Shares of SPYR Inc (OTCMKTS:SPYR) are sitting up 30% for the year after putting in a bottom in April and continuing the momentum into recent trading. Pocket Starships is due for a major content update in the coming months, the second major update in the works expected later this year in the rapidly growing world of competitive gaming known as eSports. Paul Thind, SPYR’s Managing Director of Games and Apps recently said, “…with an eSports upgrade, tournaments could be held with players simultaneously playing each other on mobile devices and PCs. Mobile eSports is in its infancy and we hope to make a mark in that world with Pocket Starships when the time is right.”
SPYR Inc (OTCMKTS:SPYR) purchased Pocket Starships in a cashless transaction under which the developer received a series of cash-based stock options, exercisable at prices significantly higher than SPYR’s current stock price. The purchase would also keep together the impressive team behind the development of Pocket Starships, including the game’s architect, Lars Koschin, who have agreed to sign five (5) year employment agreements with SPYR in the event SPYR exercises its option. James Thompson, SPYR’s CEO and President, states: “We are very pleased with the metrics that Pocket Starships has been producing, some of which have been highlighted in our recent press releases. Having now secured the option, our relationship with the developer is even more valuable because if we decide to exercise the option, SPYR will keep 100% of the profits generated by the game. This will represent a huge increase in earnings per share for SPYR and its shareholders.”
This has clearly turned the share price as shares hit its yearly low and lifted up more than 100% for the year before pulling back to the current levels.
Gamers are a huge growth sector in markets and this share deal with a developer motivating the department head to perform has translated to the stock price. Many industry analysts think the industry is in the first inning of the game, and we believe you will see more incentive based deals that put developers on the same page as shareholders with some skin in the game. This is a new industry phenomena where executives flock to a platform that has growth potential and becomes a hired gun to obtain results. We think this is a positive development for shareholders and the industry in general.
SPYR Inc (OTCMKTS:SPYR) engages in the digital media and restaurant businesses primarily in the United States. The company engages in developing, publishing, co-publishing, and marketing mobile games and applications. It also owns and operates American Diner theme restaurant under the Eat at Joes brand located in the Philadelphia International Airport in Philadelphia, Pennsylvania. The company was formerly known as Eat at Joes, Ltd. and changed its name to SPYR, Inc. in March 2015. SPYR, Inc. was incorporated in 1988 and is headquartered in Denver, Colorado.
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