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GigaMedia Announces First-Quarter 2020 Financial Results

April 30, 2020 TechENT Syndication Leave a comment

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)

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

April 29, 2020 TechENT Syndication Leave a comment

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

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

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Shadow Arena Enters Early Access on May 21

April 24, 2020 TechENT Syndication Leave a comment

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 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

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

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Awakened Enhancement and Shultz Secret Fortress Now Available in Black Desert Mobile

April 22, 2020 TechENT Syndication Leave a comment

SEOUL, South Korea, April 22, 2020 /PRNewswire/ — Pearl Abyss today announced that Awakened Enhancement and a new zone named “Shultz Secret Fortress” have been added to Black Desert Mobile. Adventurers can now further enhance their powers through these updates and receive great rewards.

Awakened Enhancement and Shultz Secret Fortress Now Available in Black Desert Mobile

With Awakened Enhancement, Adventurers can upgrade their gear above level 40 and make them more powerful using Pristine Black Crystals, which can be crafted in the Refinery using Black Crystals and Black Stones. Enhanced weapons and armor will give Adventurers more AP and DP. Adventurers can increase their chances of success by using Advice of Valks, a new series of items for Awakened Enhancements.

In addition, the Shultz Secret Fortress in North Mediah can now be accessed starting this week. It is the battlefield that the most powerful Adventurers can take on to try and obtain higher-quality rewards. Those who get the Shultz Supplies Sack can also receive an array of rare and valuable items. All Adventurers are highly encouraged to get adequate training before exploring this new zone as it requires higher combat skills than most areas and regions.

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

About Black Desert

About Pearl Abyss

Photo – https://photos.prnasia.com/prnh/20200421/2782208-1?lang=0

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Sohu.com Announces Completion of Changyou Going-Private Transaction

April 18, 2020 TechENT Syndication Leave a comment

BEIJING, April 18, 2020 /PRNewswire/ — Sohu.com Limited (NASDAQ: SOHU) (“Sohu”), China’s leading online media, video, search and gaming business group, today announced that it has completed the acquisition of all of the outstanding shares of Changyou.com Limited (“Changyou”) that it did not already beneficially own, through the merger (the “Changyou Merger”) of an indirect wholly-owned subsidiary (“Changyou Merger Co.”) of Sohu with and into Changyou, with Changyou being the company surviving the Changyou Merger. As a result of the Changyou Merger, Changyou has become a private company wholly owned directly and indirectly by Sohu and the American depositary shares of Changyou (the “Changyou ADSs”), each of which represented two Changyou Class A ordinary shares (“Changyou Class A Ordinary Shares”), are no longer traded on the Nasdaq Global Select Market.

Pursuant to the plan of merger for the Changyou Merger, each Changyou Class A Ordinary Share issued and outstanding immediately prior to the effectiveness of the Changyou Merger, other than Changyou Class A ordinary shares owned beneficially by Sohu, was cancelled in exchange for the right to receive $5.40 in cash without interest, and each outstanding Changyou ADS was cancelled in exchange for the right to receive $10.80 in cash without interest (less $0.05 per ADS cancellation fees and other fees as applicable). Because Changyou Merger Co. owned over 90% of the voting power represented by all issued and outstanding shares of Changyou prior to the effectiveness of the Changyou Merger and the Changyou Merger was in the form of a short-form merger in accordance with section 233(7) of the Companies Law of the Cayman Islands, the Changyou Merger was not subject to a vote of the shareholders of Changyou.

In connection with the Changyou Merger, each outstanding and fully‑vested option (each, a “Vested Option”) to purchase Changyou Class A Ordinary Shares under Changyou’s share incentive plans was cancelled, and each holder of a Vested Option has the right to receive an amount in cash determined by multiplying (x) the excess, if any, of $5.40 over the applicable exercise price of such Vested Option by (y) the number of Changyou Class A Ordinary Shares underlying such Vested Option; and each outstanding but unvested option (each, an “Unvested Option”) to purchase Changyou Class A Ordinary Shares under Changyou’s share incentive plans will remain outstanding and continue to vest following the effectiveness of the Changyou Merger in accordance with the applicable Changyou share incentive plan and award agreement governing such Unvested Option in effect immediately prior to the effectiveness of the Changyou Merger.

