Playground Ventures Announces a Strategic Investment into TinyRex Games
Toronto, Ontario--(Newsfile Corp. - May 11, 2021) - Playground Ventures Inc. (CSE: PLAY) (the "Company" or "Playground") is pleased to announce that it has signed an agreement to invest $350,000 CDN into TinyRex Games Inc. ("TinyRex") as they complete an oversubscribed private placement for gross proceeds of $1.5 million.
TinyRex is a Vancouver based mobile games studio founded by Kenny Huang, Haig Sakouyan, Tim Harris & Ernest Chan. A leadership team with a history of commercial success in the video game and social casino industry. The founders plan to develop and release three idle genre mobile games which will leverage their recent partnership with East Side Games Inc. Their first major title is scheduled for its worldwide release in 2022 on iOS and Android. Terms of the partnership are subject to confidentiality agreements.
"We're very excited to be working with Playground. They are helping us to do what we do best - Develop fun & engaging games! We have a team of genuinely amazing & passionate people, who are eagerly working away on our premiere title. Set in the world of the much beloved Wizard of Oz, we will be taking players on a magical journey down the yellow brick road in early 2022." - Tim Harris, Co-Founder TinyRex.
"In becoming an early partner in a studio founded by a proven team with a history of success in starting, building and exiting the mobile space, we are continuing to expand our footprint in the industry. With this latest investment, we are building out our goal of having an increasing number of mobile game projects coming to market in the next 18 months. This strategy will create a portfolio of revenue generating assets - complimented by venture investments in new innovative digital media projects." - Jon Gill, Chairman of Playground.
For further information, please contact:
Jon Gill, Chairman
Forward Looking Information
This news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "would", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Forward-looking information is based on the opinions and estimates of management at the date the information is provided, and is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. For a description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company's Management's Discussion and Analysis. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change, unless required by law. The reader is cautioned not to place undue reliance on forward-looking information.
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