SOURCE: Major League Football, Inc.

Major League Football, Inc.

February 17, 2016 10:51 ET

MLFB Announces Letter of Intent for $120 Million in Equity and Credit Line Financing

$20 Million in Equity and $100 Million Line of Credit Offered to Fund MLFB's 2016 and 2017 Seasons

LAKEWOOD RANCH, FL--(Marketwired - Feb 17, 2016) - Major League Football, Inc. (OTCQB: MLFB) ("MLFB", the "League" or the "Company"), a new, professional spring-football league scheduled to kick off in 2016, today announced receipt of a Letter of Intent from Asian Global Capital, Ltd. to enter into a funding agreement with MLFB to provide MLFB with operating capital.

The funding agreement is expected to include a $20 million equity purchase of MLFB common stock, a $100,000,000 line of credit, and a right of first refusal to purchase a future MLFB franchise in Orlando, Florida, should one become available. Based on MLFB's current business model, it has outlined future plans to sell off turnkey franchises to prospective franchise owners from its current, single-entity, league-ownership structure in its first two years of operations. Franchise sales of the League's teams are scheduled to open to public bidding in 2018. The funding is subject to the negotiation and execution of definitive agreements reflecting the provisions of the Letter of Intent, including customary representations, warranties and covenants of the parties and other terms and conditions appropriate to transactions of this nature. The final terms of the funding agreement have not yet been determined.

"We have not slowed down our efforts to finance our league and enable 2016 spring football play for the 100s of athletes drafted last week, their coaches, trainers, and the 1000s of jobs we plan to enable in the cities in which we are fortunate to be hosted," said Wes Chandler, President of Major League Football. "The speed at which we received this replacement financing offer, and the work of Ty Williams of Level 5 Global Corporation, who connected us to AGIT was exemplary."

Washington, D.C.-based Level 5 Global Corporation provided advisory services to Major League Football to evaluate and qualify investment firms and funds to finance Major League Football. Mr. Ty Williams, Level 5 Global's CEO, added, "The short-term void left after MLFB disengaged from its previous firm was the opportunity we and our clients were eager and ready to assume. We believe in MLFB's vision and are impressed with the organization they have in place. We feel that Asian Global Capital, Ltd. provides an excellent fit as MLFB's financier. Asian Global Capital, Ltd. is a recognized international investment firm with which we have been doing business with for some time. In a series of MLFB conference calls hosted by Level 5 Global, Asian Global Capital, Ltd. quickly recognized the investment opportunity and the growth MLFB can provide to it."

About Major League Football

Major League Football Inc. is a publicly traded, professional spring football league. MLFB is dedicated to creating an innovative, accessible, and fan-owned game, which is scheduled to kick off in 2016. MLFB's strategically placed spring / summer season will fill a critical need for outdoor football at that time of the year when sports content is in high demand. The league's teams will focus on emerging markets in select US cities in order to grow the overall popularity of the sport.

For additional information on MLFB's nationally accessible ticket database and our sponsorship opportunities, call 855-MLF-BTIX (855-653-2849) to sign-up for your tickets now.

For more information about Major League Football, please visit our new website at http://www.MLFBmedia.com

Safe Harbor

The information posted in this press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties, such as statements about our plans, objectives, expectations, assumptions or future events. In some cases, you can identify forward-looking statements by terminology such as "anticipate," "estimate," "plan," "project," "continuing," "ongoing," "expect," "we believe," "we intend," "may," "should," "will," "could" and similar expressions denoting uncertainty or an action that may, will or is expected to occur in the future. These statements involve estimates, assumptions, known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from any future results, performances or achievements expressed or implied by the forward-looking statements. You should not place undue reliance on these forward-looking statements. Factors that that are known to us that could cause a different result than projected by the forward-looking statement, include, but are not limited to; lack of available funding; general economic and business conditions; competition from third parties; intellectual property rights of third parties; regulatory constraints; failure to market and sell team franchises; failure to establish viable marketing campaigns such as televised programming, radio broadcasting, internet websites, and other mediums; those events and factors described by us in Item 1.A "Risk Factors" contained within our latest Annual Report on Form 10-K filed with the SEC; other risks to which our Company is subject; and other factors beyond the Company's control. Any forward-looking statement made by us in this release is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

Contact Information

  • COMPANY

    Michael Queen
    EVP of Finance
    Major League Football
    6230 University Parkway
    #301 - Lakewood Ranch
    Florida, 34240
    774.213.1995 ext. 1007
    m.queen@mlfb.com

    INVESTORS

    John Mattio
    VP of Communications and Investor Relations
    Major League Football
    6230 University Parkway
    #301 - Lakewood Ranch
    Florida, 34240
    774.213.1995 ext. 1013
    j.mattio@mlfb.com

    MEDIA

    Nick Athan
    Vice President Media Relations
    Major League Football, Inc.
    6230 University Parkway
    #301 - Lakewood Ranch
    Florida, 34240
    774-213-1995 Ext. 1009
    n.athan@MLFB.com