Vivid Games will early repay the ninth installment for the bonds. The company focuses on investments in the further development of the current and future portfolio.
Vivid Games will early repay the ninth installment for the bonds.
The company focuses on investments in the further development of the current and future portfolio.
As announced, the Management Board analyzed the investment opportunities and decided that part of the funds obtained from the September sale of Bidlogic technology would be used for early repayment of the ninth arrangement installment. The rest of the funds will remain with the Company. They will be invested in developing Real Boxing 2 and Eroblast and working on a new, strategic title.
“The global market situation has been difficult in recent months, and the subsequent months do not herald a quick change in the trend. Achieving a satisfactory result requires even more effort and expenditure than before, e.g. on UA. We had to take this into account when considering whether the proceeds from the sale of Bidlogic should be used for the full, early repayment of bonds. We came to the conclusion that investment in the development, improvement of results, and expansion of our key brands, as well as intensified works on the development of the portfolio, will give more, not only to the Company but also to its stakeholders. We want to invest, but at the same time strengthen financial stability by keeping funds in the accounts” - says Jarosław Wojczakowski, CEO of Vivid Games. “We decided to early repay the ninth installment, which was due in December. Thanks to this, we will reduce interest costs in 2022”- adds the president.
In addition to developing key brands - Real Boxing 2 and Eroblast, the company is working on the concept of another title that will diversify the sources of income. “We remember the declarations made in the development strategy, we're constantly working on the concept of a new game and should be ready to introduce it to the world early next year. I believe it will be a game that has a chance to at least equal Real Boxing 2”- declares Piotr Gamracy, General Manager of Vivid Games. “In recent weeks, we have also reorganized the department responsible for business development. The team can now operate more effectively, it has resources that guarantee not only decision-making but also high self-sufficiency. We hope that it will translate into interesting contracts within a few or several months” - adds Gamracy.