- Signed the definitive agreement for, and completed the acquisition of, the full global rights and revenue to the My Hospital game
- Kuuhubb has purchased the full global rights and revenue to the My Hospital game for 2.6 million Euros, to be paid in monthly instalments between May 2019 and June 2021
TORONTO, May 08, 2018 – Kuuhubb Inc. (“Kuuhubb†or the “Companyâ€) (TSX-V:KUU) announces that, further to its February 28, 2018 press release, it has signed the definitive agreement for, and completed the acquisition of, the full global rights and revenue to the My Hospital game.
Kuuhubb has purchased the full global rights and revenue to the My Hospital game for 2.6 million Euros, to be paid in monthly instalments between May 2019 and June 2021. Â Additionally, after Kuuhubb has recouped the entire purchase price, Cherrypick Games is entitled to 25% net profit share. Â Cherrypick Games will continue the current game development and update efforts until June 2021.
“We are delighted with the long-term potential of My Hospital.  The acquisition of My Hospital from Cherrypick Games is expected to provide Kuuhubb with cash flow and profitability as well as create long-term value through our expanding product portfolio globally,†commented Jouni Keränen, CEO of Kuuhubb.
About Kuuhubb
Kuuhubb is a company active in the digital space that focuses mainly on lifestyle and mobile video game applications. Its strategy is to create sustainable shareholder value through acquisitions of proven, yet underappreciated, assets with robust long-term growth potential. Headquartered in Helsinki, Finland, the Company has a global presence with a strong focus on developing U.S. brand collaborations and Asian partnerships.
Cautionary Note Concerning Forward-Looking Information
This press release contains forward-looking information.  All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements relating to the potential of My Hospital, future cash flow and profitability, growth of the Company’s business and expected benefits from the My Hospital acquisition) are forward-looking information. This forward-looking information reflects the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking information is subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking information, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on the Company.  Factors that could cause actual results or events to differ materially from current expectations include, among other things, risks related to the growth strategy of the Company, the possibility that results from the My Hospital acquisition will not be consistent with the Company’s expectations, the early stage of the Company’s development, competition from companies in a number of industries, the ability of the Company to manage expansion, future business development of the Company and the other risks disclosed under the heading “Risk Factors” in the Company’s annual information form dated October 30, 2017 filed on SEDAR at www.sedar.com.  Forward-looking information speaks only as of the date on which it is provided and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise.  Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information, please contact:
Kuuhubb Inc.
Jouni Keränen – CEO
[email protected]
Office: +358 40 590 0919
Bill Mitoulas
Investor Relations
[email protected]
Office: +1 (416) 479-9547