CARSON CITY, NV--(Marketwired - Mar 31, 2014) - Avatar Ventures Corp. (OTC Pink: ATAR) (PINKSHEETS: ATAR) ("Avatar" "ATAR" or "the Company") is pleased to announce that it and Fantrax.com have agreed to Definitive terms of the Proposed Acquisition.
The principles of both companies have mutually agreed that due to unforeseen delays in the auditing process, the company wishes to advise its shareholders that as set out in the Press release dated February 11, 2014, the Company has retained a new auditing firm. Avatar relinquished its previous auditor of its duties because of technicalities which has delayed filings. Mr. Minnema, President of Avatar, states that due to the unforeseen delays and the fact that the tax season is upon us, the company is extremely confident that with the present auditing firm under contract will complete the company's filings and in turn Avatar will file shortly thereafter.
Both Avatar and Fantrax have, in the meantime, come to a mutual agreement on the terms of the proposed acquisition, including a Share Exchange Agreement. The Share Exchange Agreement is expected to be formally signed and made public at the time the company's filings are brought up to date. The terms include, among other things, the issuance of new shares of Avatar, cancellation of certain control block shares, financing as well as other terms and conditions typical for a transaction of this nature. As a result of Avatar's current beneficial share structure, there will be no requirement for a reverse split or consolidation of Avatar's share capital.
Both Mr. Minnema, President of Avatar, and Lee Kleiner, President of Fantrax, are extremely appreciative of the patience of current shareholders and the ongoing efforts of our auditing firm.
Edward Minnema, Avatar's CEO commented:
"We are thrilled to announce that the companies have agreed to the major terms of the share Exchange. Not only are we bringing value to current shareholders of Avatar as a result of bringing Fantrax.com to the company, we will be doing it in a way that we believe will protect current shareholders. Most significant acquisitions of this nature require a substantial reverse split of common shares to facilitate the transaction. As contemplated in the proposed Share Exchange Agreement there will not be the need for same.
"We believe Fantrax.com is the best fantasy sports platform by a long shot, with its user friendly interface and plethora of features far beyond what any competitor offers. After the acquisition the company will be in a position to leverage its position to offer significant growth and opportunity."
Lee Kleiner said:
"We are very pleased that Avatar and Fantrax have come to this agreement. We are confident that this transaction is in the best interests of the current Fantrax shareholders which once complete will permit Fantrax to expand exponentially. Fantrax has a fantastic management team and outstanding technology, enabling significant global growth. I have been personally involved in building the company from the ground up and have confidence that Fantrax will continue to be the premier destination for the fantasy sports enthusiast and will become the global leader in fantasy sports."
About Avatar Ventures Corp.
Avatar Ventures Corp. founded in 2006 is a public company currently investigating revenue producing business ventures including those in the high tech sector. With an advantageous share structure and through the building of a solid management team, the company will endeavor to provide increased shareholder value and at the same time minimize dilution so as to provide maximum return for shareholders. We invite current and prospective shareholders to contact us and learn more about our company by calling Ed Minnema or emailing him at the contact info below. Avatar has signed a Memorandum of Understanding with Fantrax and have agreed on definitive terms which will be contained in a Share Exchange Agreement that is expected to be signed once the company's filings have been brought up to date.
According to a Forbes August 20, 2013 article citing statistics from The Fantasy Sports Trade Association, they estimate that 32 million Americans spend $467 per person or about $15 billion (USD) in total playing fantasy sports.
Roughly, $11 billion (USD) flows toward football alone. These figures don't count ad revenue for fantasy hosting sites. The NFL's annual revenue falls just under $10 billion currently. So the "derivative" market has grown larger than the foundational market.
By developing the most powerful and sophisticated Commissioner/League Manager product ever released, Fantrax.com has strategically positioned itself as the most comprehensive fantasy sports website in the industry. Intuitive functionality and cutting edge customization features allow fantasy sports experts and novices alike to manage their leagues with more flexibility, ease of use and convenience than any other league manager product. The feature comparison chart and testimonials speak for themselves. Fantrax.com operates fantasy leagues for NFL, MLB, NBA, NHL, NCAA football & basketball, NASCAR, PGA and Premier League Soccer.
Fantrax.com is the first company ever to offer a full fledged commissioner product for this wide an array of sports and leagues. Combined with the most detailed real time Statistics and analytic reporting capabilities and a wide variety of salary cap and draft games, as well as soon to be released daily games for all sports, Fantrax.com is a complete one stop shop for all fantasy sports fans around the world.
Fantrax.com has also recently released its all in one Fantasy Sports Mobile App which is now available for IOS and Android.
This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such forward-looking statements are made pursuant to the safe harbour provisions of the Private Securities Litigation Reform Act of 1995."Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may," "future," "plan," or planned, "will" or "should," "expected," "anticipates," "draft," "eventually" or "projected." You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements.