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, investor@g5e.com
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.

About Us

G5 Entertainment Group (NASDAQ OMX: G5EN.ST, OTCQX: GENTF) ) develops and publishes high quality free-to-play games for both smartphones and tablets that are family-friendly, easy to learn, and targeted at the widest audience of both experienced and novice players. The company distributes its games through the Apple, Google, Amazon, and Windows application stores. The company’s portfolio includes popular games like Jewels of Rome™, Hidden City®, Mahjong Journey®, Homicide Squad®, The Secret Society®, Wordplay: Exercise your brain™ and Jewels of the Wild West™. Through its head entity G5 Entertainment AB Publ, G5 Entertainment is publicly listed on Nasdaq Stockholm main market under trade symbol G5EN.ST. For more information about G5 Entertainment: http://www.g5e.com/corporate


Documents & Links