TORONTO, March 04, 2019 (GLOBE NEWSWIRE) -- Kuuhubb Inc. (“Kuuhubb” or the “Company”) (KUU.V), a mobile game development and publishing company, targeting the female audience with bespoke mobile experiences, announces closing of approximately Euro 1 million debt financing from Business Finland, the Finnish Funding Agency for Innovation.
The loan comes with a seven-year maturity and an interest rate of 1% per year as part of the Business Finland funding program, which supports the development and growth of carefully selected innovative technology companies. The first three years of the loan are repayment free.
“I would like to thank Business Finland for their support and trust in Kuuhubb. The long-term loan comes with very favorable terms and is a great validation that the company is on the right track. With this capital injection, coupled with the Euro 2 million announced in December 2018, along with further non-dilutive financings under discussion, Kuuhubb is well positioned to finance its numerous growth initiatives planned for 2019 and return to positive operating cash flow by year end,” commented Jouni Keränen, CEO of Kuuhubb Inc.
Kuuhubb is a publicly listed mobile game development and publishing company, targeting 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 selected 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.
Cautionary Note Concerning Forward-Looking Information
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 the potential success of the Dancing Diaries game, future revenue and products and the 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 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, the possibility that results from the Dancing Diaries game will not be consistent with the Company’s expectations, risks related to the 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.
Neither 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.
For further information contact:
CEO - Kuuhubb Inc.
Investor Relations - Kuuhubb Inc.
Tel: +1 (416) 479-9547