This Letter of Intent involves
Title: DEAC Expands Its Business Focus and Moves Forward with Its Growth Plan (Terminates Existing Agreement and Signs New Letter of Intent)
Industry: Oil and Gas Operations Sector: Energy
DEAC Expands Its Business Focus and Moves Forward with Its Growth Plan
(Terminates Existing Agreement and Signs New Letter of Intent)
DALLAS, TX -- (July 27, 2016) - Elite Data Services Inc. (OTC: DEAC) (the "Company"), a newly restructured technology driven management company, today announced that it had terminated its business relationship with Properties of Merit Inc. ("POM"), a Nevada based mining corporation operating in British Columbia, Canada, in favor of an acquisition of WOD Market LLC ("WOD"), a Colorado based provider of intelligent retail solutions for gym owners and coaches.
On July 22, 2016, the Company and POM terminated the Definitive Agreement signed on May 20, 2016, incorporated by reference in Form 8K filed with the SEC on May 24, 2016, in which the Company had agreed to acquire POM under certain terms and conditions.
The parties mutually agreed to terminate the Definitive Agreement, due to, among other reasons, certain events that occurred subsequent to the date of execution of the Definitive Agreement.
Subsequently, on July 22, 2016, the Company and WOD executed a Letter of Intent (LOI) for the proposed acquisition of WOD in the form of a stock purchase and share exchange arrangement on terms to be set forth in a definitive agreement and other ancillary agreements as are customary to consummate the transaction contemplated (the "Definitive Documentation"), anticipated to be signed and closed on or before July 29, 2016.
Pursuant to the execution of the LOI, WOD agreed to arrange interim funding of no less than USD $40,000.00 for certain operational costs of the Company prior to and after closing, including expenses related to the completion of the Company's outstanding Form 10K for period ending December 31, 2015, and Form 10Q for periods ending March 31, 2016 and June 30, 2016, to be advanced within five (5) business days from the date of the LOI, under mutually agreed to terms to be formalized in the Definitive Documentation.
Charles Rimlinger, the Company's CEO stated, "It's unfortunate that we were unable to move forward with the POM transaction. Although a great opportunity, we simply could not arrange the amount of capital needed for POM to properly execute on their business plan. However, we're pleased to have the option to acquire a uniquely positioned retail solutions provider with significant growth potential with more reasonable capital requirements. We intend to close quickly and fast-track integration of WOD as a new vertical busi