Tag Archives: GAM

New World Boss Enraged Red Nose Arrives in Black Desert Mobile

SEOUL, South Korea, May 27, 2020 /PRNewswire/ — Pearl Abyss announced today that a powerful new World Boss has arrived in Black Desert Mobile. Adventurers can now challenge Enraged Red Nose, whose raid requires higher-level skills and offers incredible rewards.

New World Boss Enraged Red Nose Arrives in Black Desert Mobile
New World Boss Enraged Red Nose Arrives in Black Desert Mobile

Red Nose is one of the first bosses that Adventurers must fight against when leveling up their characters. Red Nose, looking for revenge for being defeated multiple times, has returned as Enraged Red Nose and now has more strength and power than ever before. 

Adventurers can encounter this monster in the Altar of Agris in the region of Balenos when they feel its rage across the lands. Enraged Red Nose is even more difficult to defeat as it performs a wide range of attacks that utilize its large body and range. Those who successfully knock down this enemy will have a chance to obtain the Red Nose Armor, which is an Abyssal-grade gear.

Apart from defeating this World Boss, there is still a chance of getting Abyssal-grade gear by crafting Abyssal-grade weapons and armor using World Boss Fragments. These fragments can be obtained by defeating World Bosses. 

In addition to the Enraged Red Nose update, Abyssal Lightstones are also now available in Black Desert Mobile. This new grade of Lightstones are stronger than others, offering Adventurers more powerful options to enhance their skills. They can get these new items by drawing and fusing Lightstones.

Visit Black Desert Mobile‘s official website for more information.

About Pearl Abyss

Best known for the MMORPG franchise Black Desert, Pearl Abyss is a leading developer in the game industry. Established in 2010, Pearl Abyss has since developed Black Desert for PC, mobile, and console, and is developing Shadow Arena for PC and console. All of Pearl Abyss’ games are built on the company’s own proprietary engine and are renowned for their cutting-edge graphics. The company is also developing Crimson Desert, DokeV, and PLAN 8 and is poised to continue its growth through 2020 and maintain its position as one of Asia’s leaders in game development. More information about Pearl Abyss is available at: www.pearlabyss.com

Photo – https://photos.prnasia.com/prnh/20200526/2813093-1?lang=0

Frenetic Firefighting Multiplayer, Embr, Hits Early Access for Steam and Stadia

LONDON, May 25, 2020 /PRNewswire/ — Curve Digital and Muse Games are excited to announce that frantic, frenetic, firefighting multiplayer Embr launches on Early Access for Steam and Google Stadia May 21st.

Frenetic Firefighting Multiplayer, Embr, Hits Early Access for Steam and Stadia
Frenetic Firefighting Multiplayer, Embr, Hits Early Access for Steam and Stadia

Check out the latest Embr trailer here: https://youtu.be/2BjiEmVejdk

Developed by Muse Games – the studio behind the award-winning Guns of Icarus OnlineEmbr is a fantastically fictional look at a world where the gig economy rules the roost and the general public now stand ready, phones in hand, to respond to firefighting emergencies.

Players will either play solo or work together in online teams tackling blaze after blaze to earn tips from clients, picking up the ever-so-crucial 5-star rating in order to earn cash, upgrade tools, and hopefully becoming the ultimate ‘have-a-go hero’ firefighter.

This is no like-for-like simulator, however. Embr is an intentionally satirical, tongue-in-cheek look at the rise of venture capitalism, with its license for allowing players to solve problems creatively resulting in toss-the-resident-out-of-the-window-onto-a-trampoline style solutions that just wouldn’t fly with a real fire fighting force.

“With Embr, we set out to shine a satirical light on the gig-economy – not in terms of the people making those deliveries and driving those taxis, but rather the companies at the top powering this particular brand of venture capitalism and deregulation,” says Howard Tsao, Team Lead at Muse Games. “On a gameplay basis, we also wanted to see just what mayhem would occur if the untrained masses headed out with a hose and tried to put out fires in the same way people deliver take-out or drive people around in makeshift taxis. The end result is just as fun and frenetic as we thought it would be. It just makes you appreciate what a difficult and almost impossible job real-life firefighters do.”

Embr offers players a variety of missions to earn money and upgrade their firefighting tools and lease better vehicles and fire trucks, all while dealing with competition from the Canadian firefighting startup Hosr. Staying competitive, however, relies on players working together, planning firefighting and rescuing in dense environments with complex systems interactions; water, fire, gas, electricity, and structure integrity all have a role to play.

Embr also offers cross-platform multiplayer, with Steam players able to play with their Stadia counterparts and vice-versa.

