NEW YORK, Nov. 13, 2014 /PRNewswire/ -- Tapinator, Inc. (OTC: TAPM) announced today that it has acquired InAppFuel (IAF), a social casino company. InAppFuel powers the casino functionality for a number of application developers on mobile platforms, including Metamoki, Five-O Poker, DreamQuest Games, GameMasons, and many others. By offering the first and only minigame Software Development Kit (SDK), InAppFuel allows developers to integrate casino functionality, including slot machines and scratch-off tickets, in less than an hour of time.
InAppFuel's vision is to allow any developer to quickly integrate a casino layer mini game into an existing game. This will greatly aid gaming companies by efficiently optimizing in-app purchase monetization and improving user retention. This unique business solutions (B2B) product not only brings Tapinator a new product line, but it also paves the way for expanding relationships with other developers and studios as IAF grows, thus creating additional acquisition and partnership opportunities in the gaming business.
Social casino properties are among the best at mobile gaming monetization. According to VentureBeat's gaming publication, GamesBeat, casino games have become a $2.7 billion worldwide industry in a short few years thanks to rapid growth on Facebook and the mobile platforms. InAppFuel, through its patent-pending minigame SDK and its proven casino minigame engine, intends to participate in this growing market in a substantial way.
InAppFuel was cofounded by Tapinator's CEO, Ilya Nikolayev, who was a minority owner of the company. By unanimous consent of Tapinator's board of directors and majority consent of the InAppFuel owners, Tapinator purchased InAppFuel for consideration comprised of the assumption of IAF's existing promissory notes, and an earn-out from one half of InAppFuel's net income until such time as InAppFuel's previous owners have been paid out per the terms of the agreement. Mr. Nikolayev received no upfront or additional consideration. The transaction was concluded on October 1, 2014 and will be reflected in the company's Q4 financial statements. The details of the transaction may be found in Tapinator's supplemental information disclosure dated November 13, 2014 on otcmarkets.com.
"We are very pleased about completing this transaction and the coming integration of this new product line with Tapinator's existing business," stated Tapinator CEO, Ilya Nikolayev. "Not only does it provide Tapinator a unique product with huge upside potential, but it also maximizes our current social casino team and is our first business solutions (B2B) product. I am grateful to have received the support of both the majority of the owners of InAppFuel and the consent from Tapinator's independent board member, Robert Crates, for this transaction. I believe that this acquisition is going to add tremendous value and momentum for Tapinator."
Tapinator's Senior Advisor, Teymour Farman-Farmaian, added, "We look forward to the impact that this product will have on expanding key strategic product development relationships."
To view Tapinator's portfolio, please navigate to the iOS, Google Play, or Amazon App Store and search for "Tapinator." Or, for a full listing of Tapinator games with links to each app store, please go to Tapinator.com.
Tapinator (OTC: TAPM) is a global developer and publisher of mobile games on the iOS, Google Play, and Amazon platforms. The Company focuses on operating its own titles, publishing properties where it holds substantial ownership positions, and making strategic investments into promising mobile companies. Tapinator's owned and operated portfolio includes over 60 mobile gaming titles that, collectively, have over 35 million users. A number of these titles have risen to the top of the mobile leaderboard charts and have been featured by the Apple, Google, and Amazon App Stores. Founded in 2013, Tapinator is headquartered in New York, with development offices in Pakistan, Denmark, and Indonesia. For a full listing of Tapinator game titles, please go to Tapinator.com. For further financial information on the Company, please go to OTCMarkets.com/stock/TAPM. For live updates, please like us on Facebook at facebook.com/Tapinator or follow us on Twitter at twitter.com/Tapinator.
Forward Looking Statements:
To the extent that statements contained in this press release are not descriptions of historical facts regarding Tapinator, they are forward-looking statements reflecting the current beliefs and expectations of management made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Words such as "may," "will" "expect," "anticipate," "estimate," "intend," and similar expressions (as well as other words or expressions referencing future events, conditions or circumstances) are intended to identify forward-looking statements. Examples of forward-looking statements contained in this press release include, among others, statements regarding the quoting and trading of our common stock and our expectations regarding our development and monetization plans for our mobile games. Forward-looking statements in this release involve substantial risks and uncertainties that could cause the development and monetization of our mobile games, future results, performance or achievements to differ significantly from those expressed or implied by the forward-looking statements. Such risks and uncertainties include, among others, the uncertainties inherent in the hits nature of the mobile gaming business. Tapinator undertakes no obligation to update or revise any forward-looking statements. The quoting and trading of the company's common stock on the OTC Market Group's OTC Link quotation system is often thin and characterized by wide fluctuations in trading prices, due to many factors that may have little to do with the company's operations or business prospects. As a result, there may be volatility in the market price of the shares of the company's common stock for reasons unrelated to operating performance. Moreover, the OTC Market Group's OTC Link quotation system is not a stock exchange, and trading of securities on it is often more sporadic than trading of securities listed on the NASDAQ Stock market or another securities exchange. Accordingly, stockholders may have difficulty reselling any of their shares. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of the company in general, see Tapinator's filings with the OTC Market Group, which are available through http://www.otcmarkets.com.
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SOURCE Tapinator, Inc.