Changyou has requested that trading of Changyou ADSs on the Nasdaq Global Select Market be suspended, and that the Nasdaq Stock Market LLC (“Nasdaq”) file with the Securities and Exchange Commission (the “SEC”) a Form 25 notifying the SEC of Nasdaq’s withdrawal of the Changyou ADSs from listing on Nasdaq and intention to withdraw the Changyou Class A Ordinary Shares from registration under Section 12(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Changyou has informed Sohu that it intends to file with the SEC, ten days after Nasdaq files the Form 25, a Form 15 suspending Changyou’s reporting obligations under the Exchange Act and withdrawing the registration of Changyou Class A Ordinary Shares under the Exchange Act. Changyou’s obligations to file with or furnish to the SEC certain reports and forms, including Form 20-F and Form 6-K, will be suspended immediately as of the filing date of the Form 15 and will terminate once the deregistration of Changyou Class A Ordinary Shares becomes effective.

China Renaissance, through its subsidiary CRP-Fanya Investment Consultants (Beijing) Limited, has served as financial advisor to Sohu in connection with the Changyou Merger; Goulston & Storrs PC has served as U.S. legal counsel to Sohu; and Han Kun Law Offices has served as PRC legal counsel to Sohu.

Houlihan Lokey (China) Limited has served as financial advisor to the committee of independent and disinterested directors established by Changyou’s board of directors (the “Changyou Special Committee”) to review and evaluate the Changyou Merger; and Skadden, Arps, Slate, Meagher & Flom LLP has served as U.S. legal counsel to the Changyou Special Committee.

Conyers Dill & Pearman has advised as to Cayman Islands legal matters with respect to the Changyou Merger.

About Sohu

Sohu is China’s premier online brand and indispensable to the daily life of millions of Chinese, providing a network of web properties and community based/web 2.0 products which offer the vast Sohu user community a broad array of choices regarding information, entertainment and communication. Sohu has built one of the most comprehensive matrices of Chinese language web properties and proprietary search engines, consisting of the mass portal and leading online media destination www.sohu.com; interactive search engine www.sogou.com; developer and operator of online games www.changyou.com and the online video website tv.sohu.com.

Sohu’s corporate services consist of online brand advertising on Sohu’s matrix of websites as well as bid listing and home page on its in-house developed search directory and engine. Sohu also provides multiple news and information services on mobile platforms, including Sohu News App and the mobile news portal m.sohu.com. Sohu’s online game subsidiary Changyou develops and operates a diverse portfolio of PC and mobile games, such as Tian Long Ba Bu (“TLBB”), one of the most popular PC games in China. Changyou also owns and operates the 17173.com Website, a game information portal in China. Sohu’s online search subsidiary Sogou (NYSE: SOGO) has grown to become the second largest search engine by mobile queries in China. It also owns and operates Sogou Input Method, the largest Chinese language input software. Sohu, established by Dr. Charles Zhang, one of China’s internet pioneers, is in its twenty-fourth year of operation.

For investor and media inquiries, please contact:

In China:

In the United States:

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Source: Sohu.com Ltd.

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Changyou.com Announces Completion of Going-Private Transaction

April 18, 2020 TechENT Syndication Leave a comment

BEIJING, April 18, 2020 /PRNewswire/ — Changyou.com Limited (“Changyou”) (NASDAQ: CYOU), a leading online game developer and operator in China, today announced the completion of the merger (the “Changyou Merger”) contemplated by the Agreement and Plan of Merger (the “Merger Agreement”), dated January 24, 2020, by and among Changyou; Sohu.com (Game) Limited (“Sohu Game”), an indirectly wholly-owned subsidiary of Sohu.com Limited (“Sohu”) (NASDAQ: SOHU); and Changyou Merger Co. Limited (“Changyou Merger Co.”), a direct wholly-owned subsidiary of Sohu Game, in which Changyou Merger Co. merged with and into Changyou effective April 17, 2020 (the “Effective Time”), with Changyou being the surviving company. As a result of the Changyou Merger, Changyou has become a private company wholly owned directly and indirectly by Sohu and the American depositary shares of Changyou (the “ADSs”), each of which represented two Changyou Class A ordinary shares (“Class A Ordinary Shares”), are no longer traded on the Nasdaq Global Select Market.

