TIDMPIRI
Pires Investments PLC
25 October 2022
25 October 2022
Pires Investments plc
("Pires" or the "Company")
Update on investment in Pluto Digital plc
Pires Investments plc (AIM: PIRI), the investment company
focused on next-generation technology, is pleased to provide an
update on developments at Pluto Digital plc ("Pluto") , one of the
Company's investee companies, following a recent webinar held by
the company.
Following its successful joint venture earlier this year, Pluto
has merged with Maze Theory Limited ("Maze Theory"), a London-based
digital entertainment studio, to form Emergent Entertainment plc
("Emergent"), a next-generation entertainment company focused on
bringing audiences and storytellers together by harnessing emerging
technologies.
Pluto is a Web3 technology company with a focus on the
metaverse, blockchain gaming and NFTs sectors. Pluto had been
working with Maze Theory with a view to developing high-quality
games that incorporate token economics. Previously, the company had
acquired 40% of Maze Theory and set up a joint venture called
Emergent Games Limited.
Pluto has now agreed to acquire the remaining 60% of Maze Theory
that it did not already own and merge the two companies to form
Emergent. The consideration will be the issue of 151 million new
shares in Pluto, with the reference price of the transaction being
6 pence per Pluto share.
Former Executive Vice President of Sony Interactive
Entertainment/PlayStation, Simon Rutter, has joined Emergent as
Chairman, alongside CEO Ian Hambleton, the former CEO of Maze
Theory. Simon Rutter spent 25 years at PlayStation, with the last
10 years in senior international leadership roles. Ian Hambleton is
a successful entrepreneur of 20 years, having founded and grown
creative businesses across tech, digital, gaming and green tech
with Found Studio, Maze Theory and Ecologi.
Post transaction, Emergent will benefit from the experience and
expertise of over 60 developers and executives across the two
merged entities. The business will comprise three divisions:
- Emergent XR, which will focus on developing VR games such as
Peaky Blinders, an action/adventure game that is currently in
development.
- Emergent Web3, which is developing the game Resurgence, a Web3
game which takes players on a journey from a present-day disaster
to a post-apocalyptic future. This will be free to play and will
include token economics.
- Emergent Networks, which includes certain existing digital
assets, owned by the Company, including NFTs.
Emergent expects to balance the traditional and the new;
storytelling craft with technical innovation; and established,
reliable business models with more contemporary forms of
monetisation.
Nicholas Lee, Director of Pires, commented:
"We are pleased to note the ongoing developments at Pluto, which
is making good progress towards becoming a next-generation
entertainment company, with a specific focus on Web3. This is a
sector where significant growth is expected, particularly in the
form of VR video games."
The Directors of the Company are responsible for the release of
this announcement.
Enquiries:
Pires Investments plc Tel: +44 (0) 20 3368 8961
Nicholas Lee, Director
Broker Tel: +44 (0) 20 7469 0935
Peterhouse Capital Limited Tel: +44 (0) 20 7469 0936
Duncan Vasey/Lucy Williams
Financial media and PR Tel: +44 (0) 20 3004 9512
Yellow Jersey
Sarah Hollins
Henry Wilkinson
Annabelle Wills
Notes to Editors
About Pires Investments plc
Pires Investments plc (AIM: PIRI) is an investment company
providing investors with access to a portfolio of next generation
technology businesses with significant growth potential.
The Company is building an investment portfolio of high-tech
businesses across areas such as Artificial Intelligence, Internet
of Things, Cyber Security, Machine Learning, Immersive Technologies
and Big Data, which the Board believes demonstrate evidence of
traction and the potential for exponential growth, due to
increasing global demand for development in these sectors.
For further information, visit:
https://piresinvestments.com/
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