Southeast Asia’s leading mobile entertainment group iCandy Interactive Limited
announces that it has entered into a term sheet to acquire a 100%
interest in Singapore-headquartered Inzen Studio Pte. Ltd., a mobile
game company and eco-system developer.

Prior to this, Inzen had secured investments from major institutional investors across
Asia, namely Incubate Fund (Japan), Hatcher (Singapore) and the Global Mobile
Game Confederation (China). It had also secured investment from its strategic
partner, Baidu Games. Baidu Games is a wholly-owned subsidiary of Baidu Inc,
one of the three largest Internet companies in China with a current market
capitalisation of US$63.75 billion.

Inzen has two core strategies that centre around the innovation of mobile games
across different cultures. As a mobile game company, Inzen develops games that
introduce breakthrough gameplay experiences to players across cultures and
partners with publishers in key territories to operate them (such as Baidu Games
for China). As an ecosystem developer, Inzen works with strategic partners (such
as Baidu Games and Incubate Fund) to establish programmes to incubate new
game companies in Southeast Asia and co-publish their games across Southeast
Asia and China.

inzenInzen’s founders are games industry veterans and were part of the core team at the Singapore-MIT GAMBIT Game Lab, an organisation formed and funded by the Singapore Government, in collaboration with the Massachusetts Institute of Technology (MIT) to incubate the next generation of games industry talents in Singapore, fund research in games and develop breakthrough game prototypes
for commercialization. Inzen’s CEO, Gerald Tock, was the Head of Operations atmGame Lab. In addition, Gerald had operated two previous indie-game
companies from startup through to commercialisation.

From 2006 to 2008, Gerald also worked with Singapore’s Media
Development Authority, to design, implement and lead games industry growth
initiatives. One of the key initiatives launched was the Invigorate Programme
which provided game companies with funding, while connecting them with
mentorship and market access opportunities with global publishing partners.
iCandy is proposing to acquire 100% of the issued and voting capital of Inzen,
subject to an agreement to binding documentation between iCandy and Inzen.

The proposed acquisition is valued at SG$ 6 million, to be satisfied in ordinary shares of
iCandy at an issuance price of 5-day Volume-Weighted Average Price (VWAP) of
iCandy’s shares at closing of the transaction. There will be no change in
shareholding control of iCandy.

The Board of iCandy believes the proposed acquisition, if successful, will bring
synergies across the game development and publishing businesses of both
iCandy and Inzen. The iCandy Board also believes the acquisition will provide it
with new avenues to publish games in the lucrative smartphone games market of
China. It will also allow Inzen to leverage upon iCandy’s network of more than 17
million mobile gamers in Asia Pacific for publishing, as well as iCandy’s studio
network for mentorship, co-publishing options and incubation initiatives.

iCandy Interactive Ltd is an Australian incorporated public company,
with as core business the development and publishing of games for mobile
devices. Specialising in action-packed puzzle games, iCandy has published titles
that have achieved over 17 million cumulative downloads. One of the market leaders in the region, with subsidiaries in Malaysia and Singapore (including the award-winning games studio Appxplore), iCandy has stretched its success beyond the borders of Southeast Asia: several of its titles, such as Crab War, Mobfish Hunters and Caveboy’s Escape, have been
recommended as Best New Games across 30 countries internationally.

Source: iCandy