RCS - Pires Investments - Update on Investment in Pluto Digital plc
25/10/2022 12:28
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RNS Number : 0575E Pires Investments PLC 25 October 2022
25 October 2022
Pires Investments plc
("Pires" or the "Company")
Update on investment in Pluto Digital plc
Pires Investments plc (AIM: PIRI), the investment company focused on
next-generation technology, is pleased to provide an update on developments at
Pluto Digital plc ("Pluto"), one of the Company's investee companies,
following a recent webinar held by the company.
Following its successful joint venture earlier this year, Pluto has merged
with Maze Theory Limited ("Maze Theory"), a London-based digital entertainment
studio, to form Emergent Entertainment plc ("Emergent"), a next-generation
entertainment company focused on bringing audiences and storytellers together
by harnessing emerging technologies.
Pluto is a Web3 technology company with a focus on the metaverse, blockchain
gaming and NFTs sectors. Pluto had been working with Maze Theory with a view
to developing high-quality games that incorporate token economics. Previously,
the company had acquired 40% of Maze Theory and set up a joint venture called
Emergent Games Limited.
Pluto has now agreed to acquire the remaining 60% of Maze Theory that it did
not already own and merge the two companies to form Emergent. The
consideration will be the issue of 151 million new shares in Pluto, with the
reference price of the transaction being 6 pence per Pluto share.
Former Executive Vice President of Sony Interactive Entertainment/PlayStation,
Simon Rutter, has joined Emergent as Chairman, alongside CEO Ian Hambleton,
the former CEO of Maze Theory. Simon Rutter spent 25 years at PlayStation,
with the last 10 years in senior international leadership roles. Ian Hambleton
is a successful entrepreneur of 20 years, having founded and grown creative
businesses across tech, digital, gaming and green tech with Found Studio, Maze
Theory and Ecologi.
Post transaction, Emergent will benefit from the experience and expertise of
over 60 developers and executives across the two merged entities. The business
will comprise three divisions:
- Emergent XR, which will focus on developing VR games such as Peaky
Blinders, an action/adventure game that is currently in development.
- Emergent Web3, which is developing the game Resurgence, a Web3
game which takes players on a journey from a present-day disaster to a
post-apocalyptic future. This will be free to play and will include token
economics.
- Emergent Networks, which includes certain existing digital assets,
owned by the Company, including NFTs.
Emergent expects to balance the traditional and the new; storytelling craft
with technical innovation; and established, reliable business models with more
contemporary forms of monetisation.
Nicholas Lee, Director of Pires, commented:
"We are pleased to note the ongoing developments at Pluto, which is making
good progress towards becoming a next-generation entertainment company, with a
specific focus on Web3. This is a sector where significant growth is expected,
particularly in the form of VR video games."
The Directors of the Company are responsible for the release of this
announcement.
Enquiries:
Pires Investments plc Tel: +44 (0) 20 3368 8961
Nicholas Lee, Director
Broker Tel: +44 (0) 20 7469 0935
Peterhouse Capital Limited Tel: +44 (0) 20 7469 0936
Duncan Vasey/Lucy Williams
Financial media and PR Tel: +44 (0) 20 3004 9512
Yellow Jersey
Sarah Hollins
Henry Wilkinson
Annabelle Wills
Notes to Editors
About Pires Investments plc
Pires Investments plc (AIM: PIRI) is an investment company providing investors
with access to a portfolio of next generation technology businesses with
significant growth potential.
The Company is building an investment portfolio of high-tech businesses across
areas such as Artificial Intelligence, Internet of Things, Cyber Security,
Machine Learning, Immersive Technologies and Big Data, which the Board
believes demonstrate evidence of traction and the potential for exponential
growth, due to increasing global demand for development in these sectors.
For further information, visit: https://piresinvestments.com/
(https://piresinvestments.com/)
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