NEW YORK, Jun. 25, 2015 /PRNewswire/ --Today, Latitude 360, Inc. (OTCQB: LATX) (www.latitude360.com), the "ultimate upscale multi-dimensional entertainment eatery," has entered into a non-binding letter of intent to acquire Major League Fantasy (MLF) (www.playmlf.com), a rapidly-growing player in the daily fantasy sports industry. Once consummated, the transaction will allow Latitude 360 to offer the first chain of live in-venue fantasy sports books. MLF's Founder and CEO Jesse Merl will remain President of the "360 Fantasy Live" division. The purchase price is a cash and stock deal valued at $8.5 million and is subject to definitive agreements, financing, and other conditions. Dawson James Securities is the Investment banker in the transaction.
"With the potential acquisition of Major League Fantasy, we're excited to incorporate the best fantasy sports experience into Latitude 360's unmatched entertainment and dining experience," said Brent Brown, CEO of Latitude 360. "We at Latitude 360 see it as something our sports fan patrons will definitely enjoy when they come to visit our locations. They'll know we're giving them the best daily fantasy sports experience available anywhere, and our HD Sports Theaters are a perfect venue for the '360 Fantasy LIVE' daily fantasy sports experience."
The planned acquisition of MLF would put Latitude 360 in a unique position to grab a meaningful piece of what is expected to be a $6 to $10 billion-dollar market by the end of 2016. Known for offering the premier user experience with a complete social platform, MLF has seen its user growth continue to accelerate, tripling over the past two months alone, in addition to partnering with the NBA World Champion Golden State Warriors.
"Together with Latitude, we are creating a new way to play," said Merl. "We are confident that along with the ability to interact socially through our product, the ability to join in the energy of the live group viewing experience is going to be a differentiator that matters when people decide where to be during big games."
Major League Fantasy will help Latitude 360 patrons enjoy a fun, real-time fan experience, offering a variety of unique fantasy sports games, with the option to play for real money or just for fun. Latitude 360 will be the first to offer dedicated VIP Rooms called the Latitude "Black Room" for high rollers, with contest entries that will range from $250 to $25,000 and a viewing experience for players and spectators that will be second to none. Users inside the Black Room, as well as casual players in the Sports Theater, will be offered real-time experiences, brand new game modes, daily featured prized contests, and interactive tools not found on any of the current daily fantasy sites or apps.
Latitude 360 is compiling its own "Fantasy Team" to compete in the Fantasy Gaming Industry. They've taken a similar approach recently in the restaurant entertainment industry by adding new board members Tim Gannon (Founder of Outback Steakhouse), Michael Norris (COO of Sodexo and former President of Loews Cineplex Entertainment) and Mike Simon (a NFLPA sports Agent/Attorney with VMG Sports). Latitude 360 recently hired Alan Greenstein as CFO as well. Mr. Greenstein over the past 25 years has served as Senior Vice President and CFO for Revel Entertainment Group in Atlantic City, NJ preceding his role of Chief Financial Officer at Mohegan Sun Casino, along with various financial positions with Sands Hotel and Casino, Caesars World Inc. and Trump Plaza Hotel & Casino.
In the Professional sports arena, Latitude 360 recently announced their partnership with Julio Jones in their upcoming Alabama and Atlanta locations. Between MLF and Latitude 360, you can see a pretty large stable of players and teams amassing. MLF is partnered with the NBA World Champion Golden State Warriors and earlier in the season signed Draymond Green in an independent endorsement deal. Latitude 360 also has Cliff Avril (Seattle Seahawks), Rashad Jennings (New York Giants), Derek Wolfe (Denver Broncos), Uche Nwaneri (Former Jacksonville Jaguars), Garin Patrick (Former Miami Dolphins), Chris Ivory (New York Jets) and Tyson Alualu (Jacksonville Jaguars) as Shareholders.
"We couldn't be more thrilled to be a part of this exciting endeavor, and watch this become the new standard in fantasy sports gaming," Matthew Gavin, President and Partner of Brand Synergy Group. "The timing could not be more perfect for two companies to grow together while creating an innovative and unique concept that simply does not exist."
Major League Fantasy, a Silicon Valley-based company, is the first and only daily fantasy product with a fully-integrated social network. It's an organization focused on providing new and original games and a daily fantasy experience for the fantasy player looking to interact with their friends and opponents while they play.
Dawson James Securities is the Investment Banker on the transaction, which is subject to the negotiation and execution of definitive agreements.
ABOUT LATITUDE 360
Latitude 360 (OTC: QB LATX), is an award-winning pioneer of combining premier upscale casual dining with state-of-the-art entertainment creating a "360 Experience" in its unique venues. The Company develops, constructs and operates cutting-edge Latitude 360 locations (from 50,000-70,000 sq. ft.) that appeal to a broad base of consumers and corporate clients. Current locations can be found in Jacksonville, Pittsburgh, and Indianapolis, with Albany, NY opening soon. Future venues will arrive in Boston, Chicago, Jersey City, Atlantic City, and Atlanta, but the main attraction will be a 100,000 square-foot location in the heart of Wall Street. These locations will be open within 18 months.
Latitude 360's "360 Experience" provides a dining and entertainment experience unlike any concept in the world. Key offerings at each Latitude 360 location include, but are not limited to:
- Latitude 360 Grille, a full-service, upscale casual restaurant and bar
- Latitude LIVE, a Las Vegas-style live entertainment theatre
- 360 Fantasy LIVE, a live fantasy sports book. This is the first of its kind and will be integrated throughout each of the buildings
- Axis Bar & Stage, a lush bar featuring the area's top musicians and/or DJ's
- Luxury Bowling, a high end lounge for boutique bowling lanes
- Cinegrille, a full service dine-in movie experience
- HD Sports Theater, a state-of-the art HD viewing area with full service dining
- Arcade, an exciting game arcade featuring the most popular video and redemption games available
- Latitude Lit, a luxury Cigar Lounge
About Major League Fantasy
MLF is headquartered in Walnut Creek, CA. MLF developed, owns and operates www.playmlf.com that launched November 2014. PlayMLF.com is a premier fantasy sports gaming network offering daily, weekly, and season long contests across all major sports categories. Players can compete for real cash against their friends and/or the broader community with a variety of contest formats crafted for each individual sport. Recently MLF has announced partnerships with the NBA World Champion Golden State Warriors and an independent endorsement deal with NBA Golden State Warrior player Draymond Green.
Safe Harbor Statement
This press release contains "forward-looking statements." Such statements include those related to the company's expectations about future events or financial performance, including the potential acquisition of Major League Fantasy, the anticipated benefits of the potential acquisition, anticipated growth opportunities (including anticipated growth in the markets in which MLF operates) and access to capital, and are not historical facts. Forward-looking statements may be preceded by the words "intends," "may," "will," "plans," "expects," "anticipates," "projects," "predicts," "estimates," "aims," "believes," "hopes," "potential" or similar words. Such statements are not guarantees of future performance, are based on certain assumptions, and are also subject to various known and unknown risks and uncertainties, many of which are beyond the control of the company. Actual results may differ materially from the expectations contained in forward-looking statements. The company does not undertake any obligation to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise.
5W Public Relations
SOURCE Latitude 360, Inc.