DENVER, CO--(NewMediaWire - Sep 6, 2017) - 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."
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. 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
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"should," "could," "expect," "anticipate," "estimate," "believe,"
"intend," or "project" or the negative of these words or other
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cautioned not to put undue reliance on these forward-looking
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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.