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The 64% Frogster subsidiary Frogster Asia Co. Ltd. could yet again not reach an agreement on further cooperation with the Dutch licensor Spellborn NV regarding the intended enhancements and publishing of the free to play version of the MMO Game ‘The Chronicles of Spellborn’ in Asia and is thus forced to close down the development studio and to dismiss all staff who dealt with the free to play version by order of Spellborn NV. Herefrom arises an extraordinary negative P&L effect for the subsidiary which will have a negative impact to the group result in a small to medium six digit Euro amount. The Frogster Interactive management had informed the public several times before about the uncertain outcome of the ongoing talks. On the other side, Frogster Interactive will reclaim the paid prepayments for the product of a seven-digit Euro amount while it is unknown whether the developer could make such a payment. The company has already fully written off all prepayments on Frogster’s balance sheet regarding the game so that no noteworthy negative impacts from the balance sheet are impending.
Source: Frogster Interactive