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Axion Ventures Reports Fiscal Year End 2018 Results
Axion Ventures Reports Fiscal Year End 2018 Results.
About this update from Axion Ventures Inc
[{"type":"text","content":"\n\n\n\nAxion Ventures Reports Fiscal Year End 2018 Results\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nAxion Ventures Reports Fiscal Year End 2018 Results\nCanada NewsWire\nVANCOUVER, May 1, 2019\n\n\n\nVANCOUVER, May 1, 2019 /CNW/ - Axion Ventures Inc. (\"Axion\" or the \"Company\") (TSX VENTURE: AXV; OTCQX: AXNVF) today announced its financial results for the year ended December 31, 2018. All amounts are denoted in United States dollars, unless otherwise indicated.\nTodd Bonner, Chairman and Chief Executive Officer of Axion, commented: \"Starting with Rising Fire, our teams in Shanghai and Bangkok have been developing a comprehensive video game portfolio for over five years. With our successful beta launch of Rising Fire with Tencent, this year represents an inflection point for our Company as three further titles from our 2,000+ man year portfolio are launching on various platforms and commencing their monetization life cycle's which should last 6-10 years.\"\n2018 Operational Highlights\nRising Fire, a massively multiplayer PC-online game developed by Axion Games Limited (\"Axion Games\"), was made commercially available on June 28, 2018 on Tencent's platform and continues to progress through the initial stages of its strategic launch cycle through Tencent's \"WeGame\" network. True Axion Interactive (\"TAI\") completed \"Invictus: Lost Soul\", which is the first AAA quality, eSports focused mobile game made in Thailand. Invictus is the first mobile game released by TAI and is anticipated to be fully available for the Thai market on Apple's App Store and Google Play within the first two weeks of May 2019.2018 Financial Review\nTotal revenue was $8.9 million during fiscal 2018, an increase of $2.3 million over the prior year. The increase compared to the prior year was the result of the completion of Wanda project.Game operation revenues in 2018 were $2.1 million, compared to $2.4 million for the prior year. This change was primarily attributable to the decrease in in-game sales of Axion Games' MARS as the product cycle reached decline stage.Intangible assets inc...