GOTHENBURG, SWEDEN--(Marketwire - December 4, 2007) - MindArk PE ("MindArk"), owner of the
Entropia Universe online game ("Entropia"), plans an initial public
offering (IPO). MindArk is in the process of preparing for its upcoming
IPO, which will likely include an offering of newly issued registered
shares as well as existing shares. MindArk intends to use the proceeds from
the newly issued shares to implement its growth strategy, in particular the
expansion of its market position and pursuit of potential acquisition
opportunities.
Jan Welter, CEO of MindArk, said: "As a publicly traded company MindArk
will be able to acquire intellectual property and make strategic
acquisitions that will enhance and expand Entropia Universe as the leading
Virtual platform for Entertainment, Commerce, Education and Avatar
Development. The IPO will also give us an opportunity to substantially
expand our development team and to further develop our many current virtual
systems and user tools employed by users to engage in commerce, as well as
to develop new ones."
MindArk has appointed Credit Suisse to help the company evaluate its
strategic alternatives including planning for the IPO.
About MindArk PE
Headquartered in Gothenburg, Sweden, MindArk is the sole developer and
operator of Entropia Universe, a massive multiplayer online role-playing
game ("MMORG") which simulates a real cash economy in a virtual
three-dimensional universe. Entropia provides online interactive
entertainment for users around the world, where users create their own
characters, which are called avatars, and embark on tasks, adventures and
social interaction with other participants in the virtual universe.
MindArk's software is distributed for free with no subscription fees. As a
result, revenue of the business is largely generated from activities within
the virtual universe. The revenue model has historically proven to be
sustainable and is currently profitable. The MindArk platform was
originally founded in 2003.
Entropia Universe's user base has grown steadily from 30,000 in 2003 to in
excess of 650,000 in 2007 and is now recognized globally as one of the most
secure, financially dynamic and immersive virtual platforms available.
Strategic partnerships with media companies and financial institutions
combined with the addition of new or enhanced developer tools in 2008 are
expected to allow for the construction of new planets, to exist within the
financial structure of Entropia Universe, for third party content providers
to develop and market independently.
MindArk PE AB
Järntorget 8
SE-413 04
Gothenburg
Sweden
This announcement is for general information only and does not form part of
any offer to sell, or the solicitation of any offer to buy, any securities.
The distribution of this announcement and the potential offer and sale of
the securities described in this announcement in certain jurisdictions may
be restricted by law. Any persons reading this announcement should inform
themselves of and observe any such restrictions.
This announcement may not be taken, distributed or transmitted, directly or
indirectly, in any form in or into the United States, Canada, Australia or
Japan.
Information contained in this announcement may include "forward-looking
statements." All statements other than statements of historical facts
included herein, including, without limitation, those regarding the
Company's financial position, business strategy, plans and objectives for
future operations (including development plans and objectives relating to
the Company's business) are forward-looking statements. Such
forward-looking statements are based on a number of assumptions regarding
the Company's present and future business strategies and the environment in
which the Company expects to operate in the future. These forward-looking
statements speak only as to the date of this announcement and cannot be
relied upon as a guide to future performance. The Company expressly
disclaims any obligation or undertaking to disseminate any updates or
revisions to any forward-looking statements contained in this announcement
to reflect any changes in its expectations with regard thereto or any
change in events, conditions or circumstances on which any statement is
based.
Contact Information: Contact:
Marco Behrmann
Chief Information Officer
MindArk PE
+46 (0)31 60 72 64