SinglePoint Enters Negotiations Toward Joint Venture With Hong Kong's HotDeal Asia Limited for Launch of First Chinese Super Soccer League (CSL) Daily Fantasy Sports Across Asia
SEATTLE, WA -- (Marketwired) -- 02/08/16 -- SinglePoint Inc. (OTC: SING), a dynamic full service mobile marketing and payment technology company, announces today it has signed an LOI to accept a $1 million cash injection alongside negotiations with HotDeal Asia Limited toward a Joint Venture in Asia which will launch a Daily Fantasy Sports (DFS) enterprise throughout SouthEast Asia.
Initial projects will focus on Chinese Super League (CSL) and the Chinese Basketball League (CBA). CSL recently spent EUR 122.2 million during the recently closed winter transfer window, almost double last year's figure, second only to the English Premier League (EUR 186.8 million) and ahead of Italy's Serie A, according to statistics from German website transfermarket. In the past few weeks alone, the Chinese Super League has been bolstered by three high-profile signings in the shape of Ramires (Chelsea to Jiangsu Suning), Gervinho (Roma to Hebei China Fortune) and Fredy Guarin (Inter to Shanghai Greenland Shenhua).
As well, according to the CBA, there is a record number of around 300 million active basketball players in China. The largest audience for an event outside of China was drawn at the Yao Ming & Yi Jianlian matchup when 100-200 million Chinese watched live.
According to reports, the number of attenders who watched the first five rounds of 2015 Chinese Super League (CSL) reached 910,100, with averaging attendance of 23,300 people per match.
"This is a huge opportunity for SinglePoint," states SING CEO Greg Lambrecht. "Soccer is regarded as the No. 1 spectator sport in China, which has roughly 600 million soccer fans. We are excited to create the world's first DFS enterprise for China Super League fans."
Hotdeal Asia Limited, provides business and IT consulting services in Hong Kong. It offers IT security, information systems management, e-payment solution, e-marketing and promotion, computer networking, and IT help desk support services.
The company also operates birdbill.com, an online payment platform that enables merchants to promote their products and events, and drive sales of content and services with a range of media and partners.
SinglePoint and Hotdeal Asia Limited have identified synergy in combining SinglePoint's development capabilities and access to DFS market with Hotdeal Asia Limited's payment capabilities in Asia to create a profit sharing venture in which SinglePoint will spearhead creation, design and implementation of a newly formed DFS company.
Hotdeal Asia Limited will assist in marketing and distributing with existing partners such as 7-Eleven, Now.com and others to facilitate a hit-the-ground running approach to launching a profitable DFS enterprise which will cater primarily to China, Thailand, Malaysia, Myanmar and Vietnam.
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 February 8, 2016