Curve Digital is also proud to announce that Embr will be brought to life by CORSAIR iCUE software on PC. The room will be lit up as players fight fires, scale buildings, and rescue people from danger. When certain events are triggered in-game, the dynamic RGB lighting on CORSAIR iCUE-compatible components and peripherals will change to compliment the action in play.

Embr launches on Steam Early Access on May 21st for $19.99/€19.99/£17.99 with a 20% discount in launch week. Players can expect multiple free major content drops in the months after launch significantly expanding the game. Muse Games will also continue to diligently work with the community to further shape the Embr experience based on feedback and suggestions.

For media enquiries in Europe:

Keith Andrew – Renaissance PR
keith@renaissancepr.biz
+44 (0) 7834 237 322

Aaron Seaman – Renaissance PR
aaron@renaissancepr.biz
+44 (0) 7889 691 181

For media enquiries in North America:

Vincent Gallopain – Renaissance PR
Vincent@renaissancepr.biz
+1 323 898 9891

About Muse Games

We’re Muse Games, an independent game development studio in NYC. We focus on boundary-pushing co-op gameplay and AI, with the aim of bringing people closer together through games. We are the team behind the award-winning and best-selling Guns of Icarus series on Steam and PS4 that features team-based multiplayer airship combat set in a post-apocalyptic, steam/dieselpunk-inspired world. Other projects include the award-winning and App Store top-selling Hamsterdam and CreaVures. Our upcoming project is the irreverent, frantic, co-op, firefighting (un)simulator Embr, where you get to save lives and get paid in a hyper-capitalist alt-present, where firefighting funding has run dry, and venture capitalism and e-hailing rule the roost.

About Curve Digital

Curve Digital is a leading publisher of video games on both PC and consoles. Since 2013, Curve Digital has been working with the world’s best game developers to help bring their games to broad global audiences; from renowned indie hits like Autonauts to the likes of the multi-million-selling Human: Fall Flat. In recent years Curve Digital has become industry recognised, winning ‘Indie Games Publisher of the Year’ at both MCV Awards 2018 and 2019, as well as ‘Publishing Star’ at the Develop: Star Awards 2019 and ‘Best Publisher Award’ at the TIGA Awards 2019.

Photo – https://photos.prnasia.com/prnh/20200525/2812540-1-b?lang=0

Casual mobile sandbox game “SUPERTANK BLITZ” now available for global pre-registration

  • Global pre-registration for Smilegate’s newest casual sandbox game “SUPERTANK BLITZ” begins May 21 (Thursday)
  • Sequel to “Super Tank Rumble” with over 20 million downloads worldwide… Challenging the global market with next-level gaming quality

SEONGNAM, South Korea, May 22, 2020 /PRNewswire/ — Smilegate Megaport (CEO Ina Jang) announced that global pre-registration for “SUPERTANK BLITZ,” a new, casual mobile sandbox game serviced by Smilegate Megaport and developed by Lumidia Games (CEO Jangho Lee), will begin on the 21st (Thursday).

Casual mobile sandbox game “SUPERTANK BLITZ” now available for global pre-registration
Casual mobile sandbox game “SUPERTANK BLITZ” now available for global pre-registration

Pre-registration will be offered worldwide, simultaneously, through the SUPERTANK BLITZ pre-registration website (https://supertankblitz.smilegatemegaport.com/evt/202005_preregist?lang=en) and Google Play. Users who participate in pre-registration will receive a variety of in-game goods such as Gems, Super Boxes, and special issue Medals.

SUPERTANK BLITZ is the sequel to mobile sandbox game “Super Tank Rumble,” which was released by Smilegate in 2017 and recorded over 20 million downloads worldwide. Chosen by Google as the most innovative game of 2017, “Super Tank Rumble” has been recognized for its original game quality.

The larger framework of the series where various parts are combined to build your very own tank and compete with other players has been maintained, while new elements have been added to character collection and emphasis has been placed on battle content for more casual enjoyment. Furthermore, the entire UI (user interface) of the Tank Assembly page has been dramatically improved, and parts organization has been simplified to enjoy more intuitive tank assembly.

The addition of character elements is the most notable change to the sequel. Users can collect and build a variety of characters through real-time battles. As the character grows, more parts are made available to create an original, powerful tank. Each character has its own distinctive tank, and the tank is provided when a new character is collected, providing a foundation for easy assembly of tanks of a wide variety.

Meanwhile, user response has been positive to the soft launch initiated ahead of global pre-registration by Smilegate on the 19th in six countries, Canada, Singapore, Australia, New Zealand, Sweden, and The Netherlands.

