SPYR Finalizes Acquisition of Pocket Starships
SPYR Now Owns All Assets Related to the Game Into Which More Than $6 Million Has Been Invested
DENVER, CO -- (Marketwired) -- 10/25/17 -- SPYR, INC. (OTC PINK: SPYR), a holding company with a wholly owned subsidiary in the mobile game & app development and publishing industry, today announced that its wholly owned subsidiary, SPYR APPS, LLC, finalized its acquisition of all of the assets related to its flagship game, Pocket Starships, a real-time, cross-platform space-themed massively multiplayer online (MMO) game.
On September 12, 2017, SPYR announced that it entered into an agreement to purchase Pocket Starships, a game in which more than $6 million has been invested. (https://ir.spyr.com/press-releases/detail/193/spyr-acquires-100-ownership-of-pocket-starships-in). SPYR closed on the transaction and all assets have been transferred to SPYR.
SPYR will now retain 100% of the revenue generated from the game, and SPYR is the sole owner of all of the assets related to the game. Under the terms of the agreement, the game's owner received 8,000,000 restricted shares of SPYR stock (subject to resale gating provisions) and 8,000,000 three-year cash-based options exercisable at $0.50 per share.
Additional details of the transaction have been released in an 8K filed with the Securities and Exchange Commission. The acquisition includes, among other assets, all Pocket Starships related intellectual property, the userbase, artwork, software, internet domains, game store accounts (such as App Store, Play Store, Amazon, and Facebook Gameroom), web portal accounts (Facebook, VK.com, Kongregate, etc.) and internet domains (www.pocketstarships.com.)
SPYR, INC. is a holding company that through its wholly owned subsidiary SPYR APPS, LLC, is engaged in mobile application and game publishing and development. The Company is currently exploring opportunities for additional acquisitions in these and other verticals, including mobile application and game development, in order to expand its holdings, to drive and increase revenue and to generate profits and build value for shareholders.
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Investor Relations Contact:
Marmel Communications, LLC
Source: SPYR, Inc.
Released October 25, 2017