Acquisition strengthens financial profile, and
increases total Monthly Active Users (MAU) to over 1.9
million
TORONTO, March 18, 2021 /CNW/ - 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