Starbreeze AB announces intent to acquire Geminose Inc. and sets up North American operations
ET | Source:Starbreeze AB
Starbreeze AB, an independent creator, publisher and distributor of computer and
video games, has today announced its intentions to acquire and merge with the
privately held Geminose Inc, an independent studio based in Los Angeles, via its
subsidiary Starbreeze USA Inc.
Starbreeze USA Inc. is a newly established North American subsidiary with office
in Los Angeles, USA.
Geminose is headed by multi-award winning game industry veterans Cos Lazouras
and Foo Katan. Lazouras, has worked at Warner Bros Interactive, Fox Interactive,
Atari and headed Vin Diesel's game production company, Tigon Studios where he
produced Chronicles of Riddick: Escape from Butcher Bay. Katan owned and ran
Bits Studios, where he produced multiple IP based games including Die Hard,
Constantine, Terminator 2, R-Type, Wolverine and The Simpsons: Itchy & Scratchy
The acquisition of Geminose will strengthen Starbreeze's range of IP's further
to include a youth targeted franchise. The acquisition includes a title under
development in a pre-alpha phase for iOS, Android and other platforms.
"Acquiring Geminose is a vital strategic step in our aggressive campaign to
further establish ourselves as a developer and digital publisher on the global
market, expanding our range of IPs. Just like OVERKILL Software, I am convinced
that Geminose will prove to be a worthwhile investment." Said Bo Andersson
Klint, CEO of Starbreeze. He continued "This acquisition not only broadens our
portfolio but also breaks new ground for us on mobile devices. With Geminose
leading the push, we gain experience in a market that can be cross-leveraged to
our other products. A significant amount of our business partners are located in
the USA so setting up a subsidiary with office in Los Angeles will make sure
we're better positioned to expand and refine our business and franchises. Los
Angeles is, after all, the city of cities within the entertainment industry".
"We are extremely excited to join the Starbreeze family, and broaden their
excellent record of hardcore gamer based projects, to include our family based
Intellectual Property, Geminose" said Geminose Creator, Cos Lazouras.
Geminose is acquired for $7 million USD in Starbreeze shares, valued at the
share price per closing date of the transaction. New shares will be issued by
the board utilizing its authorization from the AGM and would if valued as of
today correspond to approximately 3.0% of the share capital on a fully diluted
basis. In addition to the shares, the sellers of Geminose Inc. could potentially
get additional cash compensation based on positive results generated to
Starbreeze from the Geminose IP over a five-year period amounting to a maximum
of $10 million USD.
The transaction is expected to close before the end of September after a final
due diligence process.
As a part of the acquisition, Geminose co-founders Cos Lazouras and Foo Katan
will join Starbreeze at the new office in Los Angeles and will retain leading
positions within Starbreeze USA that will actively continue production of the
Geminose IP. Bo Andersson Klint, CEO of Starbreeze AB and Mikael Nermark, COO of
Starbreeze AB, will take seats on the Board of Directors of Starbreeze USA Inc.
More information will be provided when the acquisition has been finalized.
For more information please contact:
Bo Andersson Klint, CEO, Starbreeze AB
Tel: +46(0)8-209 208, email: email@example.com
Brief information about Starbreeze:
Starbreeze is an independent creator, publisher and distributor of high quality
entertainment products, headquartered in Stockholm, Sweden. At Starbreeze we
create games by our own design and through licensed content, establishing
franchises that can live and prosper outside the game itself. We live and die by
Starbreeze is pioneering digital self-publishing, currently hosting one of the
largest community groups on the digital distribution platform Steam.
Starbreeze's most recent products include PAYDAY 2, our adrenaline fuelled bank
robbing co-op game and the critically acclaimed adventure game Brothers -
A Tale of Two Sons.
Starbreeze AB is publicly traded on Nasdaq OMX First North Premier under the
ticker STAR and the ISIN code: SE0005992831. Starbreeze's brands include
OVERKILL Software and the PAYDAY series.
See www.starbreeze.com for more information.
GlobeNewswire, a Nasdaq company, is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.