SOURCE: Avatar Ventures Corp.

November 19, 2013 10:24 ET

Avatar Ventures Signs Memorandum of Understanding With Fantasy Sports Website Fantrax.com

CARSON CITY, NV--(Marketwired - Nov 19, 2013) - Avatar Ventures Corp. (OTC Pink: ATAR) ("Avatar" "ATAR" or the "Company") is pleased to announce that it has signed a nonbinding Memorandum of Understanding with Vauntek Inc. operating as Fantrax ("Fantrax.com"), a Fantasy Sports Website.

The Memorandum of Understanding contemplates a share exchange agreement between the parties wherein Fantrax.com will become a wholly owned subsidiary of Avatar or other arrangements will be made satisfactory to the parties. The transaction contemplated will be contained in a definitive agreement that is expected to be completed on or before February 15, 2014. 

Edward Minnema, President and CEO of ATAR, commented, "We are thrilled to sign this memorandum of understanding between the parties. Fantrax.com is a premium Fantasy sports website with a substantial user base. Fantrax.com is a company with increasing revenues and we believe that once complete this transaction will benefit both Fantrax.com and Avatar shareholders. This is a very exciting time for all the parties involved and we look forward to giving our existing and future shareholders a rare opportunity for growth while at the same time assisting Fantrax.com with added exposure thus adding to its membership base. We are optimistic that the parties will reach a definitive agreement prior to February 15 2014." 

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.

Lee Kleiner, President and CEO of Fantrax.com, stated, "Fantrax.com looks forward to working with Avatar towards a definitive agreement that is mutually beneficial to both parties. Fantrax.com is committed to technical innovation and responsive customer service. Our "League Manager" product -- the most widely used product in the industry -- is far superior to our competition and we are constantly introducing new features that aren't available on competitor sites. Our goal is to become the world's #1 fantasy sports destination."

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 Ventures Corp. has registered a new website address, www.avatarvcorp.com, which is currently under construction.

About Fantrax.com:

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 stat and analytic/reporting capabilities, a growing list of original content 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 fantasy sports fans around the world.

Safe Harbour Statement: 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.

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