Pursuant to the plan of merger for the Changyou Merger, (i) each Class A Ordinary Share issued and outstanding immediately prior to the Effective Time, other than shares held beneficially by Sohu (the “Excluded Shares”), was cancelled in exchange for the right to receive $5.40 in cash without interest, and (ii) each outstanding ADS, other than the ADSs representing the Excluded Shares, was cancelled in exchange for the right to receive $10.80 in cash without interest (less $0.05 per ADS cancellation fees and other fees as applicable). Pursuant to the Merger Agreement, at the Effective Time, (i) each outstanding and fully‑vested option (each, a “Vested Option”) to purchase Class A Ordinary Shares under Changyou’s share incentive plans was cancelled, and each holder of a Vested Option has the right to receive an amount in cash determined by multiplying (x) the excess, if any, of $5.40 over the applicable exercise price of such Vested Option by (y) the number of Class A Ordinary Shares underlying such Vested Option, and (ii) each outstanding but unvested option (each, an “Unvested Option”) to purchase Class A Ordinary Shares under Changyou’s share incentive plans will remain outstanding and continue to vest following the Effective Time in accordance with the applicable Changyou share incentive plan and award agreement governing such Unvested Option in effect immediately prior to the Effective Time.

Because Changyou Merger Co. owned over 90% of the voting power represented by all issued and outstanding shares of Changyou prior to the effectiveness of the Changyou Merger and the Changyou Merger was in the form of a short-form merger in accordance with section 233(7) of the Companies Law of the Cayman Islands, the Changyou Merger was not subject to a vote of the shareholders of Changyou.

Changyou has requested that trading of Changyou ADSs on the Nasdaq Global Select Market be suspended, and that the Nasdaq Stock Market LLC (“Nasdaq”) file with the Securities and Exchange Commission (the “SEC”) a Form 25 notifying the SEC of Nasdaq’s withdrawal of the Changyou ADSs from listing on Nasdaq and intention to withdraw the Class A Ordinary Shares from registration under Section 12(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Changyou has informed Sohu that it intends to file with the SEC, ten days after Nasdaq files the Form 25, a Form 15 suspending Changyou’s reporting obligations under the Exchange Act and withdrawing the registration of the Class A Ordinary Shares under the Exchange Act. Changyou’s obligations to file with or furnish to the SEC certain reports and forms, including Form 20-F and Form 6-K, will be suspended immediately as of the filing date of the Form 15 and will terminate once the deregistration of the Class A Ordinary Shares becomes effective.

Conyers Dill & Pearman has advised as to Cayman Islands legal matters with respect to the Changyou Merger.

About Changyou

Changyou is a leading developer and operator of online games in China with a diverse portfolio of popular online games, such as Tian Long Ba Bu (“TLBB”), one of the most popular PC games in China, as well as a number of mobile games. Changyou also owns and operates the 17173.com Website, a leading game information portal in China. Changyou began operations as a business unit within Sohu in 2003, and was carved out as a separate, stand-alone company in December 2007. Changyou has an advanced technology platform that includes advanced 2.5D and 3D graphics engines, a uniform game development platform, effective anti-cheating and anti-hacking technologies, proprietary cross-networking technology and advanced data protection technology. For more information, please visit http://ir.changyou.com/.

For investor and media inquiries, please contact:

In China:
Mr. Yujia Zhao
Investor Relations
Tel: +86 (10) 6192-0800
E-mail: ir@cyou-inc.com

In the United States:
Ms. Linda Bergkamp
Christensen
Phone: +1 (480) 614-3004
E-mail: lbergkamp@ChristensenIR.com

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Pearl Abyss Begins Final Beta for Shadow Arena

April 17, 2020 TechENT Syndication Leave a comment

SEOUL, South Korea, April 17, 2020 /PRNewswire/ — Pearl Abyss announced that its action battle royale Shadow Arena has entered its final phase of Beta testing today at 4PM (KST). Players across the globe can now experience the improved gameplay of Shadow Arena on Steam until April 20.

Pearl Abyss Begins Final Beta for Shadow Arena

In Shadow Arena, 40 Heroes battle against each other in fierce, action-packed showdowns to become the final survivor. New content, such as a more sophisticated matching system, has been introduced to the final Beta to provide a higher level of gameplay for global players.

