Tag: Loan

Funcom Receives $500,000 Loan


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Funcom today announced that they have received a $500,000 short term loan from KGJ Investments to support the company as it develops its latest title, Conan Exiles. Conan Exiles is an open world survival game set in the lands of Hyboria.

As previously communicated, Funcom N.V. (the “Company”) is planning a share issue with the purpose of raising capital for the development and marketing of Conan Exiles, as well as the execution of the overall Company strategy. As part of this process the Company is compiling the required prospectus documentation for the contemplated equity issue.

Conan Exiles is the latest title to come out of Funcom’s new development strategy, along with the developer’s recently acquired status of preferred partner with the Conan property. Its other title, The Park, released last year on PC with console release recently delayed to Q2 2016.

(Source: Funcom)

John Smedley Defends Curt Schilling


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Those of you who read MMO Fallout know that I have quite a lot of respect for SOE’s John Smedley. The guy isn’t perfect and no one would doubt that there are plenty of mistakes made in Sony’s past, but the guy has a tendency to spell it out as it is and be as transparent as his corporate overlords will allow him to be. The company keeps their games going long after they are commercially viable, and even after they were no longer profitable.

Over the past few days, Smedley has taken to Twitter to defend 38 Studios and Curt Schilling, stating that Schilling’s “only crime was believing in his own ability to will things to be better,” adding that “he busted his ass to get funding.” He then goes on to state that Sony Online Entertainment was approached by 38 Studios for funding, but did not jump on board because the game was deemed too expensive and risky. He went on to say that the fact that no other company was willing to get on board should have been the first warning sign to Rhode Island not to go through with the deal. Public funds, says Smedley, should never go to back something as risky as an online game.

Rhode Island is set to vote today on encouraging out of court settlements against Schilling and those who drafted the loan.

(Source: Gamespot)