Mission NewEnergy to Acquire PlayUp Limited and seek ASX and NASDAQ exchanges listing
Announcement posted by DEC PR 11 Apr 2018
- PlayUp operates in one of the fastest growing technology segments; set to become the global market leader in blockchain-enabled Fantasy Sports, Sports Betting and Online Gaming Merger process provides pathway to global capital markets to enable rapid local and international growth
- PlayUp's gaming ecosystem will make use of the PlayChip, a universal gaming currency built on the Ethereum blockchain, as its primary global currency
- Sporting legend Brett Lee signs as PlayUp’s first brand ambassador
Subject to the approval of the ASX and NASDAQ and regulatory approval requirements, upon the completion of this transaction it is anticipated that the company’s securities will seek to re-comply with both ASX and NASDAQ listing rules resulting in the trading of shares on the NASDAQ stock exchange and the ASX.
The transaction will involve Mission wholly acquiring PlayUp with consideration comprising the issue of shares in Mission more commonly known as a reverse merger (“RTO”).
PlayUp an Australian Limited Company is a fully operational Fantasy Sports, Sports Betting and Online Gaming Platform. Based on Mission’s Due Diligence and warrantee’s made by PlayUp Directors, it is understood PlayUp currently has approximately 400,000 registered users. PlayUp is represented by global sporting icons, such as Brett Lee, who has amassed a social network of over 4 million sports fans.
According to Legal Sports Report, globally Daily Fantasy Sports revenues are predicted to exceed US$14.4 billion by 2020 and according to Research and Market, Online Gambling which is growing at a 10.81% CAGR is set to exceed US$500 billion.
PlayUp will deliver the worlds first fully-integrated, blockchain enabled global fantasy sports, online sports betting & gaming ecosystem. Underpinning its ecosystem, is the PlayChip Utility Token, a crypto-currency built on the Ethereum blockchain, specifically designed for use as a universal payment and rewards system for the online gaming industry.
PlayUp is the first distribution partner of the PlayChip, established to launch the Initial Coin Offering (“ICO”) of its proprietary crypto-currency, PlayChip, in June/July this year. The PlayChip will form the foundation to facilitate the decentralisation of the PlayUp platform and allow sports fans to connect, compete and collect, irrespective of their location.
Daniel Simic, Founder and Chief Executive Officer of PlayUp said: “The PlayChip is a unique offering, which will deliver both function, utility and value to the entire PlayUp ecosystem. The network effects of successful crypto currencies are astounding and by introducing the PlayChip, we envisage significant user growth as we address the demands of a growing and key market segment of the global online gaming community”
Mr Simic further commented; “We expect that with the successful integration of Blockchain technology and the completion of ASX and NASDAQ listings, our company will be positioned to be a dominant player on the global stage in fantasy sports, online gaming as well as the emerging blockchain technology sector.”
PlayUp has committed to engage the reputable investment bank and financial advisory firms Investorlink Group in Sydney and Chardan Capital Markets LLC in New York to assist with the transaction.
About PlayUp
PlayUp is the developer, owner and operator of leading-edge technologies focused on live sports entertainment in the online gaming and Daily Fantasy Sports sector. PlayUp’s ecosystem is underpinned by live sports, specifically Fantasy Sports, sports betting and online gaming offerings. The user experience is uniquely packaged with social interaction, community belonging and decentralised blockchain functionality.
PlayUp currently employs 27 fulltime employees with offices in Sydney (HQ), Melbourne, Darwin and Hong Kong. PlayUp Interactive Pty Ltd, a wholly owned subsidiary of PlayUp Limited is a licensed gambling operator in Australia.
- Announcement Ends -
For more information and a copy of this announcement, please visit: www.missionnewenergy.com or contact:
For PlayUp
Michael Henderson
DEC PR
Phone +61 413 054 738
m.henderson@decpr.com.au
For MBT
James Garton
Phone: +61 8 6313 3975
Email: james@missionnewenergy.com