Business
Fantasy Aces to Acquire Fantasy Feud's Participants
Fantasy Aces to Acquire Fantasy Feud's Participants.
About this update from Fantasy Aces Daily Fantasy Sports C
[{"type":"text","content":"\n \n \n Fantasy Aces to Acquire Fantasy Feud's Participants\n \n \nFantasy Aces to Acquire Fantasy Feud's Participants\n \n ALISO VIEJO, CALIFORNIA--(Marketwired - Aug 31, 2016) - Fantasy Aces Daily Fantasy Sports Corp. (the \"Corporation\" or \"Fantasy Aces\") (TSX VENTURE:FAS)(OTC PINK:FASDF) is excited to announce that it has entered into a binding letter of intent with Gaming Nation Inc. (\"Gaming Nation\") (TSX VENTURE:FAN) for the acquisition of certain active daily fantasy sports participants in the database of Fantasy Feud Inc. (\"FFI\"), a subsidiary of Gaming Nation (the \"Acquisition\").\n The Acquisition will provide Fantasy Aces direct access to over 35,000 participants in the FFI database. Most importantly, there are many unique FFI participants who have deposited and played over the last year, and are not duplicated on the Fantasy Aces platform. For those unique user participants, the Corporation will pay Gaming Nation C$125.00 per participant. Gaming Nation will receive a cash payment of C$25,000, with the remainder of the purchase price being paid in common shares of the Corporation at a price per share based on the 20 day moving average of the shares on the transaction date. The exact purchase price will be determined once the Corporation and Gaming Nation agree on the number of unique user participants being acquired pursuant to the Acquisition. \n The completion of the Acquisition is subject to the approval of the TSX Venture Exchange and all other regulatory bodies having jurisdiction in connection with the Acquisition. The parties anticipate entering into a definitive agreement setting out in more detail the terms of the Acquisition.\n Upon completion of the Acquisition and the migration of the FFI partipants to the Fantasy Aces platform, Fantasy Aces will become one of the largest daily fantasy sports (\"DFS\") companies in the industry. Fantasy Aces executives and employees will continue to serve as the operators, including all day-to-day site operations. Fantasy Aces has been a leader in the fast growing DFS sector and with this consolidation expects to have an even greater presence in the DFS industry. A portion of the 35,000 user participants will have an immediate impact on the Corporation's gross revenue and expanding user base. The remaining inactive users will be targets of marketing and promotion...