Smilegate Megaport CEO Ina Jang said, “Smilegate will continue to break new ground and develop the unconventional genre of ‘casual sandbox’ through SUPERTANK BLITZ,” and that “we ask for your support as Smilegate aims for gamers all over the world who love games to be exposed to more diverse genres of games in order to further develop the game ecosystem in a positive direction.”

Pre-registration for SUPERTANK BLITZ is available at the official pre-registration website (https://supertankblitz.smilegatemegaport.com/evt/202005_preregist).

Jiwon Hong, jwhong@smilegate.com

Photo – https://photos.prnasia.com/prnh/20200522/2811490-1?lang=0

Shadow Arena Now Available via Steam Early Access

SEOUL, South Korea, May 22, 2020 /PRNewswire/ — Pearl Abyss announced today that its hero action battle royale game Shadow Arena is now available in Early Access on Steam. After running multiple global Beta tests, Shadow Arena will continue to offer an improved gameplay experience that will constantly apply user feedback. 

Shadow Arena Now Available via Steam Early Access
Shadow Arena Now Available via Steam Early Access

Based on the Black Desert universe, Shadow Arena pits players against each other in a massive battlefield where they must fight using powerful magic and weapons to survive until the very end. During the match, players can also defeat fearsome monsters to collect valuable items and gain advantages to become the last hero standing. 

Starting today, players can choose between 10 Heroes, including the new Hero Venslar. Venslar brings a brand-new combat style to the battlefield, featuring a balanced kit with both offensive and defensive skills. This new Hero will allow players to experience strategic gameplay by choosing whether to focus on being on the attack or the defense. 

Various new features and content are also available throughout the Early Access period. Multiple difficulty levels have been added to the AI Matches to create an environment that suits each player’s skills. Each Hero now has Ultimate Skill levels that will make one skill more powerful than the others. Moreover, in-game areas now have different characteristics in terms of monster types and levels. 

Furthermore, players can purchase Hero Skins that can be used to change the appearance of the Heroes. Heroes will also be available for purchase, and the new in-game emotes that have been included will also add more personality to them. Other updates such as Daily Quests, Challenges, the Ancient Weapon Puturum, and the Suspicious Cauldron will help players looking to level up their Heroes.

Shadow Arena is a standalone game that lets our fans experience the Black Desert universe like never before,” said Kwang Sam Kim, the lead producer of Shadow Arena. “During the Early Access period, we’ll continue to listen closely to player feedback and perfect the game for our official launch.”

Watch the official Early Access trailer here and visit the official website, Discord, Facebook, YouTube, and Twitter for more information.

Supported Languages

English, German, Spanish, French, Russian, Polish, Turkish, Portuguese, Korean, Japanese, Thai, Indonesian, Simplified Chinese, and Traditional Chinese.

Photo – https://photos.prnasia.com/prnh/20200521/2810404-1?lang=0

Bigo Live And Razer Kick It Up A Notch With Music Festival Following Cloud Clubbing Success

TAIPEI, May 19, 2020 /PRNewswire/ — Bigo Live, a global leading livestreaming platform and Razer, the world’s leading lifestyle brand for gamers are pleased to announce a virtual music festival – Cloud Clubbing: The Epic Marathon – for cloud clubbers on 23 May 2020 evening till the early morn on 24 May 2020, featuring an extensive line-up of DJs from the Asia-Pacific region.

Bigo Live And Razer Kick It Up A Notch With Music Festival Following Cloud Clubbing Success
Bigo Live And Razer Kick It Up A Notch With Music Festival Following Cloud Clubbing Success

The Singapore unicorns have jointly curated a set of 19 DJs from Australia, New Zealand, Taiwan, Singapore and Japan, including major festival act and headliner Rave Republic, who was amongst the top 100 DJs in the world in 2019, having played in major music festivals in Asia, South America and Africa. Viewers can tune in to their favourite DJs’ streams from 5pm (GMT+8) till late to share in the revelries.

Fans can expect to get their groove on with the likes of popular homegrown DJs such as DJ LENA, DJ Liang Liang, DJ Bang Bang and DJ Weiwei as they deliver exciting spins live from their homes. Regular performer on Bigo Live DJ LENA said, “The recent months have been strange because many people have to stay home and cannot enjoy their favourite music at the nightclub with friends, especially those outside Taiwan. I am excited that Bigo Live and Razer are collaborating for Cloud Clubbing: The Epic Marathon. It is my pleasure to perform EDM mixes, which is what I love, for people all around the world.”

Bigo Live and Razer’s highly popular cloud clubbing sets have been well-received by DJs and viewers globally who enjoy the digital interaction made possible by Bigo Live’s streams and in-stream chats, no matter where they are. The music festival is a natural progression to celebrate unity and encourage positive social contact.

