SPYR Forms New Company To Expand Mobile Games Business

DENVER, Feb. 18, 2016 /PRNewswire/ -- SPYR, INC. (OTCQB: SPYR), a holding company with wholly owned subsidiaries in the mobile game and app development and publishing industry and the food service industry, today announced that it has formed a new wholly owned subsidiary in Finland, SPYR APPS Oy.

James R. Thompson, SPYR's CEO and President, said of the formation of SPYR APPS Oy, "We formed SPYR APPS Oy for the purpose of continuing to expand our digital media presence into the multi-billion dollar mobile game and app industry. Some of the best talent today is coming out of Finland, including developers like the founders of SuperPlus Games, who used their years of experience at the mobile games giant Rovio to form their own mobile game company."

Finland is a hotbed of activity in the mobile games world, with its capital, Helsinki, being home to many of the mobile games industry's top companies such as Supercell, the developer of Clash of Clans, Rovio Entertainment, the developer of Angry Birds, Next Games, the developer of The Walking Dead: No Man's Land, based on AMC's record-breaking TV show, and many others, including Seriously, Fingersoft and PlayRaven. 

According to Chartboost, Finland is also the home to hundreds of smaller development studios, contributing to a games industry that generated nearly $2 Billion in revenues in 2014 and that continues to grow (https://www.chartboost.com/blog/2015/08/mobile-game-dev-in-finland/). Also, according to a report by NeoGames from 2014, Finland has established approximately 260 game development studios since 2010 (http://www.goodnewsfinland.com/over-200-finnish-gaming-companies-established-since-2010/).

SPYR's wholly owned subsidiary, SPYR APPS, LLC is already working with SuperPlus Games, a small Finnish developer, to co-publish its game Retro Shot. SPYR's management quickly saw an opportunity to continue to work in Finland. 

Paul Thind, SPYR's Managing Director of Games and Applications, stated: "Having worked for and advised a few Finnish game companies in my career, I really appreciate the collaborative culture that has cultivated some of the best and brightest talent in the world. As we grow the business, we thought we should have a presence in Helsinki, which would allow us to not only be able to reach out to the developer community in the Nordics, and in Western and Eastern Europe, but also to work closely with SuperPlus and other potential developer partners. I'm personally proud of the many relationships I've been able to cultivate in Finland as a result of my prior work there. This is another step in SPYR's development as a truly global mobile games company."

About SPYR

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.  SPYR, INC. also owns and operates an "American Diner" theme restaurant located in the Philadelphia International Airport in Philadelphia, Pennsylvania called "Eat at Joe's®" through its other wholly-owned subsidiary, E.A.J.: PHL Airport Inc.  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 http://www.sec.gov.

Investor Relations Contact:
Marlin Molinaro
Marmel Communications, LLC
(702) 434-8692


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