Kuuhubb Secures Exclusive Option to Acquire Sumoing Oy
June 23, 2017
Toronto, Canada - June 23, 2017
- Kuuhubb Inc. (“Kuuhubb” or the “Company”) (TSX-V: KUU) announces that it has secured an exclusive option (the “Option”) to acquire 100% of Finnish lifestyle application company Sumoing Oy, creator of the world’s leading digital coloring book application called Recolor
. Total consideration payable for the acquisition of Sumoing Oy is 9,000,000 Euros or approximately USD$10,100,000.
Sumoing Studios is a Helsinki-based game development studio that specializes in lifestyle genre apps targeted to the female audience. Sumoing’s applications have more than 40 million all-time downloads.
Recolor is the most polished, high-quality digital coloring book on mobile, including 1,500+ beautiful art illustrations and unique 3D content. It's easy, smooth and ideal for on-the-go-relaxation. Simple, intuitive user interface combined with beautiful color palettes and illustrations give the user stress relieving coloring. Recolor uniquely provides style themes to finalize the user’s creation before sharing with others, including pencil, marker, acryl, watercolor and more, giving the user’s art a beautiful, authentic finish.
Recolor is the number one digital coloring book application on mobile. It has more than 20 million all-time downloads, 69 million monthly sessions and over 4 million monthly active users. Recolor is transforming from a pure coloring app to an active creative community.
The Option was acquired by Kuuhubb for nominal consideration from a company controlled by two officers and directors of Kuuhubb, Jouni Keränen and Christian Kolster. Upon satisfactory completion of Kuuhubb’s due diligence review of Sumoing Oy, Kuuhubb intends to engage financial agencies to raise financing to fund the Company’s purchase of Sumoing Oy. In addition to securing financing, the proposed acquisition is also subject to receipt of all required approvals, including the approval of the TSX Venture Exchange. Sumoing Oy is an arm’s length party to Kuuhubb.
Further details to be released in due course.
This press release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or the securities laws of any state of the United States and may not be offered or sold within the United States (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements.