Denver, CO -- November 28, 2017 -- InvestorsHub NewsWire --
SPYR, INC. (OTC
PINK: SPYR), a holding company with a wholly owned
subsidiary in the mobile game & app development and publishing
industry, today announced that it has increased its non-dilutive,
non-convertible Line of Credit by an additional $500,000, bringing
the total Line of Credit to $1 million. The additional funds
will be used to further SPYR's recently announced new game
development. The terms of the expanded Line of Credit remain
the same as the original credit extension announced on Form 8-K
filed with the U. S. Securities and Exchange Commission on
September 6, 2017.
The Line of Credit was provided by Berkshire Capital Management
Company, a company owned and controlled by SPYR's Chairman of the
Board.
SPYR CEO & President, James R. Thompson, said of the Line of
Credit increase, "With these additional funds, we will be able to
move toward profitability more rapidly than we would otherwise. The
gaming industry is experiencing enormous growth, which is expected
to continue at double-digit year-over-year rates for years to come
as the industry continues to grow. It is our goal to position SPYR
so that it can realize the maximum benefits from this
growth."
About SPYR
SPYR, INC. is a holding company that through
its wholly owned subsidiary SPYR APPS, LLC, is engaged in mobile
application and game publishing and development. The Company
is currently exploring opportunities for additional acquisitions in
these and other verticals, including mobile application and game
development, in order to expand its holdings, to drive and increase
revenue and to generate profits and build value for
shareholders.
Safe Harbor Statement:
This release contains forward-looking statements that are based
upon current expectations or beliefs, as well as a number of
assumptions about future events. Although we believe that the
expectations reflected in the forward-looking statements and the
assumptions upon which they are based are reasonable, we can give
no assurance or guarantee that such expectations and assumptions
will prove to have been correct. Forward-looking statements are
generally identifiable by the use of words like "may," "will,"
"should," "could," "expect," "anticipate," "estimate," "believe,"
"intend," or "project" or the negative of these words or other
variations on these words or comparable terminology. The reader is
cautioned not to put undue reliance on these forward-looking
statements, as these statements are subject to numerous factors and
uncertainties, including but not limited to: adverse economic
conditions, competition, adverse federal, state and local
government regulation, international governmental regulation,
inadequate capital, inability to carry out research, development
and commercialization plans, loss or retirement of key executives
and other specific risks. To the extent that statements in this
press release are not strictly historical, including statements as
to revenue projections, business strategy, outlook, objectives,
future milestones, plans, intentions, goals, future financial
conditions, events conditioned on stockholder or other approval, or
otherwise as to future events, such statements are forward-looking,
and are made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. The forward-looking
statements contained in this release are subject to certain risks
and uncertainties that could cause actual results to differ
materially from the statements made. Readers are advised to review
our filings with the Securities and Exchange Commission that can be
accessed over the Internet at the SEC's website located
at http://www.sec.gov, as well as SPYR's website
located at http://www.spyr.com, and SPYR's community
channel on Twitter located at https://twitter.com/spyrinc.