Signing Day Sports signs binding term sheet to acquire majority stake in high-growth sports gaming technology company Swifty Global Page 1

Takeover to mark new growth strategy

SCOTTSDALE, AZ, September 19, 2024 (GLOBE NEWSWIRE) — Signing Day Sports, Inc. (“Signing Day Sports” or the “Company”) (NYSE American: SGN)the developer of the Signing Day Sports app and platform to assist high school athletes in the recruiting process, today announced the signing of a binding letter of intent to acquire 95-99% of the issued and outstanding shares of Dear Cashmere Group Holding Company doing business as Swifty Global (“Swifty”), a global sports and casino technology company, and that this acquisition is expected to be the first transaction under the Company’s newly initiated growth strategy of acquiring and building companies in the sports and casino technology industry, as well as other synergistic businesses. The transaction is structured as an all-stock deal, meaning that Signing Day Sports will acquire this percentage of Swifty by issuing its securities to Swifty’s controlling shareholders. Signing Day Sports will not be obligated to make any cash payment to Swifty in connection with the acquisition of the Swifty shares.

Swifty is led by UK CEO and technology entrepreneur James Gibbons. Swifty’s technology is scalable and GLI certified. The company holds gaming licenses in the UK, Ireland, South Africa and Curacao and is expected to obtain a gaming license in Malta in the near future. Swifty’s in-house development team has developed GLI certified software for the sports gaming sector. This acquisition will enable Signing Day Sports to reduce development costs while accelerating its product development and launch plans.

In addition to its SaaS-based gaming software, which Swifty offers to online gaming operators under a revenue share model, Swifty also serves its own licensed online sports betting and casino gaming clients in a limited number of jurisdictions. Swifty, which is debt-free, generated revenues of over $128 million and net income of approximately $2.44 million for the year ended December 31, 2023, despite significant investments of nearly $3.1 million in software development and licensing.

Swifty’s growth strategy is based on three main pillars: (i) consumer-facing online sports betting and casino business (B2C), (ii) SaaS licensing for gaming software, and (iii) the acquisition of smaller operators that are migrated to Swifty’s proprietary platform.

Swifty CEO James Gibbons has over 20 years of experience designing and building robust, secure and easy-to-use software solutions. James is a serial entrepreneur who founded his first company at age 23, a mobile coupon app for Apple, Android and Blackberry devices, which he eventually sold to a US-based company. Prior to joining Swifty as CEO, James led the Digital Visitor Experience team at Expo 2020 Dubai. James is supported by a team of more than 30 people, including a strong in-house development, commercial and operations team. Swifty Chairman Nicolas Link is also a serial entrepreneur and has experience in global mergers, acquisitions and capital markets.