Previous sessions brought enjoyment to over 1.3m online viewers in Southeast Asia alone. The first ever cloud clubbing experience down under also saw a viewership of 270,000 online partygoers.

Send Virtual Gifts through Bigo Live with Razer Gold

Razer Gold, the largest independent virtual credit for games and entertainment in the world, provides an offline-to-online payment platform that acts as a touchpoint for consumers to connect. During the stream, partygoers are able to purchase Razer Gold and utilize it to send virtual gifts and stickers.

To enjoy the streams, please download Bigo Live, and refer to the following list for the full schedule and DJ IDs.

Time (GMT +8)

Featured DJ

Bigo Live ID to follow

1700

DJ Spooth

DjSpooth

1730

DJ Shu

433814632

1800

DJ Chasedown

433322271

1830

DJ Migs

djmigs

1900

Arlen Jade

Arlenjade8

1930

M4SONIC

M4SONIC

2000

DJ Bang Bang LuckyBoy

1K58618518

2030

Krave

KRAVE

2100

Cherish X Jose A

Djcherish

2130

KENSHU

xxkenshuxx

2200

Rave Republic (Stas)

Raverepublic

2230

DJ Mune

djmunejp

2300

Liang Liang Moon

408199865

2330

Rave Republic (Matt)

Raverepublic

0000 (24 May)

SAKURA

29174778

0030

SFORLA

djsforla

0100

DJ SHIBUCHIN

413261319

0130

DJ LENA

LENA1017TW

0200

EKO

ekomusicsg

About Bigo Live

Bigo Live is one of the world’s fastest-growing livestreaming social communities where users broadcast in real-time to share life moments, showcase their talents and interact with people from around the world. Bigo Live has around 400 million users in over 150 countries and is currently the market leader in the livestreaming industry. Launched in March 2016, Bigo Live is owned by BIGO Technology which is based in Singapore.

Download the Bigo Live app here: https://bigolive.onelink.me/sG8X/bigoliveapp 

About Razer

Razer™ is the world’s leading lifestyle brand for gamers.

The triple-headed snake trademark of Razer is one of the most recognized logos in the global gaming and esports communities. With a fan base that spans every continent, the company has designed and built the world’s largest gamer-focused ecosystem of hardware, software and services.

Razer’s award-winning hardware includes high-performance gaming peripherals and Blade gaming laptops.

Razer’s software platform, with over 80 million users, includes Razer Synapse (an Internet of Things platform), Razer Chroma (a proprietary RGB lighting technology system), and Razer Cortex (a game optimizer and launcher).

In services, Razer Gold is one of the world’s largest virtual credit services for gamers, and Razer Fintech is one of the largest offline-to-online digital payment networks in SE Asia.

Founded in 2005 and dual-headquartered in Irvine and Singapore, Razer has 16 offices worldwide and is recognized as the leading brand for gamers in the USA, Europe and China. Razer is listed on the Hong Kong Stock Exchange (Stock Code: 1337).

About DJ LENA

DJ LENA is a proud homegrown Taiwanese electronic music producer and DJ who has played for Taichung’s nightclub Xcube and many nation-wide festivals before. She learned her DJ skills from DJ Dusa, another popular Taiwanese DJ. LENA’s musical style leans towards various genres, including trap, dubstep, hip hop and house music, but what makes her mixes special is her incorporation of the electronic dance music style into her tracks, making for an ethereal sensory experience.

Photo – https://photos.prnasia.com/prnh/20200519/2805420-1?lang=0

Striker Class Now Available in Black Desert Mobile

SEOUL, South Korea, May 13, 2020 /PRNewswire/ — Pearl Abyss today announced that the highly-anticipated Striker class has arrived in Black Desert Mobile. Adventurers can now experience one of the most popular classes in other versions of Black Desert while participating in various celebrations.

Striker Class Now Available in Black Desert Mobile
Striker Class Now Available in Black Desert Mobile

A master of hand-to-hand combat, the Striker combines martial arts and street combat to defeat his enemies. His style is suited both to one-on-one combat and battlefields, where his speed and agility make him a truly terrifying opponent. Adventurers can celebrate the Striker’s arrival by participating in a level-up event. Those who level up the Striker before June 9 can receive exclusive rewards such as a Tier 2 Pet Chest, Shiny Accessory Chest, and Elgriffin’s Defense Gear Chest.

In addition, the popular Field of Valor mode has returned in celebration of Striker’s arrival. Field of Valor is a battlefield mode that Adventurers can experience as a party of five. Party members can take part in 30-minute battles against various monsters that will reward them precious items upon their defeat. 

