XSport Global Acquires Leading Brand Agency Shift Now
Digital Agency Provides Experienced Team and Scalable Revenue Base
Charlotte and Greensboro, NC, Oct. 03, 2018 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- XSport Global, Inc. (OTCQB: XSPT) (“XSport Global” or the “Company”), a leading youth and collegiate sports technology and media holding company focused on developing disruptive sports-centric technologies and related media projects around the world, today announced the acquisition the Greensboro-based, brand agency, Shift Now, Inc. Established in 2006, Shift Now is a full-service strategic, creative and digital marketing agency.
According to terms of the all-stock agreement (the “Agreement”), XSport Global will acquire all of the outstanding capital stock of Shift Now, Inc., in exchange for shares of XSport Global Common Stock. Under the Agreement, and based on certain business milestones, there are additional incentives of performance-based shares of XSport Global Common Stock to be earned out for certain revenue growth targets, during a 24-month period, at 12-month intervals.
Shift Now, is currently profitable and generates more than $3 million in annual revenue. Additionally, 13 members of the Shift Now team will become employees of XSport Global.
“With the acquisition of Shift Now, a profitable and scalable revenue generating firm, coupled with the outstanding team of professional employees Kristi Griggs has attracted, we now have our own leading agency to magnify our brands and transform the overall market,” said Robert Finigan, CEO of XSport Global. “This highly complementary acquisition of Shift Now will serve as the foundation for XSport Global to develop our brands for the youth sports market without having to pay the high-margin, billable hours of outside creative agencies.”
Kristi Griggs, Principal shareholder of Shift Now, will assume the newly created position of Executive Vice President of XSport Global. In this role, Ms. Griggs will continue her role of overseeing the agency as Division President, while joining forces with the XSport Global Executive Team to further the Company’s offerings and services. Ms. Griggs brings a unique perspective to the Company, as she has journeyed through the process of raising a youth athlete who is now playing D1 softball.
“We have been in negotiations for some time; however, from our first meeting, I knew there was an outstanding opportunity for everyone at Shift Now. By combining forces with XSport Global, we will bring the Company to new heights,” said Kristi Griggs. “Youth Sports alone, is a highly fragmented, multi-billion-dollar market ripe for consolidation.” The cognitive assessment and training market alone, is estimated reach $7.5 billion by 2020 according to a paper: Cognitive Assessment and Training Market by Assessment Type (Pen & Paper Based, Hosted, Biometrics), Service, Application (Clinical Trials, Classroom Learning, Brain Training, Corporate Learning, Academic Research), Vertical and Region - Global Forecast to 2020," published by MarketsandMarkets. Kristi added, “I am excited to develop a platform for families to learn how their children can have the best, most productive, and meaningful experience in sports. Additionally, our creative and media services team will be integrated to support all XSport Global’s pipeline.”
Robert continued, “This incredible opportunity was just too promising to pass up. We welcome Kristi, and the entire Shift Now team. I am excited to see all value that they will contribute to the future of XSport.”
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995.
Statements in this press release that are not strictly historical are “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. These statements involve a high degree of risk and uncertainty, are predictions only and actual events or results may differ materially from those projected in such forward-looking statements.
About XSport Global, Inc.
XSport Global, Inc. (OTCQB: XSPT) is a leading youth and collegiate sports technology and media holding company focused on developing disruptive sports-centric technologies and related media projects around the world, where sports industries and players are highly regarded. Backed by a roster of professional athletes and brand ambassadors, we seek to help athletes achieve their full potential through cognitive training, careers, genetics, recruiting and more. Our flagship company HeadTrainer, Inc was established to create, develop, promote, market, produce, and distribute online/mobile application cognitive training tools initially intended for the youth, millennial, and adult sports markets. The mobile platform was designed and developed in careful coordination with a team of professionals from the fields of science and medicine, and world-class athletes from a variety of sports. Visit www.xsportglobal.com and www.headtrainer.com for more information.
Chris Farmelo, TraDigital IR
+1 212-389-9782 Ext. 103
Sean Leous, TraDigital IR
+1 212-389-9782 Ext. 102
Released October 3, 2018