The parties have agreed on extending the existing Agreement with 12 months period.
Nitro Games has signed an Addendum to the Development and Publishing Agreement with Expansive Worlds AB (“Avalanche Studios”), for a non-disclosed title. The parties originally signed an Agreement in June 2019, about Nitro Games developing a mobile game for Expansive Worlds, based on Expansive Worlds IP.
With this Agreement, Nitro Games will perform Live operations development and Live operations publishing services for Expansive Worlds AB. The agreement period covers an additional 12 months, from May 2020 – April 2021. The order value of this new agreement is est. € 1,1 million. The agreement contains a potential upside for Nitro Games in the form of a Royalty share, after recouping of costs, following industry standard structure.
For more information:
Jussi Tähtinen, CEO & Co-Founder
Phone: +358 44 388 1071
Sverker Littorin, Board member, IR Advisor
Phone: +46 70 875 53 09
This company announcement contains information that Nitro Games Oyj is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication by aforementioned contact person on 20 March 2020 at 11:15 (EET).
Nitro Games in brief:
Nitro Games is a free-to-play mobile game developer and publisher making games for the mid-core user segment. The Company focuses on producing competitive multiplayer games with high production value and high revenue potential for smartphones and tablets. With Nitro Games’ powerful NG Platform and NG MVP-process, the Company is able to do market validation during the development to ensure high product quality. Nitro Games has developed games such as Heroes of Warland, Medals of War, Raids of Glory, East India Company, Commander: Conquest of the Americas, Pirates of Black Cove. Nitro Games’ shares are listed on Nasdaq First North Growth Market in Stockholm with the ticker NITRO. The Certified Adviser is Augment Partners AB, firstname.lastname@example.org, +46 8-505 65 172. www.nitrogames.com
About Avalanche Studios:
Avalanche Studios is the original creator of the award-winning Just Cause franchise (published by Square Enix) and the developer of Mad Max (published by Warner Bros. Interactive) and Rage 2 (published by Bethesda Softworks). As a publisher, Avalanche Studios has released theHunter: Call of the Wild, Generation Zero and the free-to-play service theHunter Classic which has reached more than 8 million players across 190 countries. Avalanche Studios was founded in 2003 and is based in Stockholm, New York City and Malmö. The studio develops games using its proprietary Apex technology, enabling huge open worlds filled with emergent gameplay. Learn more at www.avalanchestudios.com.