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GREE to Invest in UltiZen Games Ltd.
Move Strengthens GREE's Global Expansion and Development Capabilities
BURLINGAME, Calif., Aug. 11, 2011 /PRNewswire/ -- GREE, Japan's leading mobile social gaming platform, today announced that it has entered into an agreement to acquire 1,400,000 common shares (equivalent to 5.1% of voting rights) of UltiZen Games Ltd. from existing shareholders. GREE's investment benefits its partners looking to expand globally by giving them access to UltiZen Games' best-in-class development and outsourcing capabilities.
With offices in Shanghai, Beijing and others in P.R. China, UltiZen Games provides both art outsourcing and game development services*1, which were key factors behind its partnership with GREE, since July 2011. The investment will not only strengthen the partnership financially, but will help to enhance the content and quality of GREE's mobile social gaming network as it plans to accelerate its global expansion.
Overview of stock acquisition
GREE will acquire 1,400,000 common share of UltiZen Games Ltd. from the existing shareholders. The acquisition is expected to be completed in August 2011.
*1: The art outsourcing service and game development service are being undertaken by Link China Entertainment Co., Ltd. which has a business collaboration with Ultizen Games (Shanghai), a wholly owned subsidiary of UltiZen games.
About GREE
GREE provides Japan's leading mobile social networking service, and is at the forefront of mobile technology. With over 26 million users, GREE was ranked as Japan's fastest-growing tech company by Deloitte Touche Tohmatsu in 2010. GREE is expanding globally, and acquired OpenFeint to enter the global market. Combined, the two networks reach over 130 million players and offer over 7,100 games. GREE aims to build the best mobile social gaming ecosystem for users and developer worldwide.
About UltiZen Games Ltd.
Founded in 2005, UltiZen Games is one of China's largest browser and smartphone game development and publishing companies. UltiZen is also the creator of the U-Pal web game platform for the Chinese market, as well as the leading art outsourcing provider. In 2008, Red Herring named UltiZen one of the most innovative private technology companies with its Global 100 award. UltiZen currently has 450 employees including studios in Shanghai, Beijing and Tokyo.
SOURCE GREE
GREE
CONTACT: Matt Marquess of Sparkpr, gree@sparkpr.com, for GREE International
GREE to Invest in UltiZen Games Ltd.
Move Strengthens GREE's Global Expansion and Development Capabilities
BURLINGAME, Calif., Aug. 11, 2011 /PRNewswire/ -- GREE, Japan's leading mobile social gaming platform, today announced that it has entered into an agreement to acquire 1,400,000 common shares (equivalent to 5.1% of voting rights) of UltiZen Games Ltd. from existing shareholders. GREE's investment benefits its partners looking to expand globally by giving them access to UltiZen Games' best-in-class development and outsourcing capabilities.
With offices in Shanghai, Beijing and others in P.R. China, UltiZen Games provides both art outsourcing and game development services*1, which were key factors behind its partnership with GREE, since July 2011. The investment will not only strengthen the partnership financially, but will help to enhance the content and quality of GREE's mobile social gaming network as it plans to accelerate its global expansion.
Overview of stock acquisition
GREE will acquire 1,400,000 common share of UltiZen Games Ltd. from the existing shareholders. The acquisition is expected to be completed in August 2011.
*1: The art outsourcing service and game development service are being undertaken by Link China Entertainment Co., Ltd. which has a business collaboration with Ultizen Games (Shanghai), a wholly owned subsidiary of UltiZen games.
About GREE
GREE provides Japan's leading mobile social networking service, and is at the forefront of mobile technology. With over 26 million users, GREE was ranked as Japan's fastest-growing tech company by Deloitte Touche Tohmatsu in 2010. GREE is expanding globally, and acquired OpenFeint to enter the global market. Combined, the two networks reach over 130 million players and offer over 7,100 games. GREE aims to build the best mobile social gaming ecosystem for users and developer worldwide.
About UltiZen Games Ltd.
Founded in 2005, UltiZen Games is one of China's largest browser and smartphone game development and publishing companies. UltiZen is also the creator of the U-Pal web game platform for the Chinese market, as well as the leading art outsourcing provider. In 2008, Red Herring named UltiZen one of the most innovative private technology companies with its Global 100 award. UltiZen currently has 450 employees including studios in Shanghai, Beijing and Tokyo.
SOURCE GREE
GREE
CONTACT: Matt Marquess of Sparkpr, gree@sparkpr.com, for GREE International