TruFin PLC Statement re Playstack (6846N)
June 06 2022 - 2:01AM
UK Regulatory
TIDMTRU TIDMTRU
RNS Number : 6846N
TruFin PLC
06 June 2022
6 June 2022
TruFin plc
("TruFin" or the "Company")
Acquisition of Magic Fuel Games, Inc. and Platform Contract
TruFin is pleased to announce that its subsidiary, Playstack
Limited ("Playstack"), a leading games technology business
headquartered in London, has acquired Magic Fuel Games Inc. ("Magic
Fuel"), a remote games development studio based in San Francisco,
USA. Magic Fuel was founded in 2015 and has since built a portfolio
of compelling IP that leverages the teams' years of experience in
the simulation and city build games genre.
The total consideration for the acquisition is US$3m in cash, of
which $1.5m is payable immediately and $1.5m is payable in twelve
months' time. Simultaneous with the acquisition, Playstack has
signed a significant contract with a global technology platform
which Magic Fuel will be instrumental in delivering. As a result,
the acquisition is expected to be earnings neutral to TruFin in
2022 and accretive from 2023.
In the year to 31 December 2021 Magic Fuel made a loss before
tax of $2.1m. At the point of acquisition Magic Fuel had net assets
of $0.2m.
In addition to the exciting games portfolio, the acquisition
adds a breadth of experienced game development talent to
Playstack's roster, including the appointment of Magic Fuel's CEO,
Kevin Shrapnell, as Playstack's Chief Operating Officer.
Harvey Elliott, Chief Executive Officer of Playstack,
commented:
"I have a great deal of respect for Kevin and his leadership
team having worked with them at Electronic Arts. They will
significantly strengthen the depth of our team and add further
exciting IP to Playstack's portfolio which we believe we can help
to leverage through our existing publishing channels and
relationships."
Kevin Shrapnell, Chief Executive Officer of Magic Fuel,
added:
"We have long admired the way in which Playstack approaches
games publishing and are thrilled to become part of this exciting
organisation. Magic Fuel and Playstack have a shared belief in the
untapped potential that simulation-based games present, and we are
delighted to be able to add our passion and expertise for this
genre to that of the Playstack team."
For further information, please contact:
TruFin plc
James van den Bergh, Chief Executive Officer 0203 743 1340
Kam Bansil, Investor Relations 07779 229508
Liberum Capital Limited (Nominated Adviser and
Corporate broker)
Chris Clarke
Edward Thomas 0203 100 2000
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the UK version of EU Regulation No. 596/2014 as it forms part of UK
domestic law and as defined in, and by virtue of, the European
Union (Withdrawal) Act 2018 ("UK MAR"). Upon the publication of
this announcement via Regulatory Information Service, this inside
information is now considered to be in the public domain. The
person responsible for arranging for the release of this
Announcement on behalf of the Company is Annie Styler.
TruFin plc is the holding company for an operating group of
companies that are niche lenders and early payment providers.
TruFin Group combines the benefits of both the traditional
relationship banking model and developments in the fintech sector.
The Company was admitted to AIM in February 2018 and trades under
the ticker symbol: TRU. More information is available on the
Company website www.TruFin.com
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END
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