G5 has handed in complaint regarding breach of contract by MyTona LLC
The action arises from disputes concerning a license agreement between the parties entered into on May 2, 2012, with regard to the game "The Secret Society." The full text of the complaint is available through the Clerk's Office of the Orange County Superior Court, case number 30-2017-00896250-CU-BC-CJC. In the suit, G5 contends that MyTona has failed to perform certain obligations under the May 2, 2012 license agreement with regard to “The Secret Society”, and has improperly refused to extend the license agreement beyond its initial 5-year term ending in November 2017. G5 seeks substantial damages for past and future lost profits, declaratory relief and other remedies against MyTona for these violations. G5's action also seeks to enforce rights claimed by G5 in relation to MyTona’s game “Seeker’s Notes”, in which G5 claims a contractual right under the license agreement to participate financially, and seeks substantial damages, declaratory relief and other remedies against MyTona.
Vlad Suglobov, G5’s CEO, stated that: “G5 and MyTona have had a long and prosperous partnership making The Secret Society a great success in its genre. And, while we are currently seeing greater success and growth with some of our other titles, TSS continues to be a solidly performing game as part of our overall game portfolio. We believe our current actions are both necessary and justified.”
For further information, please contact:
Vlad Suglobov, CEO, firstname.lastname@example.org
Stefan Wikstrand, CFO, 46 76 00 11 115
The information provided herein is such as G5 Entertainment AB is obligated to disclose pursuant to the EU market securities act (EU) no. 596/2014.
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®, and The Secret Society®. G5 Entertainment AB (publ) is listed on Nasdaq Stockholm since 2014.