SPYR Provides Shareholder Update and Highlights Milestone Achievements
DENVER, CO -- (Marketwired) -- 08/02/17 -- SPYR, INC. (OTC PINK: SPYR), a holding company with a wholly owned subsidiary in the mobile game & app development and publishing industry, today provided an update to shareholders and highlighted its year to date accomplishments and future plans.
The recent trading activity and volatility in the Company's stock has not gone unnoticed by management. The Board of Directors, management and the Company's SEC counsel are looking into the trading activity and will implement any available remedial measures.
We would like to reassure our shareholders that no insiders, officers, directors or any member of management have sold any shares of SPYR stock. No one has loaned or pledged their stock in any way and no toxic financings have been entered into or are contemplated.
SPYR's management has been working diligently over the last few years building a mobile games publishing business, all of which takes time and money. On February 2, 2017, the Company issued a press release outlining its plans and objectives for 2017 ("SPYR Updates Shareholders on Plans and Objectives for 2017;" https://ir.spyr.com/press-releases/detail/158/spyr-updates-shareholders-on-plans-and-objectives-for-2017), in which the Company stated that its "overarching goal for 2017 and beyond is to become a premier, diversified mobile games publisher, deriving revenue from games in various genres and appealing to multiple demographics." The Company is pleased to announce that it has already achieved many of the objectives described in that press release and is well on its way to accomplishing much more. Some of those accomplishments include:
- Regular content updates to the Company's flagship game, Pocket Starships, and making it more widely available by:
Adding PvP (player vs. player) functionality to prepare the game for an entry into the esports market. For more information regarding this endeavor, please see our press releases from April 4, 2017: "SPYR Moves Closer to Entering Competitive esports Market with Latest Updates to Pocket Starships" (https://ir.spyr.com/press-releases/detail/170/spyr-moves-closer-to-entering-competitive-esports-market) and June 22, 2017: "SPYR's Pocket Starships Getting Closer to Esports Arena with Player vs. Player Update" (https://ir.spyr.com/press-releases/detail/183/spyrs-pocket-starships-getting-closer-to-esports-arena).
Being one of the initial games offered in Facebook's Gameroom. See our press release from February 8, 2017: "Facebook Adds SPYR's Pocket Starships to New Gameroom Platform" (https://ir.spyr.com/press-releases/detail/159/facebook-adds-spyrs-pocket-starships-to-new-gameroom).
Continuing to make the game more widely available to potential users by regularly adding the game to new platforms and portals where players can find Pocket Starships. See our press releases from March 7, 2017: "SPYR's Pocket Starships Now Available to Over 100 Million Users on 46 International Game Portals" (https://ir.spyr.com/press-releases/detail/165/spyrs-pocket-starships-now-available-to-over-100-million) and April 25, 2017: "SPYR's Pocket Starships Now Available on Europe's Largest Social Network and Fifth Most Visited Site in the World" (https://ir.spyr.com/press-releases/detail/173/spyrs-pocket-starships-now-available-on-europes-largest). Other portals have been added since the issuance of these releases.
Securing valuable Hollywood intellectual property (IP) to incorporate into the game, which will provide a significant expansion to the content of the game as well as give a direct marketing channel to the millions of fans of the IP. See our press release from June 8, 2017: "SPYR To Add Star Trek™ IP To Pocket Starships Game" (https://ir.spyr.com/press-releases/detail/180/spyr-to-add-star-trek-ip-to-pocket-starships-game).
Engaging Farshid Almassizadeh, the former VP and COO of EA Interactive, to join the SPYR team as its Chief Strategic Advisor. See our press release from February 22, 2017: ("SPYR Hires Former Electronic Arts (EA) Executive As Chief Strategic Advisor;" https://ir.spyr.com/press-releases/detail/161/spyr-hires-former-electronic-arts-ea-executive-as-chief).
