SOURCE: Elite Data Services, Inc.

Elite Data Services, Inc.

January 12, 2015 07:30 ET

Elite Data Services Announces Update on Progress of Obtaining Casino/Gaming License in Roatan

DALLAS, TX--(Marketwired - Jan 12, 2015) - Elite Data Services (OTCQB: DEAC) ("EDS" or "the Company") today announced an update on its current negotiations to acquire the only dual casino and gaming license on the island of Roatán, the largest of Honduras' Bay islands, as part of the Company's transition into the hospitality and gaming industry. On November 30, 2014, EDS entered into an option contract with H y H Investments, S. A. ("H y H") to acquire the casino/gaming license on Roatán.

The terms of the original contract have since been mutually renegotiated by both parties to include a reduction of $1,500,000 of the cash portion due within thirty days of exercising the option. The renegotiated terms provide that the Company tender a $500,000 cash payment to obtain ownership of the license. These renegotiated terms will be included in the contract upon the Company's election to exercise the option. Currently, these terms have been signed and approved by the Seller and the Company is working on the legal documentation. In addition, the option to exercise the contract has been agreed to be extended to February 28, 2015.

Charles Rimlinger, Chief Executive Officer of Elite Data Services, commenting on the benefits of acquiring the only casino/gaming license on Roatán said, "We have projected the tax revenue to be around $2.45 million per year which estimates the license annual gross to be worth $15,500,000 million. EDS would own the only license on Roatán, so we'd literally be the 'only game in town' on an island that sees over 1 million visitors each year."

EDS would own the rights to the license for 25 years and would not have to pay annual renewal fees during this period. Upon expiration of the 25 year term, the casino license is renewable. In addition to the physical casino, the license allows for a sportsbook, online gaming, bingo and a lottery.

About Elite Data Services, Inc.

Elite Data Services Inc. is a technology company that implements their software applications to market and advertise assets in which they own and control. The company utilizes an advanced set of proprietary technologies and focuses on marketing and advertising solutions that generate revenue on existing businesses in sectors, including but not limited to, automotive, hospitality, and gaming. With an extensive technology portfolio enhanced with its content production resources and software development expertise, EDS is positioned to deliver an exciting new approach to the marketing and advertising model that replaces traditional client based contracts with secured asset value and increased revenues based on their proprietary technologies.

Forward-Looking Statements

Statements included in this press release, which are not historical in nature, are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements relating to the future performance of the Company are subject to many factors including, but not limited to, the customer acceptance of the products in the market, the introduction of competitive products and product development, the impact of any product liability or other adverse litigation, working capital and availability of capital, commercialization and technological difficulties, the impact of actions and events involving key customers, vendors, lenders, competitors, and other risks detailed in the Company's Form 10-K for the year ended September 30, 2013, and other subsequent Securities and Exchange Commission filings. Such statements are based upon the current beliefs and expectations of the Company's management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. When used in this press release, the terms "anticipate," "believe," "estimate," "expect," "may," "objective," "plan," "possible," "potential," "project," "will," and similar expressions identify forward-looking statements. The forward-looking statements contained in this press release are made as of the date hereof, and we do not undertake any obligation to update any forward looking statements, whether as a result of future events, new information, or otherwise.

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