Last checked at 11 Dec 2017 09:18
11 December 2017
Sealand Capital Galaxy Limited ("Sealand" or the "Company")
Agreement with MySQUAR Limited
Sealand, the APAC-based fintech, social media, entertainment and payments business through its subsidiaries, has finalised a partnership agreement (the "Agreement") with MySQUAR Limited ("MySQUAR") for the distribution of Guangzhou Ruiyou Information Technologies Co Ltd ("Rightyoo") games on the MySQUAR platform and the distribution of MySQUAR's games on Huawei's inTouch platform, as a follow-up to the MoU announced on 10 October 2017.
Under the scope of the Agreement, the mobile games of MySQUAR that are developed in-house will be distributed on the Huawei inTouch platform across 30 countries within Latin America, Africa, Southeast Asia and the Middle East.
MySQUAR will localise and distribute Sealand's mobile games, which were acquired through a majority stake in Rightyoo, that are a fit for the Myanmar market through its gaming platform. The majority of Rightyoo's games are casual games.
There will be a revenue share arrangement net of the payment service fees paid to payment providers and promotion and marketing costs. The agreement remains in effect for two years and will be automatically renewed annually unless notice of non-renewal is issued by either party thirty days prior to expiry of the contract.
Nelson Law, Chairman of Sealand, said: "We are excited to finalise the details of this partnership that will allow us to both distribute MySQUAR's games internationally and give Righyoo's games access to the Myanmar market. The Company anticipates that this Agreement will result in higher levels of monetisation for both parties. Sealand continues to actively seek partnerships and acquisitions to provide exclusive content to the APAC region."
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
For further information:
Sealand Capital Galaxy Limited
Nicholas Lyth (Non-Executive Director) +44 7769906686