Dispute with MyTona LLC resolved
The disputes giving rise to the lawsuit pending in Superior Court for the State of California, Orange County Superior Court Case No. 30-2017-00896250-CU-BC-CJC and between G5 and MyTona filed in Orange County, CA on January 10, 2017, have been resolved. The parties have agreed to dismiss their claims pursuant to the terms of the settlement. G5 is acquiring all rights to the “The Secret Society” game on all platforms in exchange for cash consideration, as well as additional contingent revenue share payments, to be paid over the course of the next year. G5 shall be taking over all support and development of the game going forward. G5 estimates that the total consideration to be paid to the MyTona parties may be worth up to US $6.5M or more, depending on the performance of the game. G5 expects that the acquisition will be financed from the company’s cash reserves and future cash flow.
G5’s CEO, Vlad Suglobov, comments: “The Secret Society has a special place in our catalogue and we are glad to see it among our wholly owned games. It is one of our games that has made over US $100M in revenue over its lifetime. The game has a loyal following and after 5 years on the market is still going strong and is one of the top performing games in our portfolio. We believe the game still has the potential for improvement and we are assembling the team that will be assigned with taking The Secret Society to the next level of performance.”
For further information, please contact:
Vlad Suglobov, CEO, investor@g5e.com
Stefan Wikstrand, CFO, +46 76 00 11 115
This information is information that G5 Entertainment AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 16.10 CET on Dec 21, 2017.
About G5 Entertainment
G5 Entertainment AB (publ) (G5) is a developer and publisher of high quality free-to-play mobile games for iOS, Android, Kindle Fire, and Windows-powered devices. G5 develops and publishes games that are family-friendly, easy to learn, and targeted at the widest audience of experienced and novice players. G5’s portfolio includes a number of popular games like Mahjong Journey®, Survivors: the Quest®, Hidden City®, Twin Moons Society®, Supermarket Mania® and The Secret Society®. G5 Entertainment AB (publ) is listed on Nasdaq Stockholm since 2014.