Company to Focus on Expansion of Social Media Platform with Sports and Wellness Partners, Payment Systems and Media Production
LONDON and LOS ANGELES and MIAMI, Feb. 05, 2019 (GLOBE NEWSWIRE) — One Horizon Group, Inc. (NASDAQ: OHGI) today announced that it has completed the sale of its majority interest in Banana Whale Studios Pte, Ltd. (“BWS”), a B2B software provider in the gaming industry focusing on innovation and next generation games and entertainment, to Velo Partners for $2 million United States Dollars ($2,000,000 USD) (the, “Purchase Price”). See http://www.velopartners.co.uk/
One Horizon received $1.5 million United States Dollars ($1,500,000 USD) at closing, which took place yesterday, February 4, 2019 (the, “Closing”), and the $500,000 USD balance of the Purchase Price will be paid to One Horizon in twelve months pursuant to a secured note executed at Closing.
“We wish all the best to the BWS management team and we are grateful to have had the opportunity to work closely with them,” said Mark White, One Horizon’s Founder and CEO. “Given our focus on expansion opportunities centered around our 123Wish Platform, related payment systems and content creation, we believe that this sale, which returned in excess of 100% on invested capital in less than nine months, is in the best interest of One Horizon’s shareholders.”