NEW YORK, NY, June 05, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire – Dear Cashmere Holding Company (OTC: DRCR), known as Swifty Global (Swifty), is a technology company focused on creating ground-breaking solutions in the Fintech and Sports Betting Sectors. The company is licensed in several jurisdictions globally and has launched its proprietary swipe betting Sports Predictions application, traditional Sportsbook and Casino Gaming platforms in mid 2022, following which it is now actively executing its global growth strategy.
Following impressive 2022 and first quarter of 2023 financials, Swifty has now acquired 100% of the business-to-business contracts and technology from GLNetworks Ltd (GLN) in an all-cash deal. The aligned technology significantly boosts the Swifty technology offering. It immediately allows Swifty to directly roll out its technology into five African countries which are all traditionally strong betting countries with a potential market size of 182 million users. The technology will be rolled out through prominent operators in the countries which include Zambia, Tanzania, Kenya & Uganda. It is expected that Swifty will have a payback period of six months on this investment. The operators jointly already boast an impressive list of 1.35 million active customers as well as in country licenses and routes to a wider market. This allows Swifty’s technology to obtain a rapid entry into these markets.
The technology acquired from GLN is complimentary to Swifty’s technology in such a way that while Africa offers a huge potential market of 1.2 billion users, the way of operating in the region is significantly different to more developed markets, in particular around client onboarding, KYC and mobile payment methods. The acquisition of GLN’s technology allows Swifty to rapidly integrate its product offering at the front and back ends which will allow a quicker route to market on the African continent and resultant exponential growth.
The technology acquisition brings with it five highly experienced staff which join the Swifty team to roll out its product offering and drive revenue growth in the African market. The five new team members bring their own unique skills and knowledge of their local markets as they join the existing thirty-five Swifty team members.
Swifty also plans to announce its entrance into the South African market in the coming weeks.
Swifty Global CEO, James Gibbons, commented: “We are pleased to conclude this deal and finally have a strong presence in the African market following more than a year of market research and exploring potential opportunities. Not only have we acquired a footprint in Africa, but we have also acquired valuable team members to assist us in delivering our revenue targets and milestones.”
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Swifty Gaming Website: https://www.swiftygaming.com
Certain information set forth in this press release contains "forward-looking information", including "future-oriented financial information" and "financial outlook", under applicable securities laws (collectively referred to herein as forward-looking statements). Except for statements of historical fact, the information contained herein constitutes forward-looking statements and includes, but is not limited to, the (i) projected financial performance of the Company; (ii) completion of, and the use of proceeds from, the sale of the shares being offered hereunder; (iii) the expected development of the Company's business, projects, and joint ventures; (iv) execution of the Company's vision and growth strategy, including with respect to future M&A activity and global growth; (v) sources and availability of third-party financing for the Company's projects; (vi) completion of the Company's projects that are currently underway, in development or otherwise under consideration; (vi) renewal of the Company's current customer, supplier and other material agreements; and (vii) future liquidity, working capital, and capital requirements. Forward-looking statements are provided to allow potential investors the opportunity to understand management's beliefs and opinions in respect of the future so that they may use such beliefs and opinions as one factor in evaluating an investment. These statements are not guarantees of future performance and undue reliance should not be placed on them. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause actual performance and financial results in future periods to differ materially from any projections of future performance or result expressed or implied by such forward-looking statements. Although forward-looking statements contained in this presentation are based upon what management of the Company believes are reasonable assumptions, there can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements. The Securities and Exchange Commission ("SEC") has provided guidance to issuers regarding the use of social media to disclose material non-public information. In this regard, investors and others should note that we announce material financial information via official Press Releases, in addition to SEC filings, press releases, Questions & Answers sessions, public conference calls and webcasts also may take time from time to time. We use these channels as well as social media to communicate with the public about our company, our services, and other issues. It is possible that the information we post on social media could be deemed to be material information. Therefore, in light of the SEC's guidance, we encourage investors, the media, and others interested in our company to review the information we post on the following social & media channels:
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