NEW YORK, NY, Sept. 19, 2024 (GLOBE NEWSWIRE) -- Swifty Global (OTC: DRCR), a company with ambitious growth plans, has signed a binding Letter of Intent to be acquired by Signing Day Sports (NYSE: SGN). Signing Day Sports has initiated a strategic, aggressive buy-and-build acquisition strategy aimed at scaling its business while driving profitable, cashflow-positive growth. Swifty, which generates strong net income, operates with significant cash flow, and is debt-free, is well-positioned to transition onto a major exchange like NYSE American. This move will provide access to growth capital, enabling the company to accelerate its expansion.
Swifty is a rapidly expanding technology company gaining momentum in the online sports betting and casino sector. Swifty has experienced exponential growth over the past two years, achieving a turnover of over $128 million in 2023. Swifty is now expecting to triple its profits over the next 2 years by focusing on the licensing of its gaming software to Tier 2 and Tier 3 online gaming and casino operators. This will be on a revenue share basis, allowing profitable exponential growth, minimal cash demand and minimized risk. This licensing model is strategically aligned with the Signing Day product offering and strategy, where Signing Day operates as technology platform in the sports sector offering aspiring sports people seeking to be identified and contracted to major sports leagues and colleges.
Swifty has a dedicated software and operations team of nearly 30 personnel. This development team will play a key role in enhancing the Signing Day Sports platform, expanding its offerings to cover more sports and a broader range of services. Signing Day currently operates in the USA, focusing primarily on football and soccer, with over 10,000 registered users. As part of the combined SGN-Swifty ecosystem, there is significant potential for global growth and monetization. Signing Day benefits from a highly influential investor base, including shareholders and clients who own professional sports teams, as well as key board members, all of whom can help facilitate Swifty’s smooth entry into the U.S. market.
Swifty CEO, James Gibbons, says: “We are extremely excited about this opportunity to be acquired by and to operate as a subsidiary of Signing Day Sports; this comes as a result of our last 4 years of hard work and exceptional result and strong company balance sheet. It was always the company’s goal and the major milestone for the company to operate on a major exchange allowing access to greater exposure, capital, credibility and ultimately delivering true value for our shareholders.”
Signing Day CEO, Daniel Nelson, said: “The Signing Day team and board are excited to have signed the Binding Letter of Intent and are working closely with the Swifty team to finalize the transaction as quickly as possible. We believe this partnership will significantly enhance SGN’s shareholder value and allow both companies to capitalize on technological advantages, financial scale, profitability, and cash flow, positioning us for strong growth as we pursue our aggressive expansion plans. The transition from a private company to a public microcap on the NYSE American has been a transformative journey. With the IPO phase largely behind us, we are in an optimal position to fully harness the benefits of our public listing and accelerate our growth; we are in a much stronger position to build momentum and fully leverage our NYSE listing. We’re eager to enter this new chapter, working alongside the Swifty team to build a successful, profitable global business from a solid foundation. James and the Swifty team are aiming to achieve a billion-dollar turnover in the coming years, and we're excited to be part of this incredible journey.”
The closing transactional agreements are anticipated to be signed early October, following the usual legal, contractual & regulatory procedures to be carried out prior to closing. The companies have successfully completed mutual due diligence and successfully negotiated the terms culminating in the signing of the Legally Binding LOI. Although the Binding Letter of Intent is already in place, and while no deal is ever guaranteed until finalized, all parties are fully committed and are working towards signing a share purchase agreement by early October. Both teams are committed to the deal and the transaction is expected to close as planned.
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