DALLAS, TX--(Marketwired - Mar 10, 2016) - Elite Data Services Inc. (OTC: DEAC) (the "Company") today announced that it has entered into a non-binding Letter of Intent (LOI) to acquire one hundred percent (100%) ownership interest of Properties of Merit Inc. ("POM") in a stock purchase and share exchange agreement.
POM is a mining operation owning a production interest in certain placer mining claims containing gold, silver and other precious metals in addition to rare earth elements located approximately 80 kilometers northeast of Vancouver in the lower Lillooet River Valley.
"Our due diligence team is making progress, and we look forward to completing a full analysis in the weeks to come to structure a definitive agreement," said Charles Rimlinger, CEO. "This acquisition should accelerate our ability to secure new financing, drive revenue potential, and increase shareholder value."
The LOI represents the parties' mutual intentions to complete the necessary due diligence to negotiate a definitive agreement, anticipated to be completed on or before April 15, 2016. To date, no definitive agreement has been executed, nor does any guarantee exist that it will ever be.
Non-historical statements included in this press release are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements relating to the Company's future performance are subject to many factors including, but not limited to: working capital and availability of capital, implementation difficulties, impacts involving key vendors, lenders, competitors, and other risks detailed in the Company's Form 10-K for the year ended December 31, 2014, and other subsequent SEC filings. Such statements are based upon management's current beliefs and expectations subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. When used in this press release, the terms "anticipate", "believe", "estimate", "expect", "may", "should", "plan", "possible", "potential", "project", "will", and similar expressions identify forward-looking statements. There is no guarantee that the Company will enter into the agreements referenced herein, nor if we do, that successful implementation will transpire. The forward-looking statements contained herein are made as of the date hereof, and we do not undertake any obligation to update any forward looking statements, whether as a result of future events, new information, or otherwise.