Ascend Acquisition’s Andover Games Signs Mobile Gaming Development Deal with
Meteor Group For Its Clients, Including The McDonald’s Channel
Announces Commitment of $2 Million ofAdditional Merger Financing and 2012
First Quarter Financial Results
SAN FRANCISCO -- May 22, 2012
Andover Games, LLC (“Andover Games”), the mobile game developer that is the
operating subsidiary of publicly traded Ascend Acquisition Corp. (“Ascend
Acquisition”) (OTC BB: ASCQ), announced today that it has entered into a
three-year agreement with Meteor Group to be its first sales partner in mobile
gaming development deals for top international consumer brands.
Meteor Group is a privately held, full service digital agency that specializes
in designing and building customized user centric mobile solutions. Andover
Games will have access to all of Meteor Group’s clients and will be part of
its fundamental sales initiatives. A full client list for Meteor Group can be
found at www.meteorusa.com. One of Meteor’ Group’s exclusive partnerships is
with the McDonald’s Channel and one of Meteor Group’s projects is to design a
mobile game for the McDonald’s Channel available on both mobile device
platforms and the web. The McDonald’s Channel is a digital out of home network
for the McDonald’s (NYSE: MCD) restaurant chain.
“We are excited about working with the talented team at Andover Games to
develop and bring mobile games to our full roster of clients which includes
the McDonald’s Channel and other top international brands,” said Patrick
Lerandeau, Chief Operating Officer of Meteor Group. “The ability to access
mobile games that are fun to play at all ages and levels of experience will
add to all of our brands’ visibility and customer experience,” said Mr.
Meteor, on behalf of Andover Games, will offer new games to its existing and
future clients as well as branding opportunities within existing games.
Meteor’s list of services include website development, mobile app & WAP site
creation, text campaigns, and product integration for many of the world’s top
“We are excited to be working with Meteor Group and their roster of terrific
brands,” said Andover Games’Chief Executive Officer Craig dos Santos. “We are
already working on the development of various types of games that will bring
enjoyment to viewers of the McDonald’s Channel as well as otherbrands looking
to expand their reach into the digital gaming arena,” said Mr. dos Santos.
Ascend Acquisition also announced that Ironbound Partners Fund, LLC, an
affiliate of Jonathan J. Ledecky, Ascend Acquisition’s Non-Executive Chairman
of the Board and Interim Chief Financial Officer, has committed to purchase
the remaining $2 million of securities in Ascend Acquisition’s financing
relating to its merger with Andover Games once such financing is recommenced
if other investors are unable to be located. The financing has been currently
postponed to allow Ascend Acquisition and Andover Games to freely explore and
consummate potential strategic initiatives that have been presented to it
since consummation of the merger. For a more complete description of the
foregoing, see Ascend Acquisition’s Current Report on Form 8-K filed with the
Securities and Exchange Commission on May 18, 2012.
Ascend Acquisition also announced its financial results for the three months
ended March 31, 2012. The company reported revenues of $28,125 and a net loss
of $168,456 for the quarter. As of March 31, 2012, the company had
approximately $1.7 million of cash and no debt. The full financial statements
can be found in the Company’s Quarterly Report on Form 10-Q filed with the
Securities and Exchange Commission on May 21, 2012.
"We are pleased at the progress we have made at Andover Games in our first
quarter as a public company. We continue to refine and test the two games we
are developing and hope to release the games in the United States during the
third quarter of 2012. We continue to ramp up our operations internally with
talented team members coming on board and we are pleased with the ongoing
execution of our business plan," said Mr. dos Santos.
Forward Looking Statements
This press release includes forward-looking statements made pursuant to the
safe harbor provisions of the Private Securities Litigation Reform Act of 1995
that involve risks and uncertainties. Forward-looking statements are
statements that are not historical facts. Such forward-looking statements,
based upon the current beliefs and expectations of Ascend Acquisition’s
management, are subject to risks and uncertainties, which could cause actual
results to differ from the forward-looking statements.
The following factors, among others, could cause actual results to
meaningfully differ from those set forth in the forward-looking statements:
our ability to develop and then maintain a good relationship with Apple,
Google and Facebook; our ability to convert non-paying players into paying
players and attract new paying players; our ability to increase purchases by
paying players; our ability to retain paying players, especially higher paying
players; our ability to anticipate changes in the mobile and social game
industry; our ability to cost-effectively develop and launch games; our
ability to launch games and release enhancements that become popular; our
ability to develop and maintain a scalable, high-performance technology
infrastructure that can efficiently and reliably handle increased player
usage, fast load times and the deployment of new features and games; our
ability to process, store and use data in compliance with governmental
regulation and other legal obligations related to privacy; our ability to
successfully compete with other companies that are currently in, or may in the
future enter, the social game or entertainment industry; our ability to hire,
integrate and retain world class talent; our ability to maintain adequate
control of our expenses; our ability to successfully expand our business,
while maintaining high quality; and our ability to obtain additional working
capital as and when needed.
These forward-looking statements involve significant risks and uncertainties
that could cause the actual results to differ materially from the expected
results. Most of these factors are outside the control of Ascend Acquisition
and Andover Games and are difficult to predict. The information set forth
herein should be read in light of such risks. Neither Ascend Acquisition nor
Andover Games assumes any obligation to update the information contained in
this press release.
About Andover Games
Andover Games is a company formed in January 2011 to create and distribute
game applications on current smartphone and other mobile platforms, namely iOS
and Android, as well as future competing smartphone platforms. Andover Games
merged with publicly traded Ascend Acquisition (OTC BB: ASCQ) in February 2012
and now operates as its wholly owned subsidiary.
Ascend Acquisition Corp.
Jon Ledecky, 307-633-2831
Patrick Lerandeau, 323-933-8800
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