The new AI Matches mode allows a maximum of 5 players to fight as allies against 40 AI opponents. A Normal Match mode, where the game’s results are not recorded, is also available along with other additions including a new giant monster the Stoneback Crabs, and a Blessed Area, which will greatly increase a Hero’s HP regeneration.

Heroes who have signed up for a Beta key can receive a Premium Beta Key that will give them special in-game rewards. These rewards are the highest grade sealed items, such as the Matchlock and Red Dragon’s Offering. Heroes can play Shadow Arena more strategically with these sealed items.

As the current test is being conducted as the “final” Beta, Pearl Abyss is preparing to release the early access of Shadow Arena soon.

For more information on Shadow Arena, visit the official website, Discord, Facebook, YouTube, and Twitter.

About Pearl Abyss

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PR Newswire

KLab Unites with the Game Industry and WHO #PlayApartTogether Campaign to Prevent the Spread of COVID-19

April 17, 2020 TechENT Syndication Leave a comment

TOKYO, April 17, 2020 /PRNewswire/ — KLab Inc. (Headquarters: Minato-ku, Tokyo, President & CEO: Hidekatsu Morita, hereinafter referred to as “KLab”) announced that together with major game publishers around the world and the WHO (World Health Organization) that they are uniting to support the #PlayApartTogether campaign. The initiative encourages people to help slow the spread of COVID-19, which is sweeping its way around the world, by following health and safety guidelines to stay at home.

KLab joins #PlayApartTogether.

As the whole world is currently being impacted by the spread of the COVID-19, the company decided to do our part by joining the #PlayApartTogether initiative. KLab wants to support gamers and everyone around the world by encouraging them with the following message to “stay home, practice physical distancing, and play games together.”

KLab joins #PlayApartTogether.

In addition, they have decided to hold their own in-game campaigns so that players can enjoy their time at home starting today. Details of the in-game campaigns will be announced on the official websites and social media pages for each title.

Message

To everyone around the world,

I believe that we are all feeling uneasy these days because of the new coronavirus (COVID-19). Staying at home is now more important than ever to prevent transmission and protect our loved ones. Games are a great form of entertainment you can enjoy at home. Instead of going out, we can work together to help contain the infection by staying home and playing games with our families, partners, and friends (#PlayApartTogether).

We have also set up campaigns to help you enjoy some of the games we have to offer.

We pray for the safety and good health of everyone around the world.

KLab Inc.

President and CEO

Hidekatsu Morita

About #PlayApartTogether

The world’s major game publishers and developers have united for this initiative to disseminate the correct WHO recommended health guidelines, such as physical distancing and hand hygiene to help slow the spread of COVID-19. These messages will be conveyed around the world through games and industry networks. The ability to stay home and play games while interacting with others is one way of maintaining both your mental and physical health.

For more information on #PlayApartTogether please visit the official announcement page and the WHO website.

* Company, product, and service names are trademarks or registered trademarks of their respective companies.

Participating Campaign Game Titles

Games participating in KLab’s #PlayApartTogether campaigns.

“Love Live! School Idol Festival All Stars”
Players can receive Show Candy (100%) x5 and other great rewards.

“Captain Tsubasa: Dream Team”
Players can receive up to 100 Dreamballs, SSR Transfer Tickets, and other great rewards.

“Bleach: Brave Souls”
Players can receive a Choose a 5 Summons Ticket (April 2020), a Choose a 5 Summons Ticket (April 2020 Seasonal), and other great rewards.

“Utano Princesama Shining Live”
Players can receive an 11-Shot Pass (SR+ x1) and other great rewards.

“Love Live! School Idol Festival”
Players can receive Sugar Cubes [LP50], Scouting Tickets, Scouting Coupons, a UR Scouting Ticket and other great rewards.

*For further details be sure to check out the in-game announcements. Contents are subject to change without prior notice.

*Please note that some titles may not be playable depending on the service language or region of the user.

Copyright

About KLab

KLab is a leader in online mobile gaming. Founded in 2000 and headquartered in Tokyo, the company is listed on the 1st Section of the Tokyo Stock Exchange. KLab has consistently ranked as one of the top 52 grossing game publishers worldwide since 2012. With its emphasis on quality and innovative games, KLab continues to grow at a rapid pace, expanding beyond the Japanese market with an office in Shanghai. For more information about KLab, please visit http://www.klab.com/jp/english/.

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Source: KLab Inc.

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