TORONTO, ON / ACCESSWIRE / January 28, 2020 / DIGIMAX GLOBAL SOLUTIONS (CSE:DIGI) (the “Company” or “DigiMax“) is pleased to announced that it has officially commenced its consulting efforts with Parallel Sports Group Inc. based in New York, NY.
Parallel Sports Group Inc., a Delaware corporation (“Parallel Sports Group”), has been formed to exploit the explosive growth of two global sports, eSports and Cricket, through the hosting of live events combined with multi-platform interactivity, broadcasting and on-line streaming. Parallel is taking advantage of revolutionary trends in each industry, in which the founders believe that control of content generated by Parallel’s live events offers a broad variety of revenue streams.
Parallel Sports Group is also planning to take advantage of existing technology by utilizing blockchain to allow micro-betting by hundreds of thousands of viewers at their events, as favorable regulations and adaptations of this technology evolves. This is in sharp contrast to other global sports such as soccer, American football, basketball and even hockey where the majority of betting proceeds are captured by Las Vegas-style betting venues where the event sponsors do not partake in the proceeds. In this case, Cricket does not attract Las Vegas-style betting and a much greater share of proceeds will be captured by Parallel Sports Group and its licensed betting partners.
By organizing multiple events per year, Parallel Sports Group will bring together up to 100,000 participants to live events, with potential for an additional 500,000-plus individuals who would participate on-line. These events bring together the world’s third most popular team-sport of cricket, together with exciting all-day music events where both live and electronic participants can cheer for their teams, enjoy great music, bet, set up fantasy sports teams and, if they are fortunate, win great cash prizes.
Parallel Sports Group has established a line-up of events in 2020 that, based on historical results, could generate substantial first-year profitable revenue with a forecast for that number to increase significantly over three years.
Cricket is the world’s third most popular sport around the globe behind soccer and basketball. In the US alone, there are more than 20 million fans that watch one or more cricket matches per year, and that 20 million represent a very high level of socio-economic participants.
E-sports has grown to enjoy the size of viewership in the US equivalent to most major sports franchises including baseball, basketball and US Football. Globally, it is estimated that 2019 revenues from e-sports exceeded $1 billion and this number is growing annually at a rate approaching 20%.
Parallel Sports was designed to take the best features of multiple high-growth spectator activities and to combine them into a single event. Revenue from these events is derived from multiple sources including:
- Media rights (domestic and international)
- Games (video, mobile, fantasy)
- Sponsorship and Licensing
- Merchandise sales
- Sports betting
- Ticket Sales
- Pay for view
The management group behind Parallel Sports Group has enjoyed tremendous success by being slightly behind the first entrants to a new market, but by becoming the biggest – exactly as they plan to do in the e-sports industry. The key individuals among a much broader management group include:
Founder and CEO
An attorney who has been a founding principal in many publicly-traded companies engaged in sports and entertainment businesses. Mr. Tytel was a founding principal of the company that owned the hugely successful reality music competition, American Idol, and a senior executive of the largest concert company in the world SFX Entertainment, and of SFX Sports, which was the second largest integrated sports company in the U.S. The SFX companies were sold to become part of the multi-billion-dollar music entertainment conglomerates Clear Channel and LiveNation.
A well-known executive in the sports and entertainment field as a member of the World Boxing Hall of Fame and manager of numerous World Championship Boxers, including a current world heavy-weight champion. Mr. Finkel, a pioneer in streaming and pay-per-view revenue generation, has also been an owner and operator of music venues and has been a promoter of world-famous music and sports events. My. Finkel continues to serve as a senior executive at LiveStyle-EDM around the world.
CEO of Epic Sports & Entertainment
Mr. Haines brings more than 20 years-experience in the sports entertainment industry to the leadership of Pro-AGA. After starting a career at SFX Entertainment, he became a partner at Inside Sports and Entertainment, where he increased its revenue growth by over $30m/yr. He has managed talent for NBC Sports and DirecTV for events including Super Bowl weekend since 2010. As CEO of Epic Sports and Entertainment, he works with a wide array of athletes and celebrities running their foundations and assisting in career management.
CEO of Parallel Cricket
Mr. Naik, a long-time leader in Cricket in India and the U.S., was successful in organizing two international Cricket games between the Indian and the West Indies National teams in Fort Lauderdale, Florida, August 2016, Mr. Naik is the CEO at Reva Capital Markets LLC, where he focuses on providing clients a nuanced and specialized perspective on global capital markets and is an active investor in startups and small businesses in the U.S., India and China.
“We believe that eSports has proven its staying power among millennials and even several from older generations and that it will prove to be a powerful entertainment influence for year to come,” said Parallel Sports Group co-founder Howard Tytel. “We have combined that belief with our other proven understanding that it is not important who is first to a new business, but rather who is the biggest!!” Our team of founders has decades of proven success building large businesses and we see the combined e-Sports and Live Entertainment businesses fast becoming one of the biggest in North America, if not the world.”
Parallel Sports will soon be providing an opportunity for investment partners to join the leadership team in growing this company to its full potential. Interested parties can contact DigiMax at the Contact info below to determine if this might make a suitable investment for certain interested parties.
DigiMax is based in Toronto and is the first global company in the Digital Security space to be both publicly listed (listed on the Canadian Securities Exchange-symbol: DIGI) and to be approved by OSC in Ontario, Canada as an ‘Exempt Market Dealer’.
DigiMax is currently seeking to become a registered dealer in several other countries and is developing a state-of-the-art platform with its partners to provide qualified investors preferred access to high quality digital security offerings in the rapidly growing Digital Security market. DigiMax also assists companies to raise capital through traditional forms of securities.
The Company has a highly qualified management team with extensive experience in global financial and capital markets, combined with a rapidly expanding global presence with joint venture partnerships already established in such important geographies as USA, Hong Kong, Indonesia, Malaysia, England, Singapore, Korea and Malta with discussions or negotiations underway in several more.
Cautionary Note Regarding Forward-looking Statements
NEITHER THE CANADIAN SECURITIES EXCHANGE, NOR THEIR REGULATIONS SERVICES PROVIDERS HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE
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Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: shareholders approving the change of name to DigiMax, the adequacy of our cash flow and earnings, the availability of future financing and/or credit, and other conditions which may affect our ability to expand the App Platform described herein, the level of demand and financial performance of the cryptocurrency industry, developments and changes in laws and regulations, including increased regulation of the cryptocurrency industry through legislative action and revised rules and standards applied by the Canadian Securities Administrators, Ontario Securities Commission, and/or other similar regulatory bodies in other jurisdictions, disruptions to our technology network including computer systems, software and cloud data, or other disruptions of our operating systems, structures or equipment.
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SOURCE: DigiMax Global Solutions
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