September 3, 2021
Kuuhubb Inc. (“Kuuhubb” or the “Company”) (TSXV: KUU), a mobile game development and publishing company focused on providing the female audience with creative interactive gaming experiences, has announced today that the Board of Directors of Kuuhubb Inc. has unanimously approved the plan to restructure all of the debt within its Finland based subsidiary Kuu Hubb OY (Finnish Business ID: 2645999-5).
In order to undertake the necessary debt restructuring initiatives within Kuu Hubb OY, the Kuuhubb Inc. Board of Directors unanimously approved and applied to undertake Finnish restructuring proceedings under the jurisdiction of the District Court of Helsinki, in Finland. The restructuring application of Kuu Huub Oy is currently being assessed by the District Court. The restructuring proceedings are governed by the REA.
Jouni Keränen, CEO of Kuuhubb Inc. states, “The Company continues its search to identify a buyer for its Recolor app. However, given that this process has not yet proved successful and given the current debt burden of Kuu Hubb Oy, our Finland based subsidiary, our Board of Directors has determined, after having reviewed various alternatives and after having taken into account the financial position of Kuu Hubb Oy, that the restructuring of Kuu Hubb Oy’s debt obligations is the only reasonable available alternative for Kuu Hubb Oy, and is in the best interest of the Company. In Finland, the goal of the debt restructuring process is to decrease the Finnish company’s debt burden without impacting the Finnish company shareholder’s equity, enabling future investments for revenue growth and a path to profitability. Our goal is to get the Company into a stronger financial position and direct our efforts on executing the growth strategy for our two core products - Recolor and Tiles & Tales, and continue to improve our business for the long-term benefit of our shareholders.”