Starbreeze AB:Starbreeze and Smilegate to cooperate on VR content platform

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STOCKHOLM (May 25, 2016) Starbreeze AB and Smilegate today signed a letter of intent to form a joint venture for a virtual reality (VR) content distribution platform for the StarVR Head-Mounted Display (HMD). The two companies aim to cooperate on ...

STOCKHOLM (May 25, 2016) Starbreeze AB and Smilegate today signed a letter of intent to form a joint venture for a virtual reality (VR) content distribution platform for the StarVR Head-Mounted Display (HMD). The two companies aim to cooperate on developing and promoting the platform for distribution of electronic entertainment content for the StarVR HMD.

"With the Acer production partnership for the StarVR headset, our joint venture with IMAX for location-based entertainment, and the content platform collaboration with Smilegate, we now have a perfect eco system for our VR centers", said Bo Andersson-Klint, Starbreeze CEO. "Smilegate has a team of highly skilled engineers with many years of expertise in content distribution development, which we're very excited to partner with for our location based projects."

"We are pleased to expand our collaboration efforts with Starbreeze by investing in the software platform, which is a core part in the VR-business. Smilegate will continuously seek for investment opportunities in businesses that pursue high value such as VR", said Mr. Hyuk Bin Kwon, Group CEO of Smilegate. "With its top-notch skills and experience, Starbreeze is one of the leading companies in the VR business across the globe. We look forward to continue having a great partnership with Starbreeze."

The letter of intent announced today forms the basis for ongoing discussions regarding a definitive agreement to form the joint venture, subject to the parties' board approval and is separate from the parties earlier agreements. Starbreeze and Smilegate entered into a long term strategic partnership in January 2016.

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More information:

Starbreeze and the experiences, please contact:
Maeva Sponbergs, EVP of Communication and Head of Investor Relations, Starbreeze AB
Tel: +46(0)8-209 208, email: ir@starbreeze.com

Smilegate:
Kay Lee, Director of Public Relations, Smilegate Group
Tel: +82 31 600 8283, e-mail: hklee@smilegate.com

About Starbreeze:
Starbreeze is an independent creator, publisher and distributor of high quality entertainment products. With studios in Stockholm, Paris and Los Angeles, the company creates games and other virtual reality entertainment products, based on proprietary design and licensed content. Starbreeze's most recent games include PAYDAY 2, the adrenaline fueled bank robbing co-op game and the upcoming John Wick VR shooter and survival co-op FPS OVERKILL's The Walking Dead.
About Starbreeze:
Starbreeze is an independent creator, publisher and distributor of high quality entertainment products. With studios in Stockholm, Paris and Los Angeles, the company creates games and other virtual reality entertainment products, based on proprietary design and licensed content. Starbreeze's most recent games include PAYDAY 2, the adrenaline fueled bank robbing co-op game and the upcoming John Wick VR shooter and survival co-op FPS OVERKILL's The Walking Dead.
Starbreeze has set out to develop truly immersive virtual reality experiences, by integrating software and hardware in its StarVR head mounted display, to be produced together with leading Taiwanese electronics company Acer, displaying a unique field of vision and a mission to bring top-end VR to large audiences. Starbreeze launched StarVR with a VR-experience at the Electronic Entertainment Expo (E3) in June 2015, gained by teaming up with French Infinite Eye. In January 2016, Starbreeze unveiled the StarCade initiative; centers that invites people to immerse themselves into premium VR experiences. The first cinematic VR experience "Cockatoo Spritz" directed by Stephane Barbato, premiered at the 69th Cannes Film Festival 2016.

Headquartered in Stockholm, Sweden, Starbreeze's shares are listed on Nasdaq Stockholm First North Premier under the tickers STAR A and STAR B with the ISIN-codes SE0007158928 (A-share) and SE0005992831 (B-share). Remium Nordic is the company's Certified Adviser. For more information, please visit http://www.starbreeze.com, http://www.starvr.com, http://www.overkillsoftware.com
Headquartered in Stockholm, Sweden, Starbreeze's shares are listed on Nasdaq Stockholm First North Premier under the tickers STAR A and STAR B with the ISIN-codes SE0007158928 (A-share) and SE0005992831 (B-share). Remium Nordic is the company's Certified Adviser. For more information, please visit http://www.starbreeze.com, http://www.starvr.com, http://www.overkillsoftware.com

About Smilegate - Creators of CROSSFIRE
Smilegate is the game company behind CROSSFIRE, one of the most played first-person-shooter games with over 500 million users and six million concurrent players across the globe. CROSSFIRE is currently serviced in 80 countries throughout Asia, Europe, South and North American regions.
Smilegate invests heavily in companies that show potential and encourage partnership. This approach not only creates a robust, sustainable corporate structure, but also broadens the ability to provide industry leading level of entertainment and service.
At Smilegate, the passion for digital entertainment is key to provide world-class gaming entertainment. By working with partners, Smilegate continuously strives to serve players with quality content.
Founded in 2002, Smilegate has increased its annual revenue by over double for the past five years. With regional offices in the U.S., China and Southeast Asia, the company is well positioned for global growth as it expands its business areas from software development to publishing and investment. For more information, please visit www.smilegate.com




This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Starbreeze AB via Globenewswire

HUG#2015249

Source(s) : Starbreeze AB

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