DENVER, CO — (Marketwired) — 09/06/17 — SPYR, INC. (OTC PINK: SPYR), a holding company with a wholly owned subsidiary in the mobile game & app development and publishing industry, today announced that it has secured a $500,000, non-dilutive, non-convertible Line of Credit to be used for such expenses as furthering new game development. Terms of the Line of Credit are outlined in an 8K filed with the Securities and Exchange Commission.
The Line of Credit was provided by Berkshire Capital Management Company, a company owned and controlled by SPYR–s Chairman of the Board, Joseph Fiore.
Mr. Fiore commented, “Having worked with SPYR on its games and apps development since its inception in February 2015, I clearly see the exciting and unprecedented growth opportunities that are beginning to emerge for SPYR.”
Fiore went on to state, “I also see the emergence of the esports industry and recognize the enormous potential it provides to SPYR. Having attended numerous meetings with institutional investors, I have witnessed the growth in both capital investment in and the popularity of esports. SPYR is perfectly situated with Pocket Starship–s PvP (Player vs. Player) functionality (1v1, 3v3, and 5v5) to capitalize on this explosive growth opportunity.
“SPYR–s management, games development and marketing teams can boast over 4 decades of experience in the mobile games & apps industry. SPYR has some of the top leaders in the industry working with it on existing games and new game titles that are soon to be announced.”
James R. Thompson, SPYR–s CEO and President, stated, “With access to this additional capital, the management team feels confident that the fundamentals will soon begin to take hold and reinforce our Chairman–s vote of financial confidence.”
. is a holding company that through its wholly owned subsidiary SPYR APPS, LLC, is engaged in mobile application and game publishing and development. The Company is currently exploring opportunities for additional acquisitions in these and other verticals, including mobile application and game development, in order to expand its holdings, to drive and increase revenue and to generate profits and build value for shareholders.
Safe Harbor Statement:
This release contains forward-looking statements that are based upon current expectations or beliefs, as well as a number of assumptions about future events. Although we believe that the expectations reflected in the forward-looking statements and the assumptions upon which they are based are reasonable, we can give no assurance or guarantee that such expectations and assumptions will prove to have been correct. Forward-looking statements are generally identifiable by the use of words like “may,” “will,” “should,” “could,” “expect,” “anticipate,” “estimate,” “believe,” “intend,” or “project” or the negative of these words or other variations on these words or comparable terminology. The reader is cautioned not to put undue reliance on these forward-looking statements, as these statements are subject to numerous factors and uncertainties, including but not limited to: adverse economic conditions, competition, adverse federal, state and local government regulation, international governmental regulation, inadequate capital, inability to carry out research, development and commercialization plans, loss or retirement of key executives and other specific risks. To the extent that statements in this press release are not strictly historical, including statements as to revenue projections, business strategy, outlook, objectives, future milestones, plans, intentions, goals, future financial conditions, events conditioned on stockholder or other approval, or otherwise as to future events, such statements are forward-looking, and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The forward-looking statements contained in this release are subject to certain risks and uncertainties that could cause actual results to differ materially from the statements made. Readers are advised to review our filings with the Securities and Exchange Commission that can be accessed over the Internet at the SEC–s website located at , as well as SPYR–s website located at , and SPYR–s community channel on Twitter located at .
Investor Relations Contact:
Marlin Molinaro
Marmel Communications, LLC
(828) 669-0616
You must be logged in to post a comment Login