Brief: No Gravity Games Signs Divestment Deal For Publishing Unit

Munar Pharma SA

29/04/2024 06:57

April 29 (Reuters) - No Gravity Games SA  NGGP.WA :
    * SAID ON SUNDAY IT HAS SIGNED DIVESTMENT DEAL FOR ITS
PUBLISHING
SUBSIDY 
    * DISPOSAL WAS MADE IN EXCHANGE FOR 100,000 ZLOTYS AND
ASSUMPTION
OF 416,000 ZLOTYS OF COMPANY'S LIABILITIES
    * MANAGEMENT BOARD INDICATED THAT DISPOSED SUBSIDY INCLUDES 
VIDEO
GAME PROJECTS AND LICENSES, AS WELL AS THE NAME AND BRAND "NO
GRAVITY GAMES"
    * DIVESTMENT OF BUSINESS WAS MADE AS A RESULT OF ASSESSMENT
OF
FINANCIAL PROSPECTS, IN PARTICULAR, LIABILITIES, INCLUDING
MATURING LIABILITIES, EXCEEDING 2 MLN ZLOTYS
    * IN THE SITUATION OF THE OBSERVED CRISIS ON THE VIDEO GAME
MARKET, AND WITH VERY LIMITED POSSIBILITIES OF OBTAINING
ADDITIONAL FINANCING FOR COMPANY'S ACTIVITIES, MANAGEMENT BOARD
CAME TO THE CONCLUSION THAT FURTHER CONTINUATION OF THE BUSINESS
USING COMPANY'S ENTERPRISE DEALING IN PUBLISHING OF VIDEO GAMES
DOES NOT PROVIDE GROUNDS FOR ASSUMING THAT COMPANY WILL BE ABLE
TO SETTLE ITS OBLIGATIONS

        
 Source text for Workspace:  urn:newsml:reuters.com:*:nEM74nzkpa
 Further company coverage:  NGGP.WA  

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