Once Consummated, Latitude 360 Would Enter Multi-Billion Dollar Daily Fantasy Sports Industry Launching \"360 Fantasy Live.\" MLF\'s CEO Jesse Merl Would Remain President of the 360 Fantasy Live Division. - NEW YORK, - (http://www.financialnewsmedia.com News Alert) - 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 $10 billion-dollar market by the end of 2016. Known for offering the premier user experience with a complete social platform, MLF has seen its user growth continue to accelerate, tripling over the past two months alone, in addition to partnering with the NBA World Champion Golden State Warriors.
\"Together with Latitude, we are creating a new way to play,\" said Merl. \"We are confident that along with the ability to interact socially through our product, the ability to join in the energy of the live group viewing experience is going to be a differentiator that matters when people decide where to be during big games.\"
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$LATX News - Restaurant/Entertainment Chain Latitude 360 Enters Into Letter of Intent to Acquire Major League Fantasy for $8.5 Million in Cash and Stock
June 25, 2015 at 08:46 AM EDT
