SPYR Enters Second Quarter Poised for Significant Growth Through Year-End
Company Declares Special Dividend to Shareholders
DENVER, March 21, 2017 /PRNewswire/ -- SPYR, INC. (SPYR), a holding company with wholly owned subsidiaries in both the mobile game & app development and publishing industry, and in the restaurant industry, today provides its shareholders with an update on further developments heading into Q2 2017.
In Q2, the Company will be engaging in a campaign to optimize user acquisition, which will correspond to revenue growth. Over the past several months, the SPYR team has worked closely with the development team at Spectacle Games to optimize key game play systems, based on analysis of player behavior and players' in-game activities. Now the path to optimizing user acquisition is clear and, as the development team is implementing these features, SPYR's marketing team will be ramping up efforts to bring this new content to consumers at an accelerated rate.
In January, SPYR announced its intent to divest itself from its restaurant division by spinning off the business, and issuing a stock dividend to its shareholders of record as of a specific record date. In the coming weeks, SPYR's Board of Directors will carry out the necessary corporate and regulatory requirements to implement the spin-off and stock dividend, including informing shareholders of the exact procedure to be followed in order to receive their stock dividend. After SPYR concludes the spin-off of the restaurant division, SPYR will file a registration statement with the Securities and Exchange Commission qualifying it as a separate publicly traded entity with a separate trading symbol.
Today, SPYR announces that the record date to receive the stock dividend will be May 19, 2017, and the Company will be issuing a 100% (1 for 1) stock dividend to those who hold shares of SPYR on May 19, 2017.
Example: If a shareholder owns 50,000 shares of SPYR on May 19, 2017, the shareholder will receive 50,000 shares in the newly spun-off publicly trading company. That shareholder will then own his/her original 50,000 shares of SPYR and 50,000 shares of the newly spun-off publicly traded company. Conversely, if a shareholder is short 50,000 shares of SPYR, the shareholder will need to locate the 50,000 "not yet issued" but registered shares in the newly spun-off company.
Research Report / Revenue Projections
SPYR will be releasing a research report, which will include revenue projections supplied by its development partner, Spectacle Games, before the end of the second quarter 2017. The research report will include an outline of the mobile gaming market and will highlight the significance of the adaptability of the platform that Pocket Starships has been built upon, as well as SPYR's entry into the competitive eSports arena.
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, as well as SPYR's website located at http://www.spyr.com, and SPYR's community channel on Twitter located at https://twitter.com/spyrinc.
Investor Relations Contacts:
Marmel Communications, LLC
Consulting for Strategic Growth 1 Ltd.
Tel: 800-625-2236 ext. 7770
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SOURCE SPYR, INC.