SPYR's Line of Credit (Non-Dilutive) Increased to $1 Million
DENVER, CO -- (Marketwired) -- 11/28/17 -- 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 it has increased its non-dilutive, non-convertible Line of Credit by an additional $500,000, bringing the total Line of Credit to $1 million. The additional funds will be used to further SPYR's recently announced new game development. The terms of the expanded Line of Credit remain the same as the original credit extension announced on Form 8-K filed with the U. S. Securities and Exchange Commission on September 6, 2017.
The Line of Credit was provided by Berkshire Capital Management Company, a company owned and controlled by SPYR's Chairman of the Board.
SPYR CEO & President, James R. Thompson, said of the Line of Credit increase, "With these additional funds, we will be able to move toward profitability more rapidly than we would otherwise. The gaming industry is experiencing enormous growth, which is expected to continue at double-digit year-over-year rates for years to come as the industry continues to grow. It is our goal to position SPYR so that it can realize the maximum benefits from this growth."
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 November 28, 2017