DNA Dynamics, Inc looks to a strong revenue stream in 2013 'Work for Hire' replaces own IP work as a 500:1 reverse stock split is announced
LEAMINGTON SPA, U.K., Feb. 1, 2013 /PRNewswire/ -- DNA Dynamics, Inc (OTCPINK: DNADD) announces a new strategy for 2013 and focuses on building a strong revenue streams in the Games market. On 31st January 2013, The Company enacted a 500:1 reverse split of its common stock, signaling a new era for the company as it concentrates on the lucrative 'work for hire' space, rather than exclusively creating its own IP.
Commenting on the move, David Lovatt, Chief Operating Officer for DNA Dynamics, stated that, "In 2011 and 2012, the Company had moderate success with its titles Warheads, Legacy & The Naked Gun and achieved some critical acclaim for the work it had created. However, with a limited marketing budget available, it has been an uphill struggle to get them into the mass market. The DTC Chill, announced at the end of 2012, removed any option the company had to raise the capital required to market these games effectively throughout 2013. The result being, we have shelved any plans we had to release new titles and have exited the contracts we had for existing, own IP games."
The Company's CEO, Ed Blincoe, had been establishing relationships with third parties over the final quarter of 2012 and believes that the Company is in a very strong position to work with some major studios on their IPs and assist them in bringing them to market.
In November 2012, the Company announced that it had sold its interest in the previously announced Sports game to a third party. This included removing an estimated $250,000 of current and expected liabilities from the balance sheet. Furthermore, the Company maintains a revenue share in the future success of the title upon its release.
About DNA Dynamics, Inc.
Headquartered in Leamington Spa in the United Kingdom, DNA Dynamics is a worldwide developer and publisher of graphically rich, interactive entertainment currently delivered on iOS®, Android™, Apple Mac® and PC.
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SOURCE DNA Dynamics, Inc.