Avatar Ventures Provides Fantrax.com Update and Engages Consulting Firm
February 11, 2014 - Carson City, NV
Avatar Ventures Corp. (OTC Pink: ATAR) ("Avatar" "ATAR" or "the Company) wishes to update its shareholders and prospective shareholders on the following in regards to the proposed Fantrax.com merger/acquisition.
Due to unforeseen delays, both Avatar and Fantrax.com have mutually agreed to extend the proposed merger acquisition agreement date to March 30, 2014. Edward Minnema reports that due to technicalities with regards to the old auditor, the Company has retained a new auditing firm as disclosed in its recent 8-K filings. With its new auditing firm on board, Avatar expects that the company's filings will be completed and filed shortly.
Mr. Minnema is also pleased to announce that Avatar has retained the consulting services of DGR Advisors LLC. ("DGR") for an initial 3 month term. Rob Albi, principal of DGR, is well known in all investment fields and has over the years provided corporations with access to funding, market awareness and other services including legal and compliance. DGR will assist Avatar in evaluating financing options, investor relations and other services.
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 the definitive agreement is expected to be completed on or before March 30, 2014.
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, a growing list of original content 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 Version 1 of its all in one Fantasy Sports Mobile App which is now available for IOS and Android.
Safe Harbour Statement:
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 statements.
Avatar Ventures Corp.
DGR Advisors LLC
President and CEO