Update on the worsening situation in Ukraine
G5 Entertainment continues to follow the escalation in Ukraine closely as the situation deteriorates. We remain committed to our employees wherever they are situated and are doing what we can to support them through the immediate situation and will evaluate ongoingly which measures are best suited to support them going forward. We have extended the paid leave for two more weeks for now, the least we can do. Our thoughts and prayers are with those who are forced to hide in the basements or flee their houses and cities for safety.
G5 Entertainment is a global gaming company with employees in multiple locations. Even though many of our employees is currently unable work, we can continue our operations. Immediate revenue generation is not affected, and we are at this point focusing on supporting our employees. For important game updates, we are adjusting team composition and focusing our efforts on the most important games. The company’s games are run from servers that are based outside Ukraine and distributed globally. If the disruption due to limited resources available continues, some game updates may be late in March, and we may have more update delays going forward. While we will prioritize the largest games, this may still have some negative effect on revenue development of smaller games in our portfolio.
Vlad Suglobov, CEO, adds: “It is hard to believe that what’s happening is real. My thoughts are with our employees which are forced to hide in the basements or flee their houses and cities for safety. As an international company, G5 always stood for peace, friendship, collaboration, and cooperation between countries. We stand firm in this belief and as we have repeatedly said we stand by our employees wherever they are and we want to continue be a positive force in creating collaboration instead of division. Finally, the violence in Ukraine needs to stop, and it cannot happen soon enough.”
For additional information, please contact:
Vlad Suglobov, CEO, email@example.com
Stefan Wikstrand, CFO, +46 76 00 11 115