Motopia Limited (MOT) is pleased to announce that it has entered into a Binding Heads of Agreement to acquire all the share capital in Pro Fantasy Sports Pty Ltd in consideration for the issue of 2 million Motopia shares at a premium rate of $0.50 per share to the existing PFS shareholders.
PFS are an Australian company focused on the development of sports mobile apps. They have signed an exclusive 2 year mobile agreement with 4 prominent AFL players. These AFL players will participate in future app development; including an app being and targeted towards fantasy AFL competitions.
Matthew Gerard, Chief Executive Officer (MOT) said today ?This is a huge opportunity for Motopia to break into the sports sector in Australia, the rights agreement with AFL players is synergetic to the Motopia offering and allow us to leverage on well-known names to capitalize on marketing opportunities.?
www.motopia.com
http://www.traderdealer.com.au/fundamentals/mot
Tags: acquisition, AFL, MOT, Motopia, Pro Fantasy Sporrts
Source: http://blog.traderdealer.com.au/2011/04/08/asx-company-news-motopia-to-acquire-pro-fantasy-sports/
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