Last but not least, Adventurers can enjoy an unprecedented hot-time event that gives 300% extra EXP. Adventurers can use this opportunity to level up their characters, including the new Striker class, more rapidly. This boost will be delivered through in-game mail until May 17. 

Visit Black Desert Mobile‘s official website for more information.

About Pearl Abyss

Best known for the MMORPG franchise Black Desert, Pearl Abyss is a leading developer in the game industry. Established in 2010, Pearl Abyss has since developed Black Desert for PC, mobile, and console, and is developing Shadow Arena for PC and console. All of Pearl Abyss’ games are built on the company’s own proprietary engine and are renowned for their cutting-edge graphics. The company is also developing Crimson Desert, DokeV, and PLAN 8 and is poised to continue its growth through 2020 and maintain its position as one of Asia’s leaders in game development. More information about Pearl Abyss is available at: www.pearlabyss.com

Photo – https://photos.prnasia.com/prnh/20200512/2801305-1?lang=0

Platinum Fortune acquires Jagex for 530 Million

LOS ANGELES, May 1, 2020 /PRNewswire/ — Platinum Fortune LP has announced that it has acquired Jagex, one of the UK’s largest video game developers and publishers, for $530million from Shanghai Hongtou Network Technology, a subsidiary of Shanghai Fukong Interactive Entertainment Co., Ltd (SH600634) at the time of the purchase. An asset portfolio including Hongtou Network (Hong Kong) was also acquired by Platinum Fortune. The management team of Jagex, headquartered in Cambridge, UK, will remain in place.

Platinum Fortune shares Jagex’s passion for video games and is dedicated to utilizing its experience and expertise to add value to one of the longest-standing video game developers through strategically investing in R&D and marketing to attract new players to its RuneScape franchise of games.

Phil Mansell, Jagex CEO, said:
“The combined strength of Platinum Fortune and Jagex will both support and enhance our strategic plan to deliver great gaming experiences to our communities of RuneScape players and build on our portfolio with more living games for a global audience”.

About Jagex
A leader in creating deep and engaging living games on PC and mobile, Jagex was founded in 2000 and is today one of the UK’s biggest and most respected video game developers and publishers. Famed for its flagship game franchise, RuneScape, Jagex has welcomed more than 280 million player accounts to RuneScape’s game world and created a $1billion lifetime- revenue franchise. Jagex employs more than 370 people at its Cambridge headquarters. More information can be found at www.jagex.com

About Platinum Fortune
Platinum Fortune targets global video game companies and designs strategies to help them grow user base and revenue with the goal of creating better experiences for the 2.5billion, fast- growing, global gamer community. Platinum Fortune, who focused on the video game sector, is one of the funds managed by Macarthur Fortune Holding LLC.

Cision View original content:http://www.prnewswire.com/news-releases/platinum-fortune-acquires-jagex-for-530-million-301050848.html

GigaMedia Announces First-Quarter 2020 Financial Results

TAIPEI, April 30, 2020 /PRNewswire/ — GigaMedia Limited (NASDAQ: GIGM) today announced its first-quarter 2020 unaudited financial results.

Comments from Management

For the first quarter of 2020, GigaMedia reported revenues of $1.60 million, with a gross profit of $0.93 million, an operating loss of $0.64 million and the net loss of $0.29 million. Total revenues increased by 6.6% if compared to the previous quarter, and net loss was similar.

“The pandemic of COVID-19 only mildly affected our operations in Taiwan and Hong Kong,” said GigaMedia CEO James Huang. “While it has indeed caused disruptions to our offline marketing and operating activities, we managed to mitigate its impact, and continued improving the productivity in our existing products and making progress in developing new offerings.”

First Quarter Overview

  • Operating revenue increased by $0.10 million or 6.6% in quarter-on-quarter comparison, and increased by 8.2% in year-over-year comparison.
  • Loss from operations amounted to approximately $0.64 million and net loss approximately $0.29 million, comparable to the fourth quarter of 2019 and slightly improved when compared with the same quarter last year.

Unaudited Consolidated Financial Results

GigaMedia Limited is a diversified provider of digital entertainment services. GigaMedia’s digital entertainment service business FunTown develops and operates a suite of digital entertainments in Taiwan and Hong Kong, with focus on mobile games and casual games. Unaudited consolidated results of GigaMedia are summarized in the table below.

