SinglePoint announces execution of letter of intent to acquire ownership stake in DraftFury
SinglePoint LOI for interest in DraftFury
SEATTLE, WA–(Marketwired – Feb 23, 2016) – SinglePoint Inc. (OTC: SING), a mobile marketing and payment technology company with a focus on daily fantasy sports (DFS) acquisitions, announces today it has executed a Letter of Intent to acquire an ownership stake in DraftFury, a highly innovative DFS operator that is already cash flow positive in its seventh month of operation, and one of the fastest growing companies in DFS with a compound monthly user growth rate of 57%.
As detailed by the LOI, SinglePoint will acquire ownership in DraftFury using cash and restricted common stock in a deal with immense potential for all involved. DraftFury CEO, Ken Liu, is “extremely excited to enter into a synergistic partnership with SinglePoint. DraftFury’s casual-friendly games and environment make DFS accessible to all sports fans. Now SinglePoint makes investing in the DFS space accessible to the general public.”
SinglePoint CEO, Greg Lambrecht, agrees. “DraftFury is an ideal acquisition target, a profitable company in the DFS vertical with an experienced management team. Through its sophisticated 7-Level Referral Program, which has already signed up over 1,800 marketing affiliates, DraftFury is able to grow exponentially while keeping user acquisition costs to a bare minimum by incentivizing existing customers and enterprising individuals to introduce new players to the site. An optimized user interface with enhanced lineup manageability and live scoring monitoring provides a superior experience for DFS enthusiasts. SinglePoint is ecstatic to be part of DraftFury’s exciting growth.”
“With nearly 57 million people in the USA and Canada participating in fantasy sports last year, demand for participation in DFS and its verticals, such as analytics, marketing and delivery, is on the rise. The acquisition of ownership in these companies can quickly build share value alongside sustainable shareholder growth.”
SinglePoint is currently finalizing a 2 year audit toward SEC registration and OTCQB qualification and is also in negotiation to acquire Text2Bid, an industry leading provider of mobile auction technology.
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
DraftFury is a U.S. based company that offers skill-based NBA, NFL, and MLB daily fantasy sports (DFS) contests. DraftFury makes DFS accessible to new and casual players and enhances the experience for existing DFS enthusiasts through the simple Pick’Em format, skill-based matching in Fury Arena, and other proprietary innovations. DraftFury’s 7-Level Referral Program generously rewards marketing affiliates for promoting the fun and excitement of DraftFury’s contests. DraftFury’s user base, prize pools, and revenues continue to trend upwards on a month-to-month basis while a mobile app, eSports, and new site features are all planned additions for the near future.https://www.draftfury.com