SinglePoint Issues Letter of Intent to Acquire Ownership in GoDraft Daily Fantasy Sports Enterprise
SEATTLE, WA -- (Marketwired) -- 01/28/16 -- SinglePoint Inc. (OTC: SING), a mobile marketing and payment technology company with a focus on Daily Fantasy Sports acquisitions, announces today it has signed an LOI acquire an ownership stake in GoDraft.com, a Daily Fantasy Sports (DFS) enterprise featuring "one of the most powerful Daily Fantasy Sports gameplay systems on the planet". GoDraft gives players opportunities to win cash daily in NFL, NBA, MLB and PGA. It also features an exciting referral program in which players can earn cash and credit.
As detailed by the LOI, SinglePoint will acquire ownership in GoDraft using cash and restricted common stock in a deal with lucrative potential for all involved.
The acquisition will be the first of current contenders SinglePoint has identified for its DFS rollup initiative. Partnered with Dreamco Design, SinglePoint presents a unique opportunity for investors in the OTC Markets by placing a bet in the global Daily Sports Fantasy arena, one that investors like billionaire Mark Cuban are moving into enthusiastically. Cuban recently invested in Fantasy Labs, stating, "I'm excited to be involved with a company that is working to advance an industry that is poised for huge growth." To date, SinglePoint, Inc. is one of the only companies of its kind in the DFS arena trading in the public markets.
SinglePoint CEO, Greg Lambrecht agrees, "GoDraft is a fantastic company. There are over 2000 unique members and they also have the only friends and private league features in the daily fantasy sports industry today, allowing you to play against people you know easier than ever before. They are a great up and coming brand with tremendous upside."
"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 GoDraft will mark our official stake in the DFS sector, the first in an aggressive rollup we are confident will build share value alongside sustainable shareholder growth. We were a big hit at the most recent FSTA (www.fstaconference.com) event and shareholders will be seeing significant movement in the DFS participation by SinglePoint. "
The Company 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
Source: SinglePoint, Inc.
Released January 28, 2016