For the First Quarter

GIGAMEDIA 1Q20 UNAUDITED CONSOLIDATED FINANCIAL RESULTS

(unaudited, in US$ thousands, except for percentages and per
share
amounts)

1Q20

4Q19

Change

(%)

1Q20

1Q19

Change

(%)

Revenues

$

1,604

$

1,504

6.6

%

$

1,604

$

1,483

8.2

%

Gross Profit

927

1,025

(9.6)

%

927

738

25.6

%

Loss from Operations

(640)

(399)

NM

(640)

(949)

NM

Net Loss Attributable to GigaMedia

(286)

(271)

NM

(286)

(532)

NM

Loss Per Share Attributable to GigaMedia,
Diluted

(0.03)

(0.02)

NM

(0.03)

(0.05)

NM

EBITDA(A)

(536)

(574)

NM

(536)

(876)

NM

Cash, Cash Equivalents and Restricted Cash

57,311

58,274

(1.7)

%

57,311

58,494

(2.0)

%

NM= Not Meaningful

(A) EBITDA (earnings before interest, taxes, depreciation, and amortization) is provided as a supplement to results provided in
accordance with U.S. generally accepted accounting principles (“GAAP”). (See, “Use of Non-GAAP Measures,” for more details.)

First-Quarter Financial Results

  • Consolidated revenues for the first quarter of 2020 increased by 6.6% quarter-on-quarter to $1.60 million, from $1.50 million in the fourth quarter of 2019, or by 8.2% year-over-year from $1.48 million in the first quarter of 2019.
  • Consolidated gross profit decreased to $0.93 million from $1.03 million in last quarter but increased by 25.6% from $0.74 million in the same quarter last year.
  • Consolidated operating expenses were $1.57 million in the first quarter of 2020, representing an increase by $0.14 million quarter-on-quarter, or a decrease by $0.12 million from $1.69 million year-over-year.
  • Loss from operation for the first quarter of 2020 was approximately $0.64 million, comparable to a loss of $0.40 million last quarter and approximately a loss of $0.95 million in the first quarter of 2019.
  • Net loss for the first quarter of 2020 was $0.29 million, approximately comparable to such amount in the fourth quarter of 2019, and improved by $0.25 million when compared with the net loss of $0.53 million in the same quarter last year.
  • Cash, cash equivalents and restricted cash at the first quarter-end of 2020 accounted for $57.31 million, which decreased by $0.96 million from the end of 2019.

Financial Position

GigaMedia maintained its solid financial position, with cash, cash equivalents and restricted cash amounting to $57.31 million, or approximately $5.19 per share as of March 31, 2020.

Business Outlook

The following forward-looking statements reflect GigaMedia’s expectations as of April 30, 2020. Given potential changes in economic conditions and consumer spending, the evolving nature of digital entertainments, and various other risk factors, including those discussed in the Company’s 2019 Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission as referenced below, actual results may differ materially.

In following quarters, we will continue developing new offerings to enhance the variety of our product lines, while our marketing strategies will adjust swiftly, as in the current coronavirus situation, stay-home requirement may boost sales of online business on the one hand, but prevailing economic uncertainties and weakened consumer confidence may discourage spending on entertainment on the other hand.

“In this time of uncertainty, we don’t just wait out the storm. We practice frugality and adapt proactively while focusing on sharpening our core competence,” stated CEO James Huang, “so that we will get well prepared when the storm is over.”

Meanwhile, our business strategies always include expanding through mergers and acquisitions. “We will also continue reviewing potential targets that have strategic capacity to accelerate our growth and enhance shareholders’ value,” said CEO James Huang.

Use of Non-GAAP Measures

To supplement GigaMedia’s consolidated financial statements presented in accordance with U.S. GAAP, the company uses the following measure defined as non-GAAP by the SEC: EBITDA. Management believes that EBITDA (earnings before interest, taxes, depreciation, and amortization) is a useful supplemental measure of performance because it excludes certain non-cash items such as depreciation and amortization and that EBITDA is a measure of performance used by some investors, equity analysts and others to make informed investment decisions. EBITDA is not a recognized earnings measure under GAAP and does not have a standardized meaning. Non-GAAP measures such as EBITDA should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, other financial measures prepared in accordance with GAAP. A limitation of using EBITDA is that it does not include all items that impact the company’s net income for the period. Reconciliations to the GAAP equivalents of the non-GAAP financial measures are provided on the attached unaudited financial statements.

About the Numbers in This Release

Quarterly results

All quarterly results referred to in the text, tables and attachments to this release are unaudited. The financial statements from which the financial results reported in this press release are derived have been prepared in accordance with U.S. GAAP, unless otherwise noted as “non-GAAP,” and are presented in U.S. dollars.

Q&A

For Q&A regarding the first quarter 2020 performance upon the release, investors may send the questions via email to IR@gigamedia.com.tw, and the responses will be replied individually.

