Stillfront Group AB: Stillfront resolves to allots subscribed shares to the seller of Simutronics Corp
June 15, 2018
Stillfront resolves to allot subscribed shares in the new share issue to the seller of Simutronics Corp
The general meeting in Stillfront Group AB (publ), reg. no. 556721-3078, ("Stillfront" or the "Company") resolved on 30 May 2018 on a directed new share issue of not more than 35,000 shares to the seller of Simutronics Corp. ("Simutronics"), David M. Whatley Living Trust, ("Seller") which shall constitute part of the earn-out consideration to be paid following the Company's acquisition of the majority of the shares in Simutronics in 2016. The earn-out consideration, which shall be paid partly in cash and partly in the form of shares in Stillfront, has now been determined to a total amount of USD 791,479. Subscription for shares has been completed and the board of directors of Stillfront has resolved to allot 18,463 subscribed shares to the Seller. Payment for the shares has been made by way of set-off of the Seller's claim corresponding to approximately SEK 3,247,058 which corresponds to the part of the agreed earn-out consideration to be paid in the form of shares in Stillfront.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Jörgen Larsson, CEO
Phone: +46 703 211 800
Sten Wranne, CFO
Phone: +46 705 851 258
Stillfront is a group of independent creators, publishers and distributors of digital games - with a vision to become the leading group of indie game creators and publishers. Stillfront operates through nine near-autonomous subsidiaries: Bytro Labs in Germany, Coldwood Interactive in Sweden, Power Challenge in the UK and Sweden, Dorado Online Games in Malta, Simutronics in the United States, Babil Games in UAE and Jordan, eRepublik in Ireland and Romania, OFM Studios in Germany and Goodgame Studios in Germany. Stillfront's games are distributed globally. The main markets are Germany, the United States, France, UK and MENA. For further information, please visit www.stillfront.com.
Stillfront's portfolio includes games across multiple platforms. Unravel is a widely acclaimed game series developed by Coldwood in collaboration with Electronic Arts. Supremacy 1914 and Call of War are high-immersion war strategy games developed by Bytro Labs. ManagerZone is a sports management strategy game launched in 2001. DragonRealms and GemStone IV are MUD-style games with a very loyal player base. Siege: Titan Wars(TM) is a popular mobile game developed by Simutronics. Tank Storm and Admiral are mobile strategy games with very strong player bases, which are published by Babil Games. World at War: WW2 and War and Peace: Civil War are a successful mobile strategy games developed and published by eRepublik Labs. Online Fussball Manager is a leading sports management game. EMPIRE and BIG FARM are major brands operated by Goodgame Studios.
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