurrence of unanticipated events unless we are required to do so by law.
