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Global Daily Fantasy Sports Inc. Announces Execution of Definitive Agreement to Acquire Playgon Interactive Inc.
Vancouver, British Columbia--(Newsfile Corp. - December 2, 2019) - Global Daily Fantasy Sport...
About this update from Playgon Games, Inc.
[{"type":"text","content":"Global Daily Fantasy Sports Inc. Announces Execution of Definitive Agreement to Acquire Playgon Interactive Inc.Vancouver, British Columbia--(Newsfile Corp. - December 2, 2019) - Global Daily Fantasy Sports Inc. (TSXV: DFS) (FSE: 7CR) (\"Global\" or the \"Company\") is pleased to announce that it has executed a definitive share purchase agreement (the \"Agreement\") with Playgon Interactive Inc. (\"Playgon\") and its shareholders (the \"Vendors\") pursuant to which Global will acquire all of the issued and outstanding common shares in the capital of Playgon Interactive Inc. (\"Playgon\") in exchange for equity in common shares in the capital of Global (the \"Transaction\"). The Agreement is dated November 21, 2019 and execution by all parties was completed on November 29, 2019.Playgon, a private B.C. corporation, is a leading technology innovator in the gaming market that has developed a suite of products that bring the fun and entertainment of casinos to casino players, everywhere via their unique and proprietary mobile first interface and the traditional desktop medium. Playgon's value proposition offers the proven appeal of physical casinos, with a suite of interactive live dealer games that appeal to players in a very personal way by giving real human interaction between dealers and players. In a live casino game, a human dealer runs the game in real time from a casino gaming table, which can be seen via a live streaming video link. Players can make betting decisions via their mobile device or desktop and can communicate with the dealer in real time via a software interface.Global will purchase the outstanding shares of Playgon for a purchase price of $9,500,000, payable by the issuance of 63,333,333 common shares in the capital of Global (\"Common Shares\") at an ascribed price of $0.15 per share. On closing, the only indebtedness of Playgon will be $500,000 of short-term debt and $1,321,250 of long-term debt. \"This acquisition of Playgon brings to Global a cutting-edge technology that I am very excited about and adds another unique product to our portfolio of B2B content. Playgon's proprietary technology is flexible and applicable to both real money and social gaming markets.\" Darcy Krogh, CEO of Global, states: \"Live Casino is the innovation that best compliments the growth of online casino gaming. Technological advanc...