23 Mar 2010 07:00
23 March 2010
Origo Partners PLC
Possibility Space Inc. Fundraising
Origo Partners Plc ("Origo") is pleased to announce that its portfolio company Possibility Space Inc. ("PSI" or "the Company") has raised up to US$1.5m from a new investor to help fund the Company and develop its online computer gaming business.
The equity funding will be provided by a Nasdaq listed strategic investor ("the Investor") in consideration for up to 49 percent of the issued share capital of the Company. Under the terms of the transaction, the Investor has also been granted an option to purchase the balance of the outstanding shares of PSI, including the Origo stake representing 47 percent of the expanded share-capital, at a price determined by the future financial performance of the Company.
Founded by experienced game executives, Beijing based PSI develops online games and gaming technology with low network system requirements. While PSI utilizes its low cost China base and domestic design advantages, its key competitive advantage lies in its ability to design, produce and deliver high quality "free to play" games with item sales features, which can be distributed on any device connected to the internet (PC's, Macs, consoles and handheld devices).
Origo CEO Chris Rynning commented, "The online gaming market is witnessing rapid expansion in North America and Europe as well as continued growth from the already well established market in China.
"This fundraising will enable PSI to continue to develop its online games business and capture this market opportunity with the backing of a US listed and well financed strategic partner. From Origo's perspective, we believe this strategic partnership represents an important milestone for realizing the value of our investment in PSI."
For further information about Origo please visit www.origoplc.com or contact:
| Origo Partners plc Chris Rynning (chris@origoplc.com) Niklas Ponnert (niklas@origoplc.com)
|
+86 1390 124 6417
+86 1351 106 1672 |
| Nominated Adviser Smith & Williamson Corporate Finance Limited Azhic Basirov
| +44 (0)20 7131 4000 |
| Broker Liberum Capital Limited Simon Atkinson
| +44 (0)20 3100 2222 |
| Public Relations Aura Financial Andy Mills / Nina Legge | +44 (0)20 7321 0000 |
Origo Partners:
• Origo is an established private equity investor and strategic consultancy business, which provides its shareholders with exposure to growth opportunities and private equity returns based on the China growth story.
• Origo's business model is to generate capital gains from private equity investment in growth companies from which it also generates fees for consultancy services related to further fundraisings, M&A and strategic development.
• Origo has a significant portfolio of investments in a range of industrial sectors, including metals and mining, agriculture, renewable energy/clean tech and technology, telecom and media ("TMT").