ProSmart Accelerates Development of Its Next-Generation Sports Community Platform
New technology will enhance user experience and facilitate increased revenue growth and market penetration
Kelowna, British Columbia (FSCwire) - ProSmart Enterprises Inc. (TSXV:PROS) (“ProSmart” or the “Company”), a global online network, connecting sports fans, teams and brands, is pleased to announce it has entered into an agreement (the “Agreement”) with Firestitch Inc. (“Firestitch”) to accelerate development of its next generation sports community platform. The new features and functionality will help drive user growth, as well as provide additional partner services that will enhance revenue potential for the Company. ProSmart’s online network already has industry-leading advantages, such as sports-training, coaching and team management content created exclusively by Hall-of-Famers, Olympic and Professional athletes and coaches. In the last two years, ProSmart users amongst sports fans, players and coaches has grown by 1000% and now spans more than 100 countries. The Company also recently announced a strategic acquisition in China as the first step in an aggressive expansion into the rapidly-growing Chinese sports market.
ProSmart’s new online networking and community engine will dramatically expand functionality and value for users, while adding new, potential revenue streams and increasing diversity, customization and new publishing tools for partners. It will also provide seamless integration of new technologies (organically built, licensed or acquired) and allow better data capture and analysis. This will facilitate greater revenue generation per user over a longer period of time, which means a high lifetime value per user.
Says Alan Schuler, Co-founder and CEO of ProSmart: “We have been working closely with our users, as well as new partners like the Vancouver Canucks and many other professional sports teams and franchises that have expressed strong interest in partnering with us. This has helped us build a crystal-clear understanding of the enhancements they want to see in the ProSmart online network and marketplace engine. This agreement puts us on a greatly-accelerated path to our next generation platform so we are excited to work with Firestitch. Once complete, these enhancements will unlock a number of market opportunities. We are very pleased that Firestitch recognizes our market potential and is taking a significant part of their compensation in shares.”
Firestitch is a highly-respected Toronto-based web and mobile app development company (https://firestitch.com/). With years of experience, technical expertise and proficient workforce to back their reputation, Firestitch has been able to create a niche in this extremely competitive industry by delivering incomparable results and efficient services each time.
The Agreement has a 12-month term (which may be terminated by the Company upon 30 days written notice) and is renewable at the mutual-agreement of both parties. Over the four phases of the project, Firestitch will be paid up to $650,000 with 70% paid as cash and, subject to approval of the TSX Venture Exchange (the “TSXV”), 30% satisfied by way of common shares of the Company. The number of common shares to be issued shall be equal to the value of the equity portion divided by the price of the shares, which will be calculated as the average price per share on the TSXV for the five days subsequent to the end of the monthly period (the “Deemed Price”). In addition, Firestitch is eligible for a completion bonus upon completing the project calculated based on 1/3 of the equity portion received and will be satisfied by way of common shares issued at the Deemed Price. Firestitich will also be reimbursed for reasonable out-of-pocket expenses. Firestitch does not currently hold any common shares of the Company and does not have any other direct or indirect interests in the Company. The Agreement and the issuance of common shares is subject to the approval of the TSXV.
Restricted Share Unit (“RSU”) Awards
In addition, 500,000 RSUs are being awarded to a director and an employee pursuant to the Company's RSU plan. The RSUs shall vest according to defined performance conditions being met. All RSUs will be subject to applicable securities laws hold periods. The award of RSUs remains subject to approval of the TSXV.
On behalf of ProSmart Enterprises Inc.
Co-Founder & Chief Executive Officer
About ProSmart Enterprises Inc.
ProSmart (TSX-V:PROS) is a global online network connecting sports fans, teams and brands and is an emerging leader in sports content marketing through online tools and mobile apps. ProSmart works with over 1,500 governing bodies in more than 100 countries and provides unprecedented access to the $1.3 trillion sports market through its proprietary marketplace engine. ProSmart is also the first-and-only company to provide educational content created exclusively by hall-of-fame and professional athletes, which has been a key driver in building the company’s online network and connecting with youth, amateur and professional sports fans and players. ProSmart is a publicly traded company listed on the TSX-V.
For more information on ProSmart and its platforms, please visit the following links:
ProSmart Inc.: http://prosmartinc.com
RosterBot Inc.: http://rosterbot.com
ProSmart Hockey: http://prosmarthockey.com
ProSmart Football (Soccer): http://prosmartfootball.com
Stay connected with ProSmart by following us on:
For further information please contact:
Ty Summach, Chief Operating Officer
t: 1-844-927-6278 ext. 103
The shares of ProSmart Enterprises Inc. trade publicly on the TSX Venture Exchange under the symbol TSXV:PROS.
"Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.”
To view the associated document to this release, please click on the following link:
Source: ProSmart Enterprises Inc. (TSX Venture:PROS, FWB:1R6)
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