Business
SPYR Acquires 100% Ownership of Pocket Starships in Cashless Transaction
SPYR Acquires 100% Ownership of Pocket Starships in Cashless Transaction.
About this update from Spyr, Inc.
[{"type":"text","content":"\n \n \n SPYR Acquires 100% Ownership of Pocket Starships in Cashless Transaction\n \n \nSPYR Acquires 100% Ownership of Pocket Starships in Cashless Transaction\n\nSecures Proprietary Content, Cross-Platform Engine, Intellectual Property and Internet Domains\n\n \n DENVER, CO--(Marketwired - 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.\n 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\n 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.\n 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, a...