SOURCE: SPYR, Inc.

March 13, 2015 09:30 ET

SPYR, Inc. Summarizes New Management's Accomplishments to Date

DENVER, CO--(Marketwired - March 13, 2015) - SPYR, Inc., f/k/a/ Eat at Joe's, Ltd. (OTCQB: SPYR), a holding company with wholly-owned subsidiaries in the digital publishing and advertising industry and in the food service industry, today summarized the accomplishments of the Company's new management team since February 1, 2015.

Company CEO, President & General Counsel, James R. Thompson outlined the Company's accomplishments during its first month under new management, as follows:

  • We closed on our first acquisition of a digital publishing and advertising firm, Franklin Networks, Inc. ("FNI"), which included eight (8) operating and revenue generating website assets.  FNI now operates as a wholly owned subsidiary of the Company.
  • We made an important addition to the Company's management team by bringing on Jennifer D. Duettra, Esq., a Harvard Law Graduate, as Executive Vice President and Assistant General Counsel.
  • We retained COHN, an award-winning integrated branding firm, to lead the development of our brand and communications strategy.
  • We made and strengthened the Company's digital media management team by bringing on Mark McGarrity as Chief Information Officer.  McGarrity, formerly the Chief Executive Officer of FNI, will lead the continued growth of the Company's digital operations by continuing to develop the Company's existing assets and by assisting existing management with the identification and evaluation of future asset acquisition opportunities.
  • We entered into a lease for office space that will be the Company's new corporate headquarters in Denver, Colorado.  We are currently occupying temporary space in the same building as our leased premises while the tenant improvement work is being performed in our leased premises.  The Company will formally change its corporate headquarters to this location when our leased premises are ready for occupancy.
  • We selected a new corporate name, SPYR, Inc., and image and completed the name change process to better reflect our current business model and corporate strategy of growth and success.
  • We applied for and received regulatory approval of a corporate name change and new ticker symbol: SPYR.

Thompson stated today that: "I am both pleased and proud to say that during my 1st several weeks at the helm of the Company, we were able to accomplish everything I said we would accomplish in my February 2, 2015 'Vision Statement.'" 

"In the coming weeks, I will begin to more clearly explain the Company's direction and strategy for what we expect will be rapid growth," concluded Mr. Thompson.

About SPYR, Inc.

SPYR, Inc. is a holding company that through its wholly-owned subsidiary, Franklin Networks, Inc., is engaged in digital publishing and advertising operations and through its other wholly-owned subsidiary, E.A.J. PHL Airport Inc., owns and operates an "American Diner" theme restaurant located in the Philadelphia International Airport in Philadelphia, Pennsylvania called "Eat at Joe's®."  The Company is currently exploring opportunities for additional acquisitions in these and other verticals, including mobile application and game development, in order expand its holdings, to drive and increase revenue and to generate profits and build value for shareholders.

Safe Harbor Statement

This release contains forward-looking statements that are based upon current expectations or beliefs, as well as a number of assumptions about future events. Although we believe that the expectations reflected in the forward-looking statements and the assumptions upon which they are based are reasonable, we can give no assurance or guarantee that such expectations and assumptions will prove to have been correct. Forward-looking statements are generally identifiable by the use of words like "may," "will," "should," "could," "expect," "anticipate," "estimate," "believe," "intend," or "project" or the negative of these words or other variations on these words or comparable terminology. The reader is cautioned not to put undue reliance on these forward-looking statements, as these statements are subject to numerous factors and uncertainties, including but not limited to: adverse economic conditions, competition, adverse federal, state and local government regulation, international governmental regulation, inadequate capital, inability to carry out research, development and commercialization plans, loss or retirement of key executives and other specific risks. To the extent that statements in this press release are not strictly historical, including statements as to revenue projections, business strategy, outlook, objectives, future milestones, plans, intentions, goals, future financial conditions, events conditioned on stockholder or other approval, or otherwise as to future events, such statements are forward-looking, and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The forward-looking statements contained in this release are subject to certain risks and uncertainties that could cause actual results to differ materially from the statements made. Readers are advised to review our filings with the Securities and Exchange Commission that can be accessed over the Internet at the SEC's website located at http://www.sec.gov.

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