Global Daily Fantasy Sports completes change of business

VANCOUVER, Aug. 18, 2016 /CNW/ - Global Daily Fantasy Sports Inc. (TSXV: DFS) ("Global") is pleased to announce that it has completed its previously announced change of business (the "COB") to enter the daily fantasy sports industry as a Technology Issuer on Tier 2 of the TSX Venture Exchange (the "TSXV"), as described in Global's press releases dated March 16, 2016, May 18, 2016 and July 25, 2016.

Details of the COB can be found in Global's filing statement, dated July 22, 2016, which may be viewed under the Company's profile on the System for Electronic Document Analysis and Retrieval at www.sedar.com.

Since our COB announcement, dated March 16, 2016, we have been progressing on a number of fronts, both corporately and operationally, to achieve our plan of launching our business.  Our management team is growing and will continue to do so until we become fully operational and launch our business to business ("B2B") platform and network later this year.  Some of the key milestones we have accomplished in a few short months are as follows:

(i)	Completed our filing statement and COB requirements with the TSXV.
(ii)	Secured a perpetual license with Bellwether Technologies, Inc. for its proprietary platform, which is a proven multi-tenant/jurisdictional engine to build out our daily fantasy sports product.  This development is well underway and on schedule.
(iii)	Entered into a commercial arrangement with NYX Digital Gaming (USA), LLC for the distribution of our B2B daily fantasy sports platform/network.
(iv)	Closed our $2,000,000 dollar recapitalization funding for the build out of our daily fantasy sports product and corporate set up.
(v)	Announced and currently working on finalizing our $6,000,000 non-brokered second round of financing.  We expect to close on this financing by the end of August, subject to final TSXV approval.  This financing will be used for additional working capital, completion of the development of our daily fantasy sports product and the launching of our platform.

 

Product Update

Global has made steady progress towards the release of our client-facing product.  NYX is a valued partner and the integration of the two systems is in the final stages of development and testing.  Through that partnership, Global has exercised and enhanced the remote wallet which will facilitate rapid integration of partners in the future.  In addition our selected sports data feed provider integration is nearly complete and will provide all of the real-time information required for a best in class experience. The completion of these two integrations has cleared the path for the release of our first phase beta version.

"The initial response to our listing and our strategy has been overwhelming, comments Darcy Krogh President and CEO of Global Daily Fantasy Sports Inc, "We appreciate the vote of confidence and welcome all our new shareholders. The team is working very hard to get our first phase product launched on very aggressive time lines set early this year and things are coming together nicely."

About Global Daily Fantasy Sports Inc.

Global Daily Fantasy Sports Inc. is a multi-tenant gateway that allows operators to offer their customers a world class daily fantasy sports software solution.  Global's platform is built for mobile and desktop applications that allow for seamless integration at the operator level without having to share or compromise any sensitive customer data.  Joining the Global network allows operators to capitalize on a mature infrastructure, with shared liquidity, which was built specifically for regulated market environments.  As the first true B2B network, Global is a SaaS (software as a service) product that offers a turn-key solution for sportsbook operators, land-based operators, media groups, and big database groups to participate in the world of daily fantasy sports.  For more information on Global Daily Fantasy Sports Inc. visit our corporate website: www.GDFSI.com.  

Global Daily Fantasy Sports Inc.

Per:     "Darcy Krogh"

Darcy Krogh, President and CEO

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Disclaimer for Forward-Looking Statements

This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business of Global Daily Fantasy Sports Inc. ("Global").  Forward-looking information is based on certain key expectations and assumptions made by the management of Global, including future plans for acquisitions.  Although Global believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because Global can give no assurance that they will prove to be correct.  Forward-looking statements contained in this press release are made as of the date of this press release.  Global disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.

SOURCE Global Daily Fantasy Sports Inc.

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