Signing Day Sports Identifies Synergies from Acquisition of Swifty Global, Expected to Drive Accelerated Revenue Growth, Cost Savings, and Global Expansion
23 9월 2024 - 7:30PM
Signing Day Sports, Inc. (“Signing Day Sports” or the “Company”)
(NYSE American: SGN), the developer of the Signing Day Sports app
and platform to aid high school athletes in the recruitment
process, today provided an update regarding its financial position
and its plans to acquire Dear Cashmere Group Holding Company
(OTC:DRCR), doing business as Swifty Global (“Swifty”),
highlighting the strategic and financial synergies that are
expected to drive accelerated growth and operational efficiency for
both companies.
Extinguishment of Convertible
Notes
As of September 23, 2024, the outstanding
convertible senior secured promissory notes of the Company, with an
original balance of more than $0.6 million, had been fully
extinguished, primarily from conversion into shares of common
stock.
The improved financial position strengthens the
Company’s prospects for growth and future capital raising.
Key Highlights from the
Acquisition
As previously announced, Signing Day Sports
entered into a binding term sheet to acquire 95-99% of the issued
and outstanding shares of Swifty, a global online sports and casino
technologies company. Swifty is debt-free with a proven track
record of growth, revenue generation and profitability. The
acquisition is expected to significantly enhance Signing Day
Sports' revenue generation, technical capabilities and
profitability from the expansion of both companies.
- Strong Financial Performance: Swifty achieved revenues of over
$128 million and a net profit of approximately $2.44 million for
the fiscal year ended December 31, 2023, despite significant
investments of nearly $3.1 million in software development and
licensing.
- Global Expansion: Swifty is expanding internationally. Swifty
recently acquired licenses to offer a full integrated suite of
products in Ireland and South Africa, which are expected to have
significant online sports and casino markets with limited
competition.
- Fast Development of Revenue Generating Technology: Swifty plans
to offer data feed services for the online sports gambling industry
in the near future. Swifty has determined that data feed services
are expensive and limited in choice, which creates an opportunity
for Swifty, and that many sports, like boxing, have limited or no
live data feed available to allow real-time betting. The Signing
Day Sports team has significant experience working with critical
sports datapoints and creating sports measurement technologies,
which could assist Swifty in developing this revenue stream.
Strategic Synergies
The integration of Swifty is expected to bring
several operational advantages and new revenue opportunities for
Signing Day Sports:
- Cost Efficiency: Swifty’s in-house engineering team is expected
to reduce Signing Day Sports' operating costs by over 50%, enabling
the company to reinvest those savings into growth initiatives. It
is also expected to increase the speed at which Signing Day Sports
can roll out new products and technological enhancements to its
current offering and optimize monetization of the product and user
base.
- Revenue Growth in SaaS: At their core, both Signing Day Sports
and Swifty are SaaS model businesses. Swifty’s scalability,
technological resources, and technology initiatives are expected to
bolster the growth of Signing Day Sports’ app user base, enhance
user retention and provide additional opportunities to monetize
renewing subscribers with additional revenue streams.
- New Revenue Streams: Swifty is expected to further expand
Signing Day Sports’ current product offering while also broadening
the Company’s exposure to new sports and athletes outside the U.S.
Signing Day Sports has accumulated more than 10,000 registered
users, which it plans to increase at an accelerated rate in the
fourth quarter of 2024 and 2025. The Company’s focus is to develop
new strategic revenue streams, and improve revenue metrics per
user, with the same aim of fully monetizing this growing user
base.
- New Market Exposure: Since its beginning as a football
student-athlete recruitment platform provider, Signing Day Sports
has expanded its platform to support baseball, softball, and men’s
and women’s soccer. Swifty is expected to bring exposure to new
markets in Europe, Africa and the Middle East, as well as exposure
to emerging sports without established recruitment models. The
Company anticipates that early adopters in these emerging sports
markets are a significant market and plans to broaden its platform
to capitalize on these prospective revenue streams.
