Fantasy Aces Daily Fantasy Sports Corp.
TSX VENTURE : FAS
OTCQB : FASDF

Fantasy Aces Daily Fantasy Sports Corp.

February 01, 2017 07:00 ET

Fantasy Draft LLC Terminates Asset Acquisition of Fantasy Aces Daily Fantasy Sports Corp. Company Files for Protection

IRVINE, CALIFORNIA--(Marketwired - Feb. 1, 2017) - Fantasy Aces Daily Fantasy Sports Corp, (TSX VENTURE:FAS)(OTCQB:FASDF) the ("Company"), a Daily Fantasy Sport (DFS) enterprise with operations in Southern California, announces today that its previous announcement of the acquisition of FAS assets by Fantasy Draft LLC is terminated.

As a result the Company announces today that it instructed counsel to file a voluntary petition under Chapter 7 of the United States Bankruptcy Code.

As previously announced over many months, the Company's ability to continue as a going concern was dependent on securing additional capital. The Company had been actively seeking from multiple sources to raise additional capital through debt, equity and other capital raising efforts, while also considering many strategic alternatives, since its merger into a public enterprise in 2015. The Company was unsuccessful in raising such additional capital or completing a strategic transaction.

Accordingly, after multiple reviews of the various alternatives available to the Company, the remaining director concluded that voluntarily entering the Chapter 7 process is the best available option to the Company and its stakeholders. The bankruptcy was filed January 31 in The United States Bankruptcy Court, Santa Ana, California, as case number # 8:17-bk-10359-ES; Trustee Richard Marshack; Judge Erithe Smith

The Company's shares had been halted on the TSX Venture Exchange and the OTCQB. The shares have been terminated without closing as a result of the recently announced departure of its other two remaining directors.
Fantasy Aces has retained bankruptcy counsel who may be contacted at:

949-527-3565

Red Hill Law Group
38 Corporate Park
Irvine CA 92606

Contact Information

  • Red Hill Law Group
    949-527-3565