ALISO VIEJO, CALIFORNIA--(Marketwired - Nov. 15, 2016) - Fantasy Aces Daily Fantasy Sports Corp. (the "Corporation" or "Fantasy Aces") (TSX VENTURE:FAS)(OTCQB:FASDF) is pleased to announce that it has closed the previously announced acquisition of certain active daily fantasy sports participants in the database of Fantasy Feud Inc., a subsidiary of Gaming Nation Inc. ("Gaming Nation") (TSX VENTURE:FAN), for a purchase price of C$454,250 (the "Acquisition"). The Corporation paid Gaming Nation a cash payment of C$25,000, with the remainder of the purchase price being paid by way of 6,132,143 common shares of the Corporation ("Common Shares") at a price of C$0.07 per Common Share. The completion of the Acquisition is subject to final TSX Venture Exchange ("TSXV") acceptance.
In addition, Fantasy Aces is excited to announce that its Common Shares will begin trading on the OTCQB, a U.S.-based stock exchange, under the symbol FASDF, effective immediately. The Common Shares will continue to trade on the TSXV under the existing symbol FAS.
OTC Markets Group Inc., located in New York, N.Y., operates the world's-largest electronic interdealer quotation system. It offers transparent trading to entrepreneurial and development-stage companies that have met a minimum bid price test, are current in their financial reporting, and have undergone an annual verification and management certification process. Its standards provide a strong baseline of transparency, as well as the technology and regulation to improve the information and trading experience for investors.
Tom Frisina, CEO of Fantasy Aces stated: "As our business continues to expand, it is important that our visibility follows suit. We are pleased with our progress to date and we're at an important inflection point to generating substantially more revenue over the coming quarters. We therefore felt it was necessary to expand our investor audience in a market that understands the scope of our business."
Mr. Frisina went on to add: "The closing of the acquisition from Gaming Nation is an important milestone for us and the additional active participants will make an important contribution to our future revenue stream."
Early Warning Information
Gaming Nation now owns a total of 6,132,143 Common Shares, representing approximately 12.7% of the issued and outstanding voting securities of the Corporation on a non-diluted basis and is now an insider of the Corporation. The Common Shares were acquired for investment purposes and Gaming Nation may increase or decrease their beneficial ownership or control depending on market or other conditions. A copy of the Early Warning Report may be found on www.SEDAR.com
About Fantasy Aces
Fantasy Aces is a leading DFS (Daily Fantasy Sports) site focused on everyday skill-based fantasy sports games. Fantasy Aces has developed proprietary software which allows users to create fantasy teams from the player rosters of actual sports leagues and then use their teams to compete against other users in various categories such as points scored, yards gained, goals, assists or home runs registered, depending on the specific sport. The FantasyAces.com website currently offers daily and weekly skill based fantasy sports games for six major North American sports, including the NFL, NBA, NHL, MLB, College Football and the PGA. Fantasy Aces also offers a variety of entry fee contest options for its members to play, in addition to free roll tournaments to attract new members to the site. Fantasy Aces charges a management fee from all entry fees collected on the website.
Certain information set forth in this news release contains forward-looking statements or information ("forward-looking statements"). By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond the Corporation's control, including the impact of general economic conditions, industry conditions, currency fluctuations, operational risks, competition from other industry participants, stock market volatility, and the ability to access sufficient capital from internal and external sources. Although the Corporation believes that the expectations in its forward-looking statements are reasonable, its forward-looking statements have been based on factors and assumptions concerning future events which may prove to be inaccurate. Those factors and assumptions are based upon currently available information. Such statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking statements. Accordingly, readers are cautioned not to place undue reliance on the forward-looking statements, as no assurance can be provided as to future results, levels of activity or achievements. Risks, uncertainties, material assumptions and other factors that could affect actual results are discussed in our public disclosure documents available at www.sedar.com. Furthermore, the forward-looking statements contained in this document are made as of the date of this document and, except as required by applicable law, the Corporation does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The offered securities mentioned in this press release will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") and may not be offered or sold within the United States or to, or for the account or benefit of U.S. persons except in certain transactions exempt from the registration requirements of the U.S. Securities Act.
This new release shall not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction.
Trading in the securities of Fantasy Aces Daily Fantasy Sports Corp. should be considered highly speculative.
Neither the 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 press release.