About GigaMedia

Headquartered in Taipei, Taiwan, GigaMedia Limited (Singapore registration number: 199905474H) is a diversified provider of digital entertainment services. GigaMedia’s digital entertainment service business develops and operates a suite of digital entertainments in Taiwan and Hong Kong, with focus on browser/mobile games and casual games. More information on GigaMedia can be obtained from www.gigamedia.com.

The statements included above and elsewhere in this press release that are not historical in nature are “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements regarding expected financial performance (as described without limitation in the “Business Outlook” section and in quotations from management in this press release) and GigaMedia’s strategic and operational plans. These statements are based on management’s current expectations and are subject to risks and uncertainties and changes in circumstances. There are important factors that could cause actual results to differ materially from those anticipated in the forward looking statements, including but not limited to, our ability to license, develop or acquire additional online games that are appealing to users, our ability to retain existing online game players and attract new players, and our ability to launch online games in a timely manner and pursuant to our anticipated schedule. Further information on risks or other factors that could cause results to differ is detailed in GigaMedia’s Annual Report on Form 20-F filed in April 2020 and its other filings with the United States Securities and Exchange Commission.

(Tables to follow)

GIGAMEDIA LIMITED

CONSOLIDATED STATEMENTS OF OPERATIONS

Three months ended

3/31/2020

12/31/2019

3/31/2019

unaudited

unaudited

unaudited

USD

USD

USD

Operating revenues

Digital entertainment service revenues

$

1,603,904

$

1,503,848

$

1,483,233

Operating costs

Cost of digital entertainment service revenues

677,194

479,341

744,901

Gross profit

926,710

1,024,507

738,332

Operating expenses

Product development and engineering expenses

328,815

213,241

320,494

Selling and marketing expenses

410,475

427,090

526,003

General and administrative expenses

824,442

571,562

835,987

Impairment losses

208,921

Other

2,984

2,957

5,214

1,566,716

1,423,771

1,687,698

Loss from operations

(640,006)

(399,264)

(949,366)

Non-operating income (expense)

Interest income

255,719

322,587

381,799

Foreign exchange (loss) gain – net

98,887

(84,774)

(11,402)

Other – net

(298)

(110,020)

46,912

354,308

127,793

417,309

Loss before income taxes

(285,698)

(271,471)

(532,057)

Income tax benefit (expense)

Net loss attributable to shareholders of GigaMedia

$

(285,698)

$

(271,471)

$

(532,057)

Loss per share attributable to GigaMedia

Basic and Diluted:

$

(0.03)

$

(0.02)

$

(0.05)

Weighted average shares outstanding:

Basic

11,052,235

11,052,235

11,052,235

Diluted

11,052,235

11,052,235

11,052,235

GIGAMEDIA LIMITED

CONSOLIDATED BALANCE SHEETS

3/31/2020

12/31/2019

3/31/2019

unaudited

audited

unaudited

USD

USD

USD

Assets

Current assets

Cash and cash equivalents

$

56,777,472

$

57,742,696

$

57,976,503

Accounts receivable – net

355,225

368,445

589,520

Prepaid expenses

276,010

112,243

208,919

Restricted cash

533,436

530,984

517,815

Other receivables

238,396

261

375,192

Other current assets

148,757

138,601

127,377

Total current assets

58,329,296

58,893,230

59,795,326

Property, plant & equipment – net

8,117

100,148

Intangible assets – net

17,965

32,492

Prepaid licensing and royalty fees

210,530

43,915

383,681

Other assets

285,319

285,071

1,034,278

Total assets

$

58,851,227

$

59,222,216

$

61,345,925

Liabilities and equity

Short-term borrowings

$

$

$

Accounts payable

60,405

64,337

98,921

Accrued compensation

156,948

200,455

134,243

Accrued expenses

1,449,553

1,079,234

1,228,483

Unearned revenue

1,285,399

1,364,749

1,290,792

Other current liabilities

715,877

874,434

177,073

Total current liabilities

3,668,182

3,583,209

2,929,512

Other liabilities

7,337

94,385

779,919

Total liabilities

3,675,519

3,677,594

3,709,431

Total equity

55,175,708

55,544,622

57,636,494

Total liabilities and equity

$

58,851,227

$

59,222,216

$

61,345,925

GIGAMEDIA LIMITED

Reconciliations of Non-GAAP Results of Operations

Three months ended

3/31/2020

12/31/2019

3/31/2019

unaudited

unaudited

unaudited

USD

USD

USD

Reconciliation of Net Income (Loss) to EBITDA

Net loss attributable to GigaMedia

$

(285,698)

$

(271,471)

$

(532,057)

