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| Strengthens portfolio with one of the largest casual gaming brands of all time |
San Francisco, May 1, 2014 - (ACN Newswire) - Glu Mobile Inc. (NASDAQ: GLUU), a leading global developer and publisher of free-to-play games for smartphone and tablet devices, today announced that the company has agreed to acquire PlayFirst - creators of Diner Dash(R), Cooking Dash(R), Hotel Dash(R), and Wedding Dash(R). The DASH(R) series in aggregate has been downloaded more than 750 million times across all platforms over the past 10 years.
"PlayFirst brings to Glu one of the largest casual gaming brands of all time, as well as the studio-DNA to take Glu's casual portfolio to ever greater heights. We are delighted to add PlayFirst to the Glu family and look forward to the launch of a free-to-play Diner Dash mobile game in Q4 2014," said Niccolo de Masi, Glu CEO.
"Glu continues to search for globally-recognized IP that can be reinvigorated by leveraging our global studio and publishing organizations," said de Masi. "We remain dedicated to creating and growing franchises such as Contract Killer, Deer Hunter, Eternity Warriors, Frontline Commando, Stardom, and now, DASH."
Combined with the company's existing casual franchise, Stardom, out of the Glu Canada studio, Glu will have critical competitive mass in the casual genre - both from an IP and talent perspective.
The newest game in the Diner Dash franchise will launch worldwide in Q4 2014 as a fully free-to-play mobile game. Glu's global reach and scale will enable Diner Dash to accelerate and broaden the title's reach to a worldwide audience. PlayFirst's talented studio team will operate on a stand-alone basis and report directly to Glu's President of Studios. In 2015 we anticipate the launch of the first fully free-to-play versions of Cooking Dash and Wedding Dash.
Glu agreed to pay total consideration of 3 million shares of the company's common stock plus the assumption of approximately $3.55 million of PlayFirst's debt. Glu expects the acquisition to close by the end of May 2014.
Glu Mobile
Glu Mobile (NASDAQ:GLUU) is a leading global developer and publisher of free-to-play games for smartphone and tablet devices. Glu is focused on creating compelling original IP games such as CONTRACT KILLER, DEER HUNTER, ETERNITY WARRIORS, and FRONTLINE COMMANDO on a wide range of platforms including iOS, Android, Windows Phone, and MAC OS. Glu's unique technology platform enables its titles to be accessible to a broad audience of consumers globally. Founded in 2001, Glu is headquartered in San Francisco with a major office outside Seattle, and international locations in Canada, China, India, Japan, Korea, and Russia. Consumers can find high-quality entertainment wherever they see the 'g' character logo or at www.glu.com. For live updates, please follow Glu via Twitter at www.twitter.com/glumobile or become a Glu fan at Facebook.com/glumobile. CONTRACT KILLER, DEER HUNTER, ETERNITY WARRIORS, FRONTLINE COMMANDO, GLU, GLU MOBILE and the 'g' character logo are trademarks of Glu Mobile Inc.
Cautions Regarding Forward-Looking Statements
This press release contains certain "forward-looking statements" related to the business of Glu Mobile Inc., including statements regarding the expected benefits of Glu's acquisition of PlayFirst; the belief that PlayFirst has the studio-DNA to take Glu's casual portfolio to ever greater heights; the anticipated launch date of a free-to-play Diner Dash mobile game in Q4 2014; the belief that Glu's global reach and scale will enable Diner Dash to accelerate and broaden the title's reach to a worldwide audience; that we anticipate the launch of the first fully free-to-play versions of Cooking Dash and Wedding Dash in 2015; the belief the combination of PlayFirst with Glu's IP and team will have critical competitive mass; that PlayFirst's studio team will operate on a stand-alone basis; and the expected closing date of the acquisition. These forward-looking statements are subject to material risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Investors should consider important risk factors, which include: the risk that Glu will be unable to successfully integrate PlayFirst and its employees and achieve expected synergies, the risk that Glu will have difficulty retaining key PlayFirst employees; the risk that consumer demand for smartphones, tablets and next-generation platforms does not grow as significantly as we anticipate or that we will be unable to capitalize on any such growth; the risk that we do not realize a sufficient return on our investment with respect to our efforts to develop free-to-play games for smartphones, tablets and next-generation platforms, the risk that we will not be able to maintain our good relationships with Apple and Google; the risk that our development expenses for games for smartphones, tablets and next-generation platforms are greater than we anticipate or that we encounter development delays; and the risk that the mobile games market, particularly with respect to free-to-play gaming, is smaller than anticipated; and other risks detailed under the caption "Risk Factors" in our Form 10-K filed with the Securities and Exchange Commission on March 14, 2014 and our other SEC filings. You can locate these reports through our website at http://www.glu.com/investors. We are under no obligation, and expressly disclaim any obligation, to update or alter our forward-looking statements whether as a result of new information, future events or otherwise.
Media Contacts:
Jason Enriquez
Glu Mobile Inc.
PR@glu.com
+1-415-800-6263
This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Glu Mobile Inc. via Globenewswire
Topic: Merger & Acquisition
Source: Glu Mobile Inc.
https://www.acnnewswire.com
From the Asia Corporate News Network
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