- Enhanced User Engagement: Swifty’s team is expected to
introduce exciting new features to Signing Day Sports, including
gamification elements such as live scoreboards, top competitor
leaderboards, fantasy leagues and real-time performance tracking,
which are designed to boost engagement, organic user acquisition
and user retention.
“With Swifty expected to join the Signing Day
Sports family, we anticipate being better positioned than ever to
deliver an enhanced user experience while accelerating our
expansion into new markets,” said Daniel Nelson, CEO of Signing Day
Sports. “This acquisition represents a pivotal moment in our growth
journey, and we are confident in the significant value it will
bring to our platform, collaborators, student-athletes, and
stockholders.”
James Gibbons, CEO of Swifty, added, “Swifty is
excited to bring our technological capabilities and global reach to
the Signing Day Sports platform. Together, we will create new
opportunities for student-athletes and coaches worldwide while
driving operational efficiencies that will further our mutual
goals. We look forward to working with Signing Day Sports as we
scale into new markets and continue to innovate for the benefit of
our users.”
For further information about Signing Day Sports
and Swifty, please see their communication channels listed
below:
Website: https://swifty.globalX:
@swiftyglobalTelegram: @swiftyglobalEmail: hello@swifty.global
Website: https://signingdaysports.comEcommerce
Website: https://signingdayshop.comInvestor Relations Website:
https://ir.signingdaysports.comX: @sdsportsEmail:
support@signingdaysports.com
Forward-Looking Statements
This press release contains "forward-looking
statements" that are subject to substantial risks and
uncertainties. All statements, other than statements of historical
fact, contained in this press release are forward-looking
statements. Forward-looking statements contained in this press
release may be identified by the use of words such as "may,"
"could," "will," "should," "would," "expect," "plan," "intend,"
"anticipate," "believe," "estimate," "predict," "potential,"
"project" or "continue" or the negative of these terms or other
comparable terminology. These statements are only predictions. You
should not place undue reliance on forward-looking statements
because they involve known and unknown risks, uncertainties and
other factors, including without limitation, the Company's ability
to complete the acquisition of Swifty and integrate its business,
the ability of the Company, the sellers and Swifty to enter into
definitive stock purchase agreement(s), obtain all necessary
consents and approvals in connection with the acquisition, obtain
NYSE American clearance of a new initial listing application in
connection with the acquisition, obtain shareholder approval of the
matters to be voted on at the shareholders’ meeting described in
the press release, obtain sufficient funding to maintain operations
and develop additional services and offerings, market acceptance of
the Company's current products and services and planned offerings,
competition from existing online and retail offerings or new
offerings that may emerge, impacts from strategic changes to the
Company's business on its net sales, revenues, income from
continuing operations, or other results of operations, the
Company's ability to attract new users and customers, increase the
rate of subscription renewals, and slow the rate of user attrition,
the Company's ability to retain or obtain intellectual property
rights, the Company's ability to adequately support future growth,
the Company's ability to comply with user data privacy laws and
other current or anticipated legal requirements, and the Company's
ability to attract and retain key personnel to manage its business
effectively. These risks, uncertainties and other factors are
described more fully in the section titled “Risk Factors” in the
Company’s periodic reports which are filed with the Securities and
Exchange Commission. These risks, uncertainties and other factors
are, in some cases, beyond our control and could materially affect
results. If one or more of these risks, uncertainties or other
factors become applicable, or if our underlying assumptions prove
to be incorrect, actual events or results may vary significantly
from those implied or projected by the forward-looking statements.
No forward-looking statement is a guarantee of future performance.
Forward-looking statements contained in this announcement are made
as of this date, and the Company undertakes no duty to update such
information except as required under applicable law.
Investor Contact:Crescendo
Communications, LLC212-671-1020SGN@crescendo-ir.com
Signing Day Sports (AMEX:SGN)
과거 데이터 주식 차트
부터 10월(10) 2024 으로 11월(11) 2024
Signing Day Sports (AMEX:SGN)
과거 데이터 주식 차트
부터 11월(11) 2023 으로 11월(11) 2024