TORONTO, Aug. 19, 2020 (GLOBE NEWSWIRE) -- Kuuhubb Inc. (“Kuuhubb” or the “Company”) (TSX- V: KUU), a mobile game development and publishing company focused on providing the female audience with creative interactive gaming experiences, announces an award of monetary damages in addition to legal costs and expenses, as a result of the Arbitration (as defined below) action between its wholly-owned subsidiary Kuuhubb Oy and Cherrypick Games S.A. (“Cherrypick”).
As discussed in its interim condensed consolidated financial statements for the three and nine months ended March 31, 2020 (the “Financial Statements”), pursuant to the acquisition (the “Acquisition”) of the My Hospital application from Cherrypick, Kuuhubb Oy acquired certain distribution and intellectual property rights (the “Acquired Rights”). Subsequent to the Acquisition, certain disputes regarding the Acquired Rights arose between Kuuhubb Oy and Cherrypick, and consequently Kuuhubb Oy ceased making payments in connection with the Acquisition.
Pursuant to the current award rendered by the sole arbitrator appointed by the Arbitration Institute of the Finland Chamber of Commerce, Kuuhubb shall pay to Cherrypick €1,600,000 (approximately CAD$2,520,000) composed of the scheduled payments plus interest of 10% per annum thereon, in addition to court costs and fees, including the costs of the arbitrator. Kuuhubb shall also pay to Cherrypick legal costs of €297,984 (approximately CAD$469,000).
Jouni Keranen, the Chief Executive Officer of Kuuhubb stated, “We are very disappointed with the disposition regarding the acquisition of the My Hospital application by Kuuhubb Oy from Cherrypick Games. We will continue to evaluate our legal options in relation to the dispute.”
About Kuuhubb
Kuuhubb is a publicly listed mobile game development and publishing company, targeting the female audience with bespoke mobile experiences. Our Mission is to become a top player in the female mobile game space. We believe in empowering women by creating games and apps that will have our female audience relax, express and entertain themselves every day. Through our games and partnerships with select developers, we explore new lifestyle trends that can be converted into games and apps which will bring value to our users, employees, and shareholders. Headquartered in Helsinki, Finland, Kuuhubb has a global presence with a strong focus on U.S. and Asian markets.
For further information, please contact:
Kuuhubb Inc.
Jouni Keränen – CEO
jouni@kuuhubb.com
Office: +358 40 590 0919
Bill Mitoulas
Investor Relations
bill@kuuhubb.com
Office: +1 (416) 479-9547
Cautionary Note Concerning Forward-Looking Information
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release contains forward-looking information. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements relating to future revenue, products and development and growth of the Company’s business) are forward-looking information. This forward-looking information reflects the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Forward-looking information is subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking information, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things, risks related to the final outcome of the Arbitration, growth strategy of the Company, the possibility that results from the Company’s growth and development plans will not be consistent with the Company's expectations, the early stage of the Company's development, competition from companies in a number of industries, the ability of the Company to manage expansion and integrate acquisitions into its business, future business development of the Company and the other risks disclosed under the heading "Risk Factors" in the Company's annual information form dated November 8, 2018 filed on SEDAR at www.sedar.com. Forward-looking information speaks only as of the date on which it is provided and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein.
