Gamecorp Ltd.
OTC Bulletin Board : GAIMF
CNSX : GGG

Gamecorp Ltd.

July 14, 2010 18:02 ET

GameCorp Refocuses on Mobile Technology Opportunities

TORONTO, ONTARIO--(Marketwire - July 14, 2010) - GameCorp Ltd. (CNSX:GGG)(OTCBB:GAIMF), (the "Company" or "GameCorp") announced today that it has taken certain steps to refocus managements effort on international mobile technology opportunities through its agreement with Function Mobile Inc.

Effective June 30, 2010, the Company entered into a Settlement Agreement with Newlook Industries Corp. ("Newlook") and Wireless Age Communications, Inc. ("Wireless Age") (the "Agreement"). Pursuant to the terms of the Agreement, GameCorp transferred the following assets to Newlook and/or Wireless Age; 1) 2,250,000 common shares of Newlook, 2) a $343,372.75 receivable from Gate To Wire Solutions Inc. ("Gate To Wire"), which the Company previously determined was uncollectible, and 3) 4,690,000 common shares of Gate To Wire. Newlook and/or Wireless Age transferred the following assets to GameCorp; 1) all of the issued and outstanding common shares of Grandvue Inc., 2) a $25,000 receivable which had been previously determined as uncollectible, and 3) a $134,794.52 promissory note issued by Function Mobile Inc., which also had been previously determined to be uncollectible. In addition, Newlook agreed to assume all liabilities of GameCorp to Jason Moretto, a former director of the Company. Through the exchange of assets and liabilities as described above all parties agreed that a $452,828.60 loan provided by Newlook and unpaid services provided by Wireless Age totaling $29,400, have been settled.

In order to improve the financial position of the Company, GameCorp through a series of separate related party agreements extinguished liabilities of the Company on the following basis; 1) GameCorp, subject to regulatory approval, agreed to issue 1,000,000 shares of its common stock and 750,000 Newlook common shares to each of John G. Simmonds, and The Woodham Group Inc. to settle liabilities of $270,000 and $220,500, respectively. The Woodham Group is 50% owned by Graham Simmonds a director of the Company. 2) The Company agreed, subject to regulatory approval, to issue 400,000 shares of its common stock and 300,000 Newlook common shares to Carrie J. Weiler, an officer of the Company, to settle liabilities totaling $83,947. 3) The Company agreed, subject to regulatory approval, to issue 1,000,000 shares of its common stock to Baron Group Ventures, a division of Wagerphone Inc. ("Wagerphone") to settle $83,476 in outstanding liabilities. Wagerphone is solely owned by Marc Askenasi who has been contracted by the Company to provide consulting and management services for international mobile phone technology opportunities.

Following these restructuring steps and ratified at a meeting of directors of the Company held on July 14, 2010, 1) John Simmonds resigned as CEO and a director of the Company and Graham Simmonds was appointed Chairman and CEO, 2) Marc Askenasi was appointed as a director, 3) Gary Hokkanen was reappointed as CFO. Following the resignations and appointments the Company's board of directors consists of Graham Simmonds, Neal Romanchych, and Marc Askenasi. The officers of the Company are Graham Simmonds, CEO, Carrie Weiler, Corporate Secretary, and Gary Hokkanen, CFO.

John Simmonds, outgoing CEO stated; "I believe it's in the best interests of all concerned for me to focus my efforts on the development of Newlook and Wireless Age opportunities and for me to turn over day to day management of GameCorp to Graham. Graham is well aware of the business affairs of the Company as he was intimately involved in obtaining the rights to the mobile technology opportunities. I wish him well and look forward to observing the success he and his new team generates."

Graham Simmonds, newly appointed CEO commented; "I felt that the Company needed to refocus its efforts on the Function Mobile technology opportunities in Latin America and its remaining investment in InterAmerican Gaming Inc. and felt that the Company's investments in Gate To Wire and Newlook were non-core. Through these restructuring steps we have successfully negotiated the disposal of the Company's investments in Gate To Wire and Newlook and the settlement of a loan provided by the Company to Gate To Wire and a loan provided by Newlook to the Company. My new team and I will spend much of our time on developments in Latin America and we hope to be in a position to make further announcements shortly."

GameCorp Ltd., headquartered in Toronto, Ontario is a publicly traded company listed on the Canadian National Stock Exchange. For more information visit www.gamecorp.com or refer to www.sedar.com.

The management of the company, who take full responsibility for its content, prepared this press release. Neither CNSX nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release. This press release contains forward-looking statements relating to future events and results that are based on GameCorp's current expectations. These statements involve risks and uncertainties including, without limitation, GameCorp's ability to successfully develop and market its products, consumer acceptance of such products, competitive pressures relating to price reductions, new product introductions by third parties, technological innovations, and overall market conditions. Consequently, actual events and results in future periods may differ materially from those currently expected.

Contact Information

  • GameCorp Ltd.
    Graham Simmonds
    Chief Executive Officer
    (416) 843-2881
    www.gamecorp.com