DENVER, CO--(NewMediaWire - Sep 12, 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 its wholly owned subsidiary, SPYR APPS, LLC,
has acquired all of the assets related to its flagship game, Pocket
Starships, a real-time, cross-platform space-themed massively
multiplayer online (MMO) game. More than $6 million has been
invested in the free-to-play game, which has garnered
overwhelmingly positive reviews and is available on iOS, Android,
Kindle mobile devices, as well as on PCs in web browsers. Included
in the assets and that investment is the game's proprietary
back-end engine, which SPYR can leverage and re-skin to create
additional games and expand its presence in the game industry in a
cost-effective manner.
SPYR has been publishing Pocket Starships since January of 2016
and previously announced that it had procured an option to purchase
the game and all assets related
thereto. See http://ir.spyr.com/press-releases/detail/137/spyr-obtains-option-to-purchase-all-intellectual-property
On August 31, 2017, SPYR entered into a definitive agreement
with the game's owner pursuant to which SPYR will own all of the
game related assets of Pocket Starships, in a completely cashless
transaction, which means that SPYR will now be able to retain 100%
of the revenue generated from the game and will be the sole owner
of all of the assets related to the game. Under the terms of the
agreement, the game's owner will receive 8,000,000 restricted
shares of SPYR stock (subject to resale gating provisions) and
8,000,000 three-year cash-based options exercisable at $0.50 per
share.
The company will release all additional details of the
transaction in an 8K, which it intends to file with the Securities
and Exchange Commission, within 4 business days of the close of the
transaction, which is anticipated to close at the end of September
2017. The acquisition includes, among other assets, all Pocket
Starships related intellectual property, the userbase, artwork,
software, internet domains, game store accounts (such as App Store,
Play Store, Amazon, and Facebook Gameroom), web portal accounts
(Facebook, VK.com, Kongregate, etc.) and internet domains
(www.pocketstarships.com).
Lars Koschin, the creator of Pocket Starships, states, "All of
the parties involved with the development of Pocket Starships have
always had a lot of confidence in the SPYR team and we have enjoyed
a very productive partnership with SPYR over the past two and a
half years. After investing in the team and the product, we
all agreed that selling all of the assets of Pocket Starships to
SPYR in an all stock transaction was in everyone's best interest
and highlights the confidence that we have in the game's future
success, SPYR's management team as a partner, and further
reinforces our belief in the ultimate long-term value of SPYR's
stock. We all look forward to continuing to work together as a team
on this and many other projects and acquisitions in the near
future."
James R. Thompson, SPYR's CEO and President, states, "The
acquisition of Pocket Starships is something we have been working
toward for a long time. We will now be able to recognize the
game as an asset of the Company and will be able to retain all of
the revenue it generates in the future. We are very excited
about the prospects for Pocket Starships and look forward to
continuing to work with its development team to enhance all
components of the game, which will provide increased revenue and
profitability in the future."
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
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.