Sora Capital Announces Change of Name and Investment Strategy
VANCOUVER, BC – July 11, 2017
Sora Capital Corp (TSXV:SOR) (“Sora”) is pleased to announce effective July 12, 2017 it will change its name to “ProSmart Enterprises Inc.” (“ProSmart” or the “Company”), as approved by the Board of Directors, in accordance with the articles of the Company. The Company’s shares will also begin trading on the TSX Venture Exchange under the new symbol “PROS” (CUSIP: 743474108).
The Company has changed its name to reflect the recent shift in its investment strategy. Initially focused on emerging companies in the general software-as-a-service technology industry, it has evolved to focus more directly on enterprises in the sports software market. The recreational sports market is large and rapidly growing, estimated to have well over 1 billion participants worldwide. The North American market alone has approximately 145 million recreational players. Global spending on youth and adult recreational sport is also growing, driven by demands in the market for automated software processes, making teams and organizations function more smoothly and efficiently.
“In a $9 billion U.S. youth sports market, the software for youth and amateur adult league teams at $389.4 represents 4.3% of the total spending. This is a nascent market, there is no end in sight, markets are expected to reach $5.9 billion by 2022. Sports teams will continue to get more organized and depend on software to provide increased management efficiency.” (Youth and Amateur Adult League Sports Software: Market Shares; Strategies, and Forecasts, Worldwide, 2016 to 2022 – Wintergreen Research – Used by permission)
In 2017 the Company consolidated its ownership in RosterBot Inc. by acquiring all the outstanding shares of RosterBot (see news release dated Jan. 18, 2017). Now a wholly owned subsidiary of the Company, RosterBot offers team and event management services in over 100 countries worldwide for more than 500 types of sports and event activities. (For more information please visit www.rosterbot.com)
More recently, the Company also completed its acquisition of ProSmart Sports Development Inc., making it a wholly owned subsidiary (see news release dated June 13, 2017). ProSmart Sports Development Inc. is the Internet's leading free sports team development service and currently supports Hockey and Football (Soccer) teams of all ages in over 42 countries across more than 1,500 grassroots governing bodies and associations worldwide. ProSmart offers the most comprehensive suite of customized practice plans, fully animated drills and personalized skill videos available on mobile devices through the iTunes store and on the ProSmart Sports websites. (For more information please visit www.prosmarthockey.com & www.prosmartfootball.com)
In addition, the Company has recently changed its Board of Directors (see news release dated June 29, 2017), supplementing an already experienced and capable team in the sports software market. The experience and expertise in both venture financing and the technology sectors, compliments and enhances the Company’s ability to identify candidate companies in need of capital investment and provide strong operational support throughout all stages of growth. As part of its strategy, the Company plans to actively pursue other investment opportunities that compliment its existing core offering.
Former CEO, and current Executive Chairman of the Board, Paul Reinhart comments, “This name change reflects a significant and transformational evolution for the Company as it focuses more directly on selective enterprises in the sports software market. Over the past three years we have gained significant insight into emerging companies in the technology industry, which has led to our narrowed focus on sports software. As a Company, we have assembled a unique and highly qualified team to identify, acquire and actively build enterprises in this exciting and rapidly growing industry.”
Current CEO, Alan Schuler adds, “The recently completed and over subscribed financing, the addition of new key board members and now the completion of the name change from Sora Capital to ProSmart Enterprises Inc., signals a major change of focus towards the sports software industry. We have an excellent team in place with a unique opportunity to significantly improve the experience of the valuable, but highly fragmented global recreational sports industry. We have two highly successful internet leading companies, RosterBot and ProSmart Sports Development, as a foundation to underpin our growth in the sports software industry and we look forward to share more exciting news very soon.”
On behalf of ProSmart Enterprises Inc.
Co-Founder & Chief Executive Officer
About ProSmart Enterprises Inc.
ProSmart Enterprises Inc. (“ProSmart”) provides a highly scalable and holistic sports technology platform, blending best-in-class, player, coaching and team development media with a robust suite of team management tools. ProSmart’s platform is specifically designed to foster safer, happier and healthier youth and recreational sports communities around the world, regardless of skill level, age or gender. ProSmart aims to connect all participants in the highly-fragmented sports industry, creating a large, financially sustainable marketplace. ProSmart currently supports coaches, managers, players and families in over 1,500 grassroots governing bodies and associations spanning 100 different countries.
For more information on ProSmart, please visit www.prosmartinc.com and stay connected with us by:
Following ProSmart on LinkedIn ( www.linkedin.com/company/prosmartsports )
Following ProSmart on CrunchBase ( www.crunchbase.com/organization/prosmart-sports-de... )
Following ProSmart on AngelList ( www.angel.co/prosmart-sports-development )
About ProSmart Sports Development Inc.
ProSmart Sports Development Inc. (“ProSmart Sports”) is a leading sports Hockey and Football (Soccer) team development platform, and currently supports teams of all ages to “Build Confidence” in over 42 countries across more than 1,500 grassroots governing bodies and associations worldwide. ProSmart offers the most comprehensive suite of customized practice plans, fully animated drills and personalized skill videos from the Pros available on mobile devices via the App Store and on the web at prosmarthockey.com and prosmartfootball.com.
About RosterBot Inc.
RosterBot Inc. (“RosterBot”) is a leading sports team management platform, and currently helps teams of all ages to “Take the Work Out of Play” in over 100 countries and more than 500 types of sports and activities worldwide. RosterBot offers the most comprehensive suite of team scheduling, bookkeeping, and collaboration tools available on mobile devices via the App Store, Google Play and on the web at rosterbot.com.
For further information please contact:
Ty Summach, Chief Operating Officer
t: 1-844-927-6278 ext. 103
The shares of ProSmart Enterprises Inc. trade publicly on the TSX Venture Exchange under the symbol TSXV:PROS.
"Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.”
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful. The securities issued, or to be issued, under the Offering have not been, and will not be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.