Bifogade filer
Daybreak Advances Cold Iron Partnership with Additional Investment of approximately 6.5 USD million Ahead of 2025 Release
Prenumeration
Beskrivning
| Land | Sverige |
|---|---|
| Lista | Small Cap Stockholm |
| Sektor | Sällanköp |
| Industri | Gaming |
Enad Global 7 AB (publ) (“EG7” or the "Company"), through its subsidiary Daybreak Game Company LLC (“Daybreak Games”), today announced a commitment of USD 6.5 million in additional development funding for Project Avo, the upcoming premium co-op action shooter based on a major film IP franchise from Cold Iron Studios LLC (“Cold Iron”), an affiliated entity. The funding will support final-stage development and go-to-market execution ahead of a global multiplatform release in the second half of 2025. As a related-party transaction, the investment was reviewed and approved by EG7’s Contract Oversight Committee. As part of the agreement, Cold Iron is also expected to co-invest up to USD 1.4 million, reinforcing shared commitment to the project’s success.
Cold Iron is a company in which Jason Epstein, Chairman of EG7, and Ji Ham, CEO of EG7, hold a personal financial interest. Accordingly, this transaction constitutes a related party transaction under applicable corporate governance policies.
The transaction was reviewed and approved by EG7’s Contract Oversight Committee, which is comprised of the independent board members of EG7, in accordance with the Company’s conflict of interest policy. The additional investment will remain contingent upon the achievement of specific milestones, to be approved by the Contract Oversight Committee. For more information about the Contract Oversight Committee, please see our web page, https://www.enadglobal7.com/governance/committees/.
Daybreak Games will continue to serve as the global publisher of Project Avo. As part of the expanded collaboration, Daybreak has also secured the right of first offer to publish any potential sequel, subject to customary terms and conditions.
Daybreak will recoup the additional USD 6.5 million investment along with the rest of its investment in Cold Iron’s game, prior to the profits from the release being shared between Daybreak and Cold Iron.
The game remains on track for release across major platforms in H2 2025, supported by Daybreak’s global publishing and marketing team.
The transaction supports EG7’s long-term growth strategy while maintaining alignment with shareholder interests and corporate governance best practices.
The additional investment of USD 6.5 million (SEK 68.6 million) is included in the communicated 125 SEK million allocated for growth investments in 2025.
Transaction Summary
- USD 6.5 million in additional development funding committed by Daybreak Games
- Up to USD 1.4 million co-investment expected from Cold Iron Studios
- Additional funding required to support final-stage of content development and further improvement to the overall quality of the product
- Related party transaction; reviewed and approved by EG7’s Contract Oversight Committee
- Existing publishing agreement remains in place
- Daybreak also secures the right of first offer to publish a potential sequel
- Advances EG7’s strategy of franchise-driven growth in the AA segment
Forward-looking statements
This press release contains forward-looking statements that reflect the Company's intentions, beliefs, or expectations regarding the Company's future results of operations, financial condition, liquidity, performance, prospects, anticipated growth, strategies and opportunities and the markets in which the Company operates. Forward-looking statements are statements that are not historical facts and can be identified by the use of words such as "believes", "expects", "anticipates", "intends", "estimates", "will", "may", "anticipates", "should", "could" and, in each case, the negatives thereof, or similar expressions. The forward-looking statements in this press release are based on various assumptions, many of which are based on additional assumptions. Although the Company believes that the assumptions reflected in these forward-looking statements are reasonable, there can be no assurance that they will materialize or that they are accurate. Because these statements are based on assumptions or estimates and are subject to risks and uncertainties, actual results or outcomes could differ materially from those in the forward-looking statements for a variety of reasons. Such risks, uncertainties, contingencies, and other important factors could cause actual events to differ materially from the expectations expressed or implied in this press release by the forward-looking statements. The Company does not guarantee that the assumptions underlying the forward-looking statements contained in this press release are accurate and any reader of this press release should not place undue reliance on the forward-looking statements contained in this press release. The information, opinions and forward-looking statements expressed or implied herein are made only as of the date of this press release and are subject to change. Neither the Company nor anyone else undertake to review, update, confirm or to release publicly any revisions to any forward-looking statements to reflect events that occur or circumstances that arise in relation to the content of this press release, except as required by law or Nasdaq Nordic Main Rulebook Market for Issuers of Shares and fixed income issuers.