Depreciation

354

10,888

25,388

Amortization

4,657

9,669

12,899

Interest income

(255,719)

(322,587)

(381,799)

Interest expense

Income tax (benefit) expense

EBITDA

$

(536,406)

$

(573,501)

$

(875,569)

Cision View original content:http://www.prnewswire.com/news-releases/gigamedia-announces-first-quarter-2020-financial-results-301050152.html

“Black Desert Mobile” Introduces Merchantry: A New System of World Trade

SEOUL, South Korea, April 29, 2020 /PRNewswire/ — Pearl Abyss announced today the addition of Merchantry, a new system of world trade in Black Desert Mobile. Adventurers can take this opportunity to trade regional specialties across the in-game world for large amounts of silver and various rewards.

Black Desert Mobile Introduces Merchantry: A New System of World Trade
Black Desert Mobile Introduces Merchantry: A New System of World Trade

Adventurers can begin trading regional specialties through Trade Vendors found in each village. They need a carriage, a horse, and four workers available in their camp for Merchantry to begin. Camp workers that participate in Merchantry will gain EXP points and level up. Adventurers will also gain rewards for not only leveling up their camp workers through Merchantry but also for completing special events that occur during trade missions.

In addition, Pearl Abyss will be hosting the second season of “Black Desert Mobile World Championship – Ramoness.” Ramoness is a 3 vs 3 PvP mode in Black Desert Mobile where Adventurers can gain points by defeating opponents and destroying various objects. The team that earns the most points at the end of the match will be declared the winners and will be rewarded. 

The registration for this special tournament is now open with more details to come shortly. Adventurers who wish to participate are highly encouraged to start recruiting team members and preparing themselves to become the most powerful players in the world of Black Desert Mobile.

Visit Black Desert Mobile‘s official website for more information.

About Black Desert

Black Desert is Pearl Abyss’ open-world action MMORPG with cutting-edge visuals and skill-based combat that redefines the genre. With the most developed character customization system of any game currently on the market, users can break out of the norm and make unique characters that truly represent themselves. Its intuitive controls, beautifully designed world, and extensive lore will excite both newcomers and veterans of MMO games and action RPGs.  

About Pearl Abyss

Best known for the MMORPG franchise Black Desert, Pearl Abyss is a leading developer in the game industry. Established in 2010, Pearl Abyss has since developed Black Desert for PC, mobile, and console, and is developing Shadow Arena for PC and console. All of Pearl Abyss’ games are built on the company’s own proprietary engine and are renowned for their cutting-edge graphics. The company is also developing Crimson Desert, DokeV, and PLAN 8 and is poised to continue its growth through 2020 and maintain its position as one of Asia’s leaders in game development. More information about Pearl Abyss is available at: www.pearlabyss.com

Photo – https://photos.prnasia.com/prnh/20200428/2788377-1?lang=0

Shadow Arena Enters Early Access on May 21

SEOUL, South Korea, April 24, 2020 /PRNewswire/ — Pearl Abyss announced that its action battle royale game Shadow Arena will enter Early Access on Steam on May 21 (KST). Players will be able to experience the pre-release version of the game ahead of its official launch later this year. 

Shadow Arena Enters Early Access on May 21
Shadow Arena Enters Early Access on May 21

Shadow Arena will continue to feature fierce battles where 40 Heroes can compete against each other to become the sole survivor. The Early Access will introduce a new Hero along with other new content that will apply user feedback from previous Beta tests. 

After running a number of Beta tests, Shadow Arena was recognized for its unique action style and strategic gameplay. Moreover, the recent final Beta had greatly improved retention rates, with global users participating in the game more actively than the previous tests. The total number of views of the live-streaming videos on the official Twitch channel also doubled compared to the previous test.

The Early Access of Shadow Arena will be available globally on Steam with support in 14 languages including English, Indonesian, Thai, and Turkish. 

Watch the Early Access trailer here and visit the official website, Discord, Facebook, YouTube, and Twitter for more information.

About Pearl Abyss

Best known for the MMORPG franchise Black Desert, Pearl Abyss is a leading developer in the game industry. Established in 2010, Pearl Abyss has since developed Black Desert for PC, mobile, and console, and is developing Shadow Arena for PC and console. All of Pearl Abyss’ games are built on the company’s own proprietary engine and are renowned for their cutting-edge graphics. The company is also developing Crimson Desert, DokeV, and PLAN 8 and is poised to continue its growth through 2020 and maintain its position as one of Asia’s leaders in game development. More information about Pearl Abyss is available at: www.pearlabyss.com.

Photo – https://photos.prnasia.com/prnh/20200423/2784818-1?lang=0