G5 Entertainment informs that today the company signed a contract ("Agreement") with Artifex Mundi S.A under which G5 purchases the ownership of all rights to the games Nightmares from the Deep®: A Hidden Object Adventure and Kate Malone: Hidden Object Detective ("Games"). G5 Entertainment will pay a fixed part in the amount of USD 600,000, payable in four installments through the end of 2018.
The purchase agreement also includes a variable part based on the performance of the Games, with an upper limit on such variable payments of USD 500,000, and additional standard terms and conditions consistent with industry standards, including a noncompete clause with regard to free-to-play games in the hidden object genre, similar to the content purchased.
For G5 Entertainment the acquisition is another step to consolidate the ownership of the games in the portfolio. With G5's knowledge of the genre of hidden object games, where the company is the world leader, the company is confident that it can improve the game's performance and deliver value to the shareholders.
This information was distributed by Cision http://www.cisionwire.se/