TORONTO, Jan. 15, 2018 (GLOBE NEWSWIRE) -- Kuuhubb Inc. (“Kuuhubb” or the “Company”) (TSX-V:KUU), a technology company focused on acquiring, developing and distributing mobile video game applications, is pleased to provide an update on recent financial performance. References below to "US$" are to United States dollars. The Company’s consolidated financial statements (and related management’s discussion and analysis) for the quarter ended December 31, 2017 are targeted to be published on or before February 28, 2018.
Significant Revenue Growth and User Base Expansion:
- Preliminary unaudited results indicate gross revenue of approximately US$6.2 million during the three months ended December 31, 2017.
- Quarter over quarter gross revenue increased by 117%.
- Monthly Active Users (“MAU”) reaching over 7 million MAU in December 2017.
“I am very proud of what our team has achieved in a very short period. We are executing on the planned growth drivers with excellent results. While we are still in early stage, the results from our geographical expansion, improving the social and monetization features and focusing on efficient, data-driven operations are starting to show. Kuuhubb has built a highly scalable platform to acquire, integrate and grow undervalued assets across the globe and we will continue to execute this strategy in 2018 by expanding it both organically and through acquisitions,” stated Jouni Keränen, Chief Executive Officer of Kuuhubb.
- In November 2017, the Company announced that it had signed a term sheet to acquire Neybers, an interior design game where users can play with photo quality items from real brands. The acquisition of Neybers was completed near the end of November 2017. Neybers fits well with Kuuhubb’s strategy of building a portfolio of female oriented niche lifestyle community and design applications. Neybers has a strong focus on esthetics and female user base with a 22 minute play session average – attributes that dovetail well with Kuuhubb’s flagship app Recolor.
- In November 2017, Kuuhubb implemented rewarding videos in Recolor to be able to monetize Recolor´s non-paying user base. "The initial results are showing that Recolor users have adapted video advertisement well and we have seen a steady growth in video advertising revenues," stated Pasi Piipponen, Chief Operating Officer of Kuuhubb.
- In December 2017, Kuuhubb entered the Japanese gaming market, by hiring a team of seasoned management, business and product development professionals in the Japanese gaming community. Japan’s growing mobile gaming market represents a great opportunity for Kuuhubb, especially in the lifestyle genre apps targeting the female audience. Kuuhubb’s flagship app Recolor is the world’s number one digital coloring book application.
About Kuuhubb
Kuuhubb is a company active in the digital space that focuses mainly on lifestyle and mobile video game applications. Its strategy is to create sustainable shareholder value through acquisitions of proven, yet underappreciated, assets with robust long-term growth potential. Headquartered in Helsinki, Finland, Kuuhubb has a global presence with a strong focus on developing U.S. brand collaborations and Asian partnerships.
Cautionary Note Concerning Forward-Looking Information
This press release contains forward-looking information. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements relating to growth of the Company’s business and future revenue and MAU) are forward-looking information. This forward-looking information reflects the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking information is subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking information, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things, risks related to the growth strategy of the Company, the possibility that results from the Company’s growth plans will not be consistent with the Company's expectations, the early stage of the Company's development, competition from companies in a number of industries, the ability of the Company to manage expansion, future business development of the Company and the other risks disclosed under the heading "Risk Factors" in the Company's annual information form dated October 30, 2017 filed on SEDAR at www.sedar.com. Forward-looking information speaks only as of the date on which it is provided and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information, please contact:
Kuuhubb Inc.
Jouni Keränen - CEO
jouni@kuuhubb.com
Office: +358 40 590 0919
Bill Mitoulas
Investor Relations
bill@kuuhubb.com
Office: +1 (416) 479-9547