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Acquisition strengthens financial profile, and increases total Monthly Active Users (MAU) to over 1.9 million
PopReach Corporation (" PopReach " or the " Company ") (TSXV: POPR) (OTCQX: POPRF), a free-to-play game publisher focused on acquiring and optimizing proven franchises, is pleased to announce that it has completed the previously announced acquisition of substantially all of the assets relating to the "Peak - Brain Training" app (" Peak ") from Brainbow Limited (the " Acquisition "). Since its launch in 2014, Peak has been downloaded more than 60 million times, was named one of the "Best Apps of 2014" by the Apple App Store, and "Best Self-Improvement App" in 2015 and 2016 by Google Play.
"Completing the Peak mobile game asset acquisition significantly strengthens our financial profile by adding a large player base that increases PopReach's total monthly active users to over 1.9 million, with over 80% of Peak's sales coming from subscription revenue," said Jon Walsh , CEO of PopReach. "As we bring the game operations in house, we look forward to running our playbook to execute against operational synergies and reinvesting in Peak to drive higher user engagement and growth."
Closing of the Acquisition was completed following satisfaction of customary closing conditions. Pursuant to the terms of the Acquisition, PopReach made a US$3 million cash payment to Brainbow Limited. An additional US$2 million is payable on completion of certain post-closing transitional matters, to be completed within two months of closing.
About PopReach Corporation
PopReach, a Tier 1 Issuer on the TSX Venture Exchange, with shares also trading on OTCQX® Best Market, is a free-to-play game publisher focused on acquiring and optimizing proven franchises. The Company has to date acquired 13 successful franchises enjoyed by over 1.9 million unique players a month, including Smurfs' Village (IP under license), Peak - Brain Training, Kitchen Scramble , Gardens of Time , City Girl Life , War of Nations and Kingdoms of Camelot . PopReach, headquartered in Toronto , employs a team of over 125 experts in Toronto , Vancouver , London, UK , and Bangalore, India .
Additional information about the Company is available at www.sedar.com
FORWARD-LOOKING INFORMATION
Certain information in this news release constitutes forward-looking statements and forward-looking information under applicable Canadian securities legislation (collectively, "forward-looking information"). Forward-looking information include, but are not limited to, statements with respect to and the business, financials and operations of the Company. Statements containing forward-looking information are not historical facts but instead represent management's expectations, estimates and projections regarding future events. Forward looking information is necessarily based on a number of opinions, assumptions and estimates that, while considered reasonable by the Company as of the date of this news release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements and future events to be materially different from those expressed or implied by such forward-looking information, including but not limited to the factors described in greater detail in the public documents of the Company available at www.sedar.com . Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. Investors are cautioned undue reliance should not be placed on any such information, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements of the Company. The Company does not intend, and does not assume any obligation, to update this forward-looking information except as otherwise required by applicable law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE PopReach Corporation
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