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SPYR Obtains Option to Purchase All Intellectual Property and Assets Related to Pocket Starships
SPYR Obtains Option to Purchase All Intellectual Property and Assets Related to Pocket Starships.
About this update from Spyr, Inc.
[{"type":"text","content":"\n\n\n\nSPYR Obtains Option to Purchase All Intellectual Property and Assets Related to Pocket Starships\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\nSPYR Obtains Option to Purchase All Intellectual Property and Assets Related to Pocket Starships\nSPYR's Option Includes Ownership of Unique Cross-Platform Real-Time Engine\nPR Newswire\nDENVER, July 12, 2016\n\n\n\nDENVER, July 12, 2016 /PRNewswire/ -- SPYR, INC. (OTCQB: SPYR), a holding company with wholly owned subsidiaries in both the mobile game & app development and publishing industry, and in the restaurant industry, today announced that SPYR has obtained an option to purchase its most recently published game, Pocket Starships (www.pocketstarships.com).\n\nSPYR is currently publishing, through its wholly owned subsidiary, SPYR APPS, LLC, Pocket Starships, a real-time, cross-platform space-themed MMO (Massively Multiplayer Online) game.  SPYR and the developer of Pocket Starships have now inked a deal under which, SPYR has the option to purchase substantially all of the assets and intellectual property of the developer, including all assets related to Pocket Starships and the engine on which Pocket Starships is built, which provides the unique real-time, cross-platform aspect of the game.\n\nThe option gives SPYR the ability to purchase the assets at its discretion at any time prior to the end of 2020.  \n\nSPYR obtained the purchase option in a cashless transaction under which the developer received a series of cash-based stock options, exercisable at prices significantly higher than SPYR's current stock price.\n\nThe purchase would also keep together the impressive team behind the development of Pocket Starships, including the game's architect, Lars Koschin, who have agreed to sign five (5) year employment agreements with SPYR in the event SPYR exercises its option.\n\nThese terms of the option agreement show the confidence the developer of Pocket Starships has in the future success of the game.  \n\nJames Thompson, SPYR's CEO and President, states: \"We are very pleased with the metrics t...