Altitude Games, a company minority owned by listed firm Xurpas Inc., on Tuesday said its board has approved the sale of its assets, including intellectual property and licenses, to a company registered in Australia.
Xurpas currently owns 21.17 percent shares in Altitude Games Pte. Ltd., the Singapore entity, and Altitude Games Inc., the Philippine company.
“With the sale of Altitude Games’ business, Altitude will be able to settle the convertible debt it has previously issued to Xurpas,” the company told regulators.
Xurpas said it will receive approximately $900,982 in net proceeds, which include the payment for the convertible debt and the corresponding equity stake in Altitude’s business.
“The sale of the assets and business of Altitude Games will be made effective upon signing of the definitive agreements. Xurpas will receive the proceeds from the sale and discharge of liabilities, upon completion of certain deliverables,” the company said.
Xurpas purchased Altitude Games in December 2014, and was the company’s first investment after its initial public offering in the same year.
In February, Xurpas agreed to establish a presence in Australia, by creating a unit there.
“With this, the company will establish a sales presence for Xurpas in Australia, allowing the company to offer its products and services in a market that is at least 10 times larger than the Philippine market. This is an opportunity that Xurpas has not previously tapped,” it said.
It will offer a range of information technology services through the new subsidiary, ranging from staff augmentation and managed services, to bespoke software development, among others.
In December, the company registered Xurpas Software Inc. to engage in designing, developing, testing, building, marketing, distributing, maintaining, supporting, customizing, selling and/or re-selling applications, games, software, cybersecurity software tools, digital solutions, whether internet, mobile, or other handheld applications, portals, hardware and other related products and services, except internet provider services, both for proprietary and custom development purposes.
