Avatar Ventures and Fantrax.com Agree on Formal Terms for Proposed Acquisition
CARSON CITY, NV -- (Marketwired) -- 03/31/14 -- Avatar Ventures
Corp. (OTC Pink: ATAR) (PINKSHEETS: ATAR) ("Avatar" "ATAR" or "the
Company") is pleased to announce that it and Fantrax.com have agreed
to Definitive terms of the Proposed Acquisition.
The principles of both companies have mutually agreed that due to
unforeseen delays in the auditing process, the company wishes to
advise its shareholders that as set out in the Press release dated
February 11, 2014, the Company has retained a new auditing firm.
Avatar relinquished its previous auditor of its duties because of
technicalities which has delayed filings. Mr. Minnema, President of
Avatar, states that due to the unforeseen delays and the fact that
the tax season is upon us, the company is extremely confident that
with the present auditing firm under contract will complete the
company's filings and in turn Avatar will file shortly thereafter.
Both Avatar and Fantrax have, in the meantime, come to a mutual
agreement on the terms of the proposed acquisition, including a Share
Exchange Agreement. The Share Exchange Agreement is expected to be
formally signed and made public at the time the company's filings are
brought up to date. The terms include, among other things, the
issuance of new shares of Avatar, cancellation of certain control
block shares, financing as well as other terms and conditions typical
for a transaction of this nature. As a result of Avatar's current
beneficial share structure, there will be no requirement for a
reverse split or consolidation of Avatar's share capital.
Both Mr. Minnema, President of Avatar, and Lee Kleiner, President of
Fantrax, are extremely appreciative of the patience of current
shareholders and the ongoing efforts of our auditing firm.
Edward Minnema, Avatar's CEO commented:
"We are thrilled to announce that the companies have agreed to the
major terms of the share Exchange. Not only are we bringing value to
current shareholders of Avatar as a result of bringing Fantrax.com to
the company, we will be doing it in a way that we believe will
protect current shareholders. Most significant acquisitions of this
nature require a substantial reverse split of common shares to
the transaction. As contemplated in the proposed Share
Exchange Agreement there will not be the need for same.
"We believe Fantrax.com is the best fantasy sports platform by a long
shot, with its user friendly interface and plethora of features far
beyond what any competitor offers. After the acquisition the company
will be in a position to leverage its position to offer significant
growth and opportunity."
Lee Kleiner said:
"We are very pleased that Avatar and Fantrax have come to this
agreement. We are confident that this transaction is in the best
interests of the current Fantrax shareholders which once complete
will permit Fantrax to expand exponentially. Fantrax has a fantastic
management team and outstanding technology, enabling significant
global growth. I have been personally involved in building the
company from the ground up and have confidence that Fantrax will
continue to be the premier destination for the fantasy sports
enthusiast and will become the global leader in fantasy sports."
About Avatar Ventures Corp.
Avatar Ventures Corp. founded in 2006 is a public company currently
investigating revenue producing business ventures including those in
the high tech sector. With an advantageous share structure and
through the building of a solid management team, the company will
endeavor to provide increased shareholder value and at the same time
minimize dilution so as to provide maximum return for shareholders.
We invite current and prospective shareholders to contact us and
learn more about our company by calling Ed Minnema or emailing him at
the contact info below. Avatar has signed a Memorandum of
Understanding with Fantrax and have agreed on definitive terms which
will be contained in a Share Exchange Agreement that is expected to
be signed once the company's filings have been brought up to date.
According to a Forbes August 20, 2013 article citing statistics from
The Fantasy Sports Trade Association, they estimate that 32 million
Americans spend $467 per person or about $15 billion (USD) in total
playing fantasy sports.
Roughly, $11 billion (USD) flows toward football alone. These figures
don't count ad revenue for fantasy hosting sites. The NFL's annual
revenue falls just under $10 billion currently. So the "derivative"
market has grown larger than the foundational market.
By developing the most powerful and sophisticated Commissioner/League
Manager product ever released, Fantrax.com has strategically
positioned itself as the most comprehensive fantasy sports website in
the industry. Intuitive functionality and cutting edge customization
features allow fantasy sports experts and novices alike to manage
their leagues with more flexibility, ease of use and convenience than
any other league manager product. The feature comparison chart and
testimonials speak for themselves. Fantrax.com operates fantasy
leagues for NFL, MLB, NBA, NHL, NCAA football & basketball, NASCAR,
PGA and Premier League Soccer.
Fantrax.com is the first company ever to offer a full fledged
commissioner product for this wide an array of sports and leagues.
Combined with the most detailed real time Statistics and analytic
reporting capabilities and a wide variety of salary cap and draft
games, as well as soon to be released daily games for all sports,
Fantrax.com is a complete one stop shop for all fantasy sports fans
around the world.
Fantrax.com has also recently released its all in one Fantasy Sports
Mobile App which is now available for IOS and Android.
This release contains "forward-looking statements" within the meaning
of Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended, and such
forward-looking statements are made pursuant to the safe harbour
provisions of the Private Securities Litigation Reform Act of
1995."Forward-looking statements" describe future expectations,
plans, results, or strategies and are generally preceded by words
such as "may," "future," "plan," or planned, "will" or "should,"
"expected," "anticipates," "draft," "eventually" or "projected." You
are cautioned that such statements are subject to a multitude of
risks and uncertainties that could cause future circumstances,
events, or results to differ materially from those projected in the
forward-looking statements, including the risks that actual results
may differ materially from those projected in the forward-looking
Avatar Ventures Corp.
President and CEO
DGR Advisors LLC.
President Safe Harbour Statement:
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