SinglePoint Bets on Sports Fantasy Industry With Strategic Agreement for Rollup Acquisition
SEATTLE, WA -- (Marketwired) -- 11/10/15 -- SinglePoint Inc. (OTC: SING), a state-of-the-art mobile technology and full-service mobile marketing company, has entered into a material agreement with Darren Heitner's Dynasty Dealings to identify fantasy sports gaming start-ups ripe for acquisition in an overall rollup acquisition strategy.
Darren Heitner of Dynasty Dealings and Heitner Law PLLC will be responsible for spearheading a funding and acquisition strategy beginning with companies in client base and personal network. The agreement was recently signed and Heitner has already identified ten companies ready for negotiation.
SinglePoint CEO Greg Lambrecht states, "This is a fantastic opportunity that complements our business model in a manner which is both unique and organic, in a space that has seen over $1b of venture capital funding since 2009. SinglePoint shareholders will now have the potential for investment in this exciting space."
- 59 Million people playing in USA and Canada
- $465 spend per person per year on average
- 37% use growth rate since 2013
- Over $1b invested in fantasy sports companies to date
- FanDuel - $361 million from Comcast NBC and TimeWarner
- DraftKings - $626 million led by Fox Sports
- Fantasy gaming companies can legally pay their users because the federal government does not define fantasy sports as gambling.
In 2014, nearly $11 Billion was spent on Fantasy Football alone. An acquisition in the space would create an immediate passive income stream utilizing SinglePoint's mobile payments technology.
More to come as negotiations take place toward building a portfolio of companies in this space. In the interim, SinglePoint is completing diligence to finalize the acquisition of Text2Bid, the world's leading mobile auction software provider (details previously announced).
As well, SinglePoint will begin an aggressive campaign into 2016 to make acquisitions in the mobile space; revenues and technology will be key drivers behind targeted companies.
SinglePoint is a full-service mobile technology and marketing provider. We provide solutions that allow our clients to conduct business transactions, accept donations, and engage in targeted communication through mobile devices. Our products connect small to mid-size companies to their target markets by providing innovative mobile technology at reasonable rates. www.singlepoint.com
About Darren Heitner
Darren Adam Heitner, Esq. is the Founder of HEITNER LEGAL, Founder/CEO of Dynasty Dealings, LLC, Professor of Sports Law at the University of Florida and University of Florida Levin College of Law and Founder/Chief Editor of Sports Agent Blog, a leading niche industry publication. He is an attorney licensed to practice on the state and federal level, and focuses on sports, entertainment, and intellectual property litigation and transactional work. Darren is the author of How to Play the Game: What Every Sports Attorney Needs to Know (published by the American Bar Association), Contributing Writer of An Athlete's Guide to Agents, 5th Edition, and has authored many sports, entertainment and intellectual property-related Law Journal articles. Darren has a Bachelors of Arts from the University of Florida and a Juris Doctor (J.D.) degree from the same institution.
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the Company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
Technical complications, which may arise, could prevent the prompt implementation of any strategically significant plan(s) outlined above. The Company undertakes no duty to revise or update any forward-looking statements to reflect events or circumstances after the date of this release.
Source: SinglePoint, Inc.
Released November 10, 2015