VANCOUVER, Aug. 18, 2016 /CNW/ - Global Daily Fantasy
Sports Inc. (TSXV: DFS) ("Global") is pleased to announce that
it has completed its previously announced change of business (the
"COB") to enter the daily fantasy sports industry as a Technology
Issuer on Tier 2 of the TSX Venture Exchange (the "TSXV"), as
described in Global's press releases dated March 16, 2016, May 18,
2016 and July 25, 2016.
Details of the COB can be found in Global's filing statement,
dated July 22, 2016, which may be
viewed under the Company's profile on the System for Electronic
Document Analysis and Retrieval at www.sedar.com.
Since our COB announcement, dated March
16, 2016, we have been progressing on a number of fronts,
both corporately and operationally, to achieve our plan of
launching our business. Our management team is growing and
will continue to do so until we become fully operational and launch
our business to business ("B2B") platform and network later this
year. Some of the key milestones we have accomplished in a
few short months are as follows:
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(i)
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Completed our filing
statement and COB requirements with the TSXV.
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(ii)
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Secured a perpetual
license with Bellwether Technologies, Inc. for its proprietary
platform, which is a proven multi-tenant/jurisdictional engine to
build out our daily fantasy sports product. This development
is well underway and on schedule.
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(iii)
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Entered into a
commercial arrangement with NYX Digital Gaming (USA), LLC for the
distribution of our B2B daily fantasy sports
platform/network.
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(iv)
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Closed our $2,000,000
dollar recapitalization funding for the build out of our daily
fantasy sports product and corporate set up.
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(v)
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Announced and
currently working on finalizing our $6,000,000 non-brokered second
round of financing. We expect to close on this financing by
the end of August, subject to final TSXV approval. This
financing will be used for additional working capital, completion
of the development of our daily fantasy sports product and the
launching of our platform.
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Product Update
Global has made steady progress towards the release of our
client-facing product. NYX is a valued partner and the
integration of the two systems is in the final stages of
development and testing. Through that partnership, Global has
exercised and enhanced the remote wallet which will facilitate
rapid integration of partners in the future. In addition our
selected sports data feed provider integration is nearly complete
and will provide all of the real-time information required for a
best in class experience. The completion of these two integrations
has cleared the path for the release of our first phase beta
version.
"The initial response to our listing and our strategy has been
overwhelming, comments Darcy Krogh
President and CEO of Global Daily Fantasy Sports Inc, "We
appreciate the vote of confidence and welcome all our new
shareholders. The team is working very hard to get our first phase
product launched on very aggressive time lines set early this year
and things are coming together nicely."
About Global Daily Fantasy Sports Inc.
Global Daily Fantasy Sports Inc. is a multi-tenant gateway that
allows operators to offer their customers a world class daily
fantasy sports software solution. Global's platform is built
for mobile and desktop applications that allow for seamless
integration at the operator level without having to share or
compromise any sensitive customer data. Joining the Global
network allows operators to capitalize on a mature infrastructure,
with shared liquidity, which was built specifically for regulated
market environments. As the first true B2B network, Global is
a SaaS (software as a service) product that offers a turn-key
solution for sportsbook operators, land-based operators, media
groups, and big database groups to participate in the world of
daily fantasy sports. For more information on Global Daily
Fantasy Sports Inc. visit our corporate
website: www.GDFSI.com.
Global Daily Fantasy Sports Inc.
Per: "Darcy Krogh"
Darcy Krogh, President and
CEO
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Disclaimer for Forward-Looking Statements
This press release may include forward-looking information
within the meaning of Canadian securities legislation, concerning
the business of Global Daily Fantasy Sports Inc. ("Global").
Forward-looking information is based on certain key
expectations and assumptions made by the management of Global,
including future plans for acquisitions. Although Global
believes that the expectations and assumptions on which such
forward-looking information is based are reasonable, undue reliance
should not be placed on the forward-looking information because
Global can give no assurance that they will prove to be correct.
Forward-looking statements contained in this press release
are made as of the date of this press release. Global
disclaims any intent or obligation to update publicly any
forward-looking information, whether as a result of new
information, future events or results or otherwise, other than as
required by applicable securities laws.
SOURCE Global Daily Fantasy Sports Inc.
