Kuuhubb Reports 2020 Fiscal Year End Audited Annual Financial Results and Provides Corporate Update

TORONTO, Oct. 28, 2020 (GLOBE NEWSWIRE) -- Kuuhubb Inc. (“Kuuhubb” or the “Company”) (TSXV: KUU), a mobile game development and publishing company focused on providing the female audience with creative interactive gaming experiences, has announced that it has released its audited annual financial results for the financial year ended June 30, 2020. The results have been filed with the Canadian Securities Administrators and are now available on SEDAR.

Highlights:

• Revenues of US$7,803,832 for the year ended June 30, 2020.
• Recolor recognized revenue of US$6,795,445 for the year ended June 30, 2020.
• Commercialization of next-generation Match-3 game platform provides entry into multi-billion dollar gaming genre.
• Sale of assets such as Recolor to fund next-generation game commercialization initiatives under consideration.

CEO’s Message:

Jouni Keränen, CEO of Kuuhubb Inc., commented:

“Kuuhubb is a young company in the midst of a transformation. Up until this point, we have been focused on the acquisition of proven, yet under-appreciated assets which display the potential to capture a global user following. Developing that potential was achieved with Recolor through investing talent and resources into the technology, making numerous product improvements, pursuing partnerships and effectively marketing to our target audience to ultimately build a loyal user community.

However, the success of our company does not revolve around one game title. Rather, our experience and success with Recolor has provided us the expertise and confidence to identify emerging gaming trends, expand our game portfolio and focus our resources in developing and marketing our next generation of exciting games. For us at Kuuhubb, the Match-3 genre promises to be that future. We have deployed capital and resources to develop our own Match-3 game engine and commercialize Kuuhubb’s first in-house developed Match-3 title, “Tiles & Tales”. The Match-3 game genre is by far the largest segment among female gamers, generating over US$5B per year and representing over one-fifth of the entire US iPhone gaming market.

As part of the transformation and increased focus on Match-3 games we have decreased overall costs by over USD 1 million annually, including shutting down non-performing third-party publishing office in Amsterdam and ceasing market entry operations in India. We have to acknowledge that not every game, team or initiative will succeed and we will become faster at recognizing that and redeploying the resources in to efforts that maximize future returns.