Brief: Gaming Innovation Group Halts Investments In Its Proprietary Game Studio

Gentoo Media

23/09/2019 11:07

Sept 23 (Reuters) - Gaming Innovation Group Inc  GAMIG.OL :
    * GAMING INNOVATION GROUP HALTS INVESTMENTS IN ITS
PROPRIETARY
GAME STUDIO
    * EXISTING PROPRIETARY CASINO GAMES (FOUR) WILL REMAIN IN
GIG AND
CONTINUE TO BE OFFERED TO BOTH INTERNAL AND EXTERNAL OPERATORS
    * HAS TAKEN A STRATEGIC DECISION TO HALT INVESTMENTS IN
BUILDING
ITS PROPRIETARY GAME STUDIO, GIG GAMES, WITH IMMEDIATE EFFECT
    * RATIONALE BEHIND THIS DECISION IS TO REDUCE OPEX AND
CONCENTRATE
FOCUS ON KEY STRATEGIC AREAS, DEVELOPING TECHNOLOGY AND PRODUCT
TO ENABLE FULL BUSINESS POTENTIAL
    * ACTION WILL SWIFTLY LEAD TO CASH SAVINGS BUILDING TO
APPROXIMATELY EUR 250,000 PER MONTH ONCE FULL EFFECT IS REALISED
    * 25 PEOPLE EMPLOYED BY GIG GAMES HAVE RECEIVED TERMINATION
PACKAGES AS A CONSEQUENCE OF CLOSURE
    * THREE EMPLOYEES ARE RETAINED TO MAINTAIN CURRENT GAME
STUDIO
UNTIL END OF 2019
    * REVENUES GENERATED FROM PROPRIETARY GAMES DIVISION HAVE
BEEN
NEGLIGIBLE

Source text for Eikon:  ID:nObiSW0nka 
Further company coverage:  GAMIG.OL 

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