SPLY: Social Play USA Signs Letter of Intent to Acquire Online Gifting Company Friendship Socks Inc.
LAS VEGAS, June 7, 2017 /PRNewswire/ --
Social Play USA, Inc. (OTC: SPLY), ("Social Play" or the "Company") announces that it has entered into a binding Letter Of Intent ("LOI") with Friendship Socks Inc. ("Friendship Socks" or "FS") a British Columbia, Canada, registered corporation, (collectively the "Companies").
The LOI sets out the terms of the acquisition of shares in Friendship Socks, to be completed in tranches, and defines certain Milestones that must be met and executed by FS. These Milestones are defined in two parts and must be achieved in a timely manner in order to trigger the next tranche of acquisition funds to be made available by Social Play and advanced to FS. Upon successful completion of Milestone 1, the Companies will enter into a definitive Acquisition Agreement granting Social Play the Right of First Refusal to acquire up to 100% of FS's shares. Details of the LOI and definitive Acquisition Agreement will be made available once the aforementioned Milestone has been reached and the Acquisition Agreement and Right of First Refusal finalized.
About Friendship Socks Inc.
Friendship Socks is a company that proudly manufactures its line of unique designer socks in the USA and markets its products through its quickly expanding online community. The company leverages social media to connect people more substantially through the gifting of a simple pair of socks, something everyone can use and appreciate every day. The process is very simple and involves a customer purchasing a pair of socks for themselves through the website while at the same time also gifting a free pair to a friend of their choosing. This free pair is embedded within a message that can be sent through any social media platform the buyer wishes. The friend then clicks on the link provided in the social media message, enters their shipping information, and waits for their socks to arrive in the mail. The recipient is now part of the Friendship Socks community and can then purchase a pair to surprise one of their friends and so on and so on. Friendship Socks refers to this as 'Pairing it Forward', helping connect friends from across the street to around the world. The result is strengthened connections and stronger friendship bonds. The company offers a one-time purchase as well as a subscription service, where every month the customer receives a new pair and would get to choose a new friend to send a surprise pair to. This provides Friendship Socks the unique opportunity to connect with multiple customers through one initial purchase. This increased social media engagement creates exponentially expanding customer acquisitions while automatically increasing recurring sales revenue.
About Social Play USA
Social Play USA is a Business to Business solutions provider for online companies; providing marketing, monetization, and support services for companies in the mobile and social media applications marketplace. Please visit us at http://www.socialplayusa.com and http://www.friendshipsocks.com for further information.
This news release was prepared on behalf of the Board of Directors, which accepts full responsibility for its contents. For more information please contact Investor Relations at 855-780-4878 or info@socialplayusa.com
Robert Rosner President & CEO
Forward-looking Statement:
THIS NEWS RELEASE CONTAINS "FORWARD-LOOKING STATEMENTS," AS THAT TERM IS DEFINED IN SECTION 27A OF THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, AND SECTION 21E OF THE UNITED STATES SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. STATEMENTS IN THIS NEWS RELEASE, WHICH ARE NOT PURELY HISTORICAL, ARE FORWARD-LOOKING STATEMENTS AND INCLUDE ANY STATEMENTS REGARDING BELIEFS, PLANS, EXPECTATIONS OR INTENTIONS REGARDING THE FUTURE.EXCEPT FOR THE HISTORICAL INFORMATION PRESENTED HEREIN, MATTERS DISCUSSED IN THIS NEWS RELEASE CONTAIN FORWARD-LOOKING STATEMENTS THAT ARE SUBJECT TO CERTAIN RISKS AND UNCERTAINTIES THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM ANY FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS EXPRESSED OR IMPLIED BY SUCH STATEMENTS. STATEMENTS THAT ARE NOT HISTORICAL FACTS, INCLUDING STATEMENTS THAT ARE PRECEDED BY, FOLLOWED BY, OR THAT INCLUDE SUCH WORDS AS "ESTIMATE," "ANTICIPATE," "BELIEVE," "PLAN" OR "EXPECT" OR SIMILAR STATEMENTS ARE FORWARD-LOOKING STATEMENTS. RISKS AND UNCERTAINTIES FOR THE COMPANY INCLUDE, BUT ARE NOT LIMITED TO, THE RISKS ASSOCIATED WITH SOFTWARE DEVELOPMENT, SALES & MARKETING, AND FUNDING AS WELL AS THE RISKS SHOWN IN THE COMPANY'S MOST RECENT ANNUAL AND QUARTERLY REPORTS FILED AND PUBLISHED ON WWW.SEC.GOV, RESPECTIVELY, AND FROM TIME-TO-TIME IN OTHER PUBLICLY AVAILABLE INFORMATION REGARDING THE COMPANY. OTHER RISKS INCLUDE RISKS ASSOCIATED WITH THE REGULATORY APPROVAL PROCESS, COMPETITIVE COMPANIES, FUTURE CAPITAL REQUIREMENTS AND THE COMPANY''S ABILITY AND LEVEL OF SUPPORT FOR ITS EXPLORATION AND DEVELOPMENT ACTIVITIES. THERE CAN BE NO ASSURANCE THAT THE COMPANY''S SOFTWARE DEVELOPMENT, SALES & MARKETING EFFORTS WILL SUCCEED AND THE COMPANY WILL ULTIMATELY ACHIEVE COMMERCIAL SUCCESS. THESE FORWARD-LOOKING STATEMENTS ARE MADE AS OF THE DATE OF THIS NEWS RELEASE, AND THE COMPANY ASSUMES NO OBLIGATION TO UPDATE THE FORWARD-LOOKING STATEMENTS, OR TO UPDATE THE REASONS WHY ACTUAL RESULTS COULD DIFFER FROM THOSE PROJECTED IN THE FORWARD-LOOKING STATEMENTS. ALTHOUGH THE COMPANY BELIEVES THAT THE BELIEFS, PLANS, EXPECTATIONS AND INTENTIONS CONTAINED IN THIS NEWS RELEASE ARE REASONABLE, THERE CAN BE NO ASSURANCE THOSE BELIEFS, PLANS, EXPECTATIONS OR INTENTIONS WILL PROVE TO BE ACCURATE. INVESTORS SHOULD CONSIDER ALL OF THE INFORMATION SET FORTH HEREIN AND SHOULD ALSO REFER TO THE RISK FACTORS DISCLOSED IN THE COMPANY'S PERIODIC REPORTS FILED AND PUBLISHED FROM TIME-TO-TIME ON WWW.OTCMARKETS.COMTHIS NEWS RELEASE HAS BEEN PREPARED BY MANAGEMENT OF THE COMPANY WHO TAKES FULL RESPONSIBILITY FOR ITS CONTENTS. NO SECURITIES REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED OF THE CONTENTS OF THIS NEWS RELEASE. THIS NEWS RELEASE SHALL NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY NOR SHALLTHERE BE ANY SALE OF THESE SECURITIES IN ANY JURISDICTION IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL PRIOR TO REGISTRATION OR QUALIFICATION UNDER THE SECURITIES LAWS OF ANY SUCH JURISDICTION.
SocialPlay USA, Inc.
8275 S. Eastern Avenue
Las Vegas, NV 89123
T: +1-(702)-430-2850
info@socialplayusa.com
http://www.socialplayusa.com
SOURCE Social Play USA, Inc.
