Companies to Combine Forces to Become Location-Based AR
Gaming Powerhouse
TUSTIN, CA -- July 31, 2017 -- InvestorsHub NewsWire -- Freeze
Tag, Inc. (FRZT)
(“Freeze Tag”), a leading creator of mobile social games, and
Munzee Inc. (“Munzee”), the ultimate experience in location-based
gaming, today announced that their boards of directors unanimously
approved the signing of a definitive agreement on July 26, 2017 to
merge Freeze Tag and Munzee in an all-stock transaction. The
transaction is expected to close in late 2017. The combined company
will retain the Freeze Tag name and continue to trade under the
“FRZT”
stock symbol.
Freeze Tag is the creator of Garfield GO, a Pokémon Go
style augmented reality (“AR”) game based on Garfield the
food-loving cat (www.garfieldgo.com). Munzee is
known for the global scavenger hunt game of the same name (www.munzee.com). The two companies
have been collaborating on AR games since 2016. Garfield GO was
launched by initially using Munzee’s location data to instantly
provide Garfield GO players with millions of digital treasure
locations.
Craig Holland, CEO of Freeze Tag, commented, “After working
closely together for nearly a year, we both realized that combining
our individual strengths into one entity will create a powerful
force in location-based gaming going forward.”
Central to the combined company’s core strategy is capitalizing
on two fast-growing trends in the mobile applications world:
Augmented reality gaming and location-based advertising. The
combined company’s proprietary technology and expertise can be
leveraged to create more exciting augmented reality location-based
games that can serve as a location-based advertising network.
Additionally, the company intends to offer services to help
advertisers explore new possibilities in location-based advertising
where captive users are roaming around in the real world. For
example, AR games can help drive foot traffic to malls and movie
theatres, or create memorable real world interactions that help
connect users to brands with deeply emotional experiences. This
kind of experience based location-specific advertising can have
consumer impacts far beyond that of Google AdWords or Facebook news
feed videos.
With Munzee’s large installed base of locations and the combined
technology of both companies, there are tremendous opportunities to
offer engaging entertainment-centric, location-based advertising
solutions. According to BIA/Kelsey, a media research firm,
location-targeted mobile ad sales are expected to rise from $12.4
billion in 2016 to $32.4 billion by the end of 2021. (Source:
http://www.biakelsey.com/location-targeted-mobile-ad-spend-reach-29-5b-u-s-2020/).
According to advisory firm Digi-Capital, mobile AR (augmented
reality) is set to become the primary driver of a $108 billion
VR/AR market by 2021, with AR taking the lion’s share of $83
billion and VR $25 billion (source: Digi-Capital article:
http://www.digi-capital.com/news/2017/01/after-mixed-year-mobile-ar-to-drive-108-billion-vrar-market-by-2021/)
“We’re excited to work together to build on Munzee’s leadership
position in the location-based mobile gaming world,” said Rob
Vardeman, President of Munzee Inc., who will become President of
the newly combined company. “We have a big vision of where we can
be in the future with augmented reality and location-based
entertainment.”
The combined entity will maintain locations in Tustin,
California (Freeze Tag headquarters) and McKinney, Texas (Munzee
headquarters). The closing of the merger, as described in the
definitive agreement, is subject to Freeze Tag’s satisfactory
review of Munzee’s operations and the audit of financial and
corporate records of Munzee.
About MUNZEE Inc.
With almost 5 million locations worldwide and hundreds of
thousands of players, Munzee is a social platform that blends
gamification, geolocation and marketing elements into an experience
that rewards players for going places in the physical world.
Utilizing QR code and GPS technology, Munzee is able to validate a
person’s location and provide them points to level up in the
various Munzee mobile applications. The Munzee suite of
applications includes Munzee, our flagship product, Eventzee, a
photo scavenger hunt useful for corporate training and trade shows,
and WallaBee, an addictive collecting game with over 2,000
beautifully drawn digital cards.
About Freeze Tag, Inc.
Freeze Tag, Inc. is a leading creator of mobile social games that
are fun and engaging for all ages. Based on a free-to-play business
model that has propelled games like Candy Crush Saga to worldwide
success, we employ state-of-the-art data analytics and proprietary
technology to dynamically optimize the gaming experience for
revenue generation. Players can download and enjoy our games for
free, or they can purchase virtual items and additional features
within the game to increase the fun factor. Our games encourage
players to compete and engage with their friends on major social
networks such as Facebook and Twitter. Founded by gaming industry
veterans, Freeze Tag has launched several successful mobile games
including the number one hit series Victorian Mysteries® and
Unsolved Mystery Club®, as well as digital entertainment like Etch
A Sketch®. Freeze Tag games have been downloaded millions of times
on the Apple, Amazon and Google app stores.
Forward Looking Statements
This press release contains forward-looking statements that involve
substantial uncertainties and risks. These forward-looking
statements are based upon our current expectations, estimates and
projections and reflect our beliefs and assumptions based upon
information available to us at the date of this release. We caution
readers that forward-looking statements are predictions based on
our current expectations about future events. These forward-looking
statements are not guarantees of future performance and are subject
to risks, uncertainties and assumptions that are difficult to
predict. Our actual results, performance or achievements could
differ materially from those expressed or implied by the
forward-looking statements as a result of a number of factors,
including but not limited to, our ability to execute on new
augmented reality games and develop additional games and technology
and relationships to build location based advertising entertainment
and services. We undertake no obligation to revise or update any
forward-looking statement for any reason.
Contact:
info@freezetag.com
714-210-3850 x26
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