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4-Traders Homepage  >  Equities  >  Nasdaq  >  Glu Mobile Inc.    GLUU

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Glu Mobile Inc. : CHRIS AKHAVAN JOINS GLU MOBILE AS PRESIDENT OF PUBLISHING

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04/22/2013 | 03:48pm CET

CHRIS AKHAVAN JOINS GLU MOBILE AS PRESIDENT OF PUBLISHING

  • Glu expands publishing team to focus on driving increased monetization and new global partnerships 

  • Harry Liu hired to lead 3rd Party Publishing  

  • Kal Iyer promoted to Global CTO  

San Francisco, Calif. - Apr. 22, 2013 - Glu Mobile Inc. (NASDAQ: GLUU), a leading global developer and publisher of free-to-play games for smartphone and tablet devices, today announced that Chris Akhavan has joined the company as President of Publishing. Akhavan will lead Glu's global efforts to strengthen and grow Glu's distribution and monetization capabilities.

Akhavan brings to Glu a strong background