SPYR Secures Non-Dilutive Line of Credit to Further New Game Development
DENVER, CO -- (Marketwired) -- 09/06/17 -- 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 secured a $500,000, non-dilutive, non-convertible Line of Credit to be used for such expenses as furthering new game development. Terms of the Line of Credit are outlined in an 8K filed with the Securities and Exchange Commission.
The Line of Credit was provided by Berkshire Capital Management Company, a company owned and controlled by SPYR's Chairman of the Board, Joseph Fiore.
Mr. Fiore commented, "Having worked with SPYR on its games and apps development since its inception in February 2015, I clearly see the exciting and unprecedented growth opportunities that are beginning to emerge for SPYR."
Fiore went on to state, "I also see the emergence of the esports industry and recognize the enormous potential it provides to SPYR. Having attended numerous meetings with institutional investors, I have witnessed the growth in both capital investment in and the popularity of esports. SPYR is perfectly situated with Pocket Starship's PvP (Player vs. Player) functionality (1v1, 3v3, and 5v5) to capitalize on this explosive growth opportunity.
"SPYR's management, games development and marketing teams can boast over 4 decades of experience in the mobile games & apps industry. SPYR has some of the top leaders in the industry working with it on existing games and new game titles that are soon to be announced."
James R. Thompson, SPYR's CEO and President, stated, "With access to this additional capital, the management team feels confident that the fundamentals will soon begin to take hold and reinforce our Chairman's vote of financial confidence."
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 September 6, 2017