Playlogic Grabs $3 Million Financing Deal, New Director

Officials from Amsterdam-based publisher Playlogic Entertainment has announced that the company has successfully closed a $3.0 million deal at a value of $1.15 per share. The new funds will reportedly be used to improve the working capital and equity position of the company and aid its business plan and release schedules for 2008. Playlogic’s recently released first quarter financial results showed a 12 percent net revenue rise to $4 million, following the company’s first full year of profit. The company’s key franchises have included titles such as Obscure, Simon the Sorcerer 4: Chaos Happens and Xyanide Resurrection. Although previously seen as primarily a PC publisher, the company has recently begun to diversify with more console and portable titles. At the same time the company has also announced the appointment of Ruud Spoor as non-executive director, effective immediately. Spoor is currently director at investment firm BL Capital and will serve as Playlogic’s fourth non-executive director. Playlogic chairman Willy Simon, commented: “We are very pleased that Mr Ruud Spoor joins the Board of Playlogic International at the next step of its growth. He adds significant financial and business experience, as well as access to the Dutch Investors community”. “I am excited to join the Board of Playlogic and help the company to manage its growth and visibility in a very dynamic market,” said Spoor.