As part of the Company's strategy to build a diversified portfolio, it:
Added Home Makeover 4 to its publishing portfolio, a casual "hidden object" game that targets a female demographic. See our press releases from April 3, 2017: "SPYR Adding New Game to its Portfolio" (https://ir.spyr.com/press-releases/detail/169/spyr-adding-new-game-to-its-portfolio) and May 30, 2017: "SPYR's Co-Published Home Makeover 4 Game Now Available in the Apple App Store" (https://ir.spyr.com/press-releases/detail/177/spyrs-co-published-home-makeover-4-game-now-available-in).
Obtained ownership of Battlewack: Idle Lords, an "idle tapper" game ("idle tapper" games are very popular and perfect for mobile devices as they allow the game to progress while the player is away), and related intellectual property; on which development is almost complete. The Company will complete development of the game and expects to launch it toward the end of 2017. See our press release from July 18, 2017: "SPYR Acquires Ownership of Battlewack: Idle Lords Game and Intellectual Property" (https://ir.spyr.com/press-releases/detail/187/spyr-acquires-ownership-of-battlewack-idle-lords-game-and)
The Company has taken all of the steps required to date to effect the spinoff of the restaurant assets to a new public entity in which all shareholders of record as of May 19, 2017, will receive one share of stock in the new entity for every share of SPYR stock held by them as of May 19, 2017. The Company anticipates that the dividend will be issued by September 29, 2017. See our press releases from April 17, 2017: "SPYR Begins Spin-Off of Its Restaurant Division" (https://ir.spyr.com/press-releases/detail/171/spyr-begins-spin-off-of-its-restaurant-division) and June 1, 2017: "SPYR Outlines Stock Dividend Distribution Details" (https://ir.spyr.com/press-releases/detail/178/spyr-outlines-stock-dividend-distribution-details).
In addition to the foregoing, the SPYR team is working on several other exciting opportunities, both near and long term, including:
A deal with an esports tournament organizer for Pocket Starships to make its esports debut in two tournaments before year-end.
A publishing agreement for a casual "tapper" game that is based on Hollywood IP. The Company has secured its agreement with the developer and is now working on finalizing the terms of an agreement with the IP holder.
A publishing agreement for a core "tapper" game that is based on other Hollywood IP. The Company has secured its agreement with the developer and is now working on finalizing the terms of an agreement with the IP holder.
A publishing agreement for a competitive PvP game where players can become a character from a movie slated to be released as a 2018 blockbuster and wreak havoc on the opposing team in real time combat.
In closing, the Company is proud to report that as of July 31, 2017, it has already achieved many of its plans and objectives for 2017, as outlined in the February 2, 2017, press release and has seized upon several new opportunities that materialized since then.
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.
Safe Harbor Statement:
This release contains forward-looking statements that are based upon current expectations or beliefs, as well as a number of assumptions about future events. Although we believe that the expectations reflected in the forward-looking statements and the assumptions upon which they are based are reasonable, we can give no assurance or guarantee that such expectations and assumptions will prove to have been correct. Forward-looking statements are generally identifiable by the use of words like "may," "will," "should," "could," "expect," "anticipate," "estimate," "believe," "intend," or "project" or the negative of these words or other variations on these words or comparable terminology. The reader is cautioned not to put undue reliance on these forward-looking statements, as these statements are subject to numerous factors and uncertainties, including but not limited to: adverse economic conditions, competition, adverse federal, state and local government regulation, international governmental regulation, inadequate capital, inability to carry out research, development and commercialization plans, loss or retirement of key executives and other specific risks. To the extent that statements in this press release are not strictly historical, including statements as to revenue projections, business strategy, outlook, objectives, future milestones, plans, intentions, goals, future financial conditions, events conditioned on stockholder or other approval, or otherwise as to future events, such statements are forward-looking, and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The forward-looking statements contained in this release are subject to certain risks and uncertainties that could cause actual results to differ materially from the statements made. Readers are advised to review our filings with the Securities and Exchange Commission that can be accessed over the Internet at the SEC's website located at https://www.sec.gov, as well as SPYR's website located at https://www.spyr.com, and SPYR's community channel on Twitter located at https://twitter.com/spyrinc.
Investor Relations Contact:
Marmel Communications, LLC
Source: SPYR, Inc.
Released August 2, 2017