VANCOUVER, BC / ACCESSWIRE / February 23, 2022 / Yo Eleven Gaming Inc. (the "Company" or "Yo Eleven") is pleased to announce that further to the Company's January 13, 2022 news release, the Company has signed an Option Agreement with Sparlay, LLC. ("Sparlay"), a unique and patented peer-to-peer online sports-betting platform.
Yo Eleven President & CEO Mr. Jake Kalpakian states, "Working with Sparlay is an exciting step in the development of Yo Eleven. Our jointly offered platform democratizes sports betting and carves out a large and unaddressed segment of the sports-betting marketplace by making unique, bespoke action available. Create your own bets, set your own odds, find new and exotic and fun wagers, all while socially interacting in a fun and engaging way.
Mr. Kalpakian continues, "This Option Agreement positions Yo Eleven to take ownership of the code, meaning we will not be held back by the time and expense related to software development, and instead will focus on quickly growing our online gaming business through the development of our existing and new customer relationships."
Founder & CEO of Sparlay LLC, Elliott Workman, states "I am thrilled to be working with Jake and the team at Yo Eleven. With their decades of experience and existing knowledge of the gaming industry, Sparlay's patented technology will help change the landscape of sports betting on a global scale."
Terms of the Option Agreement
The Option Agreement gives Yo Eleven the right and option to operate the Sparlay Software Platform under its own brand and to purchase the code for the Sparlay Software Platform at the price of US$7,500,000 for a term of twenty years (the "Purchase Price"). For as long as the Purchase Price is outstanding, Yo Eleven will pay to Sparlay a portion of Yo Eleven's share of revenues that may be generated from Yo Eleven's branded Sparlay Software Platform, and such payments will be applied towards the Purchase Price. Upon the payment of the Purchase Price, Yo Eleven will own 100% of a copy of the code to the Sparlay Software Platform. Thereafter, Yo Eleven will pay to Sparlay one per cent (1%) of Yo Eleven's share of revenues, up to a maximum amount of US$2,500,000, which may be generated from Yo Eleven's Software Platform. Furthermore, 400,000 common share purchase warrants exercisable at the price of $0.10 per common share for a five (5) year period from the date of issuance will be granted to Sparlay.
About Sparlay, LLC.
Sparlay is a patented peer-to-peer sports betting platform. Peer-to-peer betting eliminates the bookie from the sports-betting transaction, allowing users to wager directly with other sports bettors, friends, and celebrities instead of the bookie. Sparlay's unique platform offers betting flexibility where players may opt to use Vegas odds or determine their own odds to bet against one another. Sparlay users can create their own bets and odds, then socially interact around contests, wagers and other sports-betting chatter.
About Yo Eleven Gaming Inc.
Yo Eleven Gaming Inc. is building a sports betting and online gaming company. Yo Eleven's mission is to bring people together in a fun and engaging environment while supporting gaming operators with a streamlined platform to manage their businesses.
For more information on the Company, please contact Jake H. Kalpakian, President and CEO, at (604) 681- 0204 ext. 6105.
On behalf of the Board of
Yo Eleven Gaming Inc.
"Jake H. Kalpakian"
Jake H. Kalpakian
President & CEO
Securities of the Company should be considered speculative.
Certain statements contained herein are "forward-looking". Forward-looking statements may include, among others, statements regarding future plans, costs, objectives, economic or technical performance, or the assumptions underlying any of the foregoing. In this News Release, words such as "may", "would", "could", "will", "likely", "enable", "feel", "seek", "project", "predict", "potential", "should", "might", "mission", "objective", "believe", "expect", "propose", "anticipate", "intends", "plans", "estimate", "will be", "to be" and similar words are used to identify forward-looking statements. Forward-looking statements are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those expressed or implied. Although management believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, projections and estimations, there can be no assurance that these assumptions, projections or estimations are accurate. Readers, shareholders and investors are therefore cautioned not to place reliance on any forward-looking statements as the plans, assumptions, intentions or expectations upon which they are based might not occur.
SOURCE: Yo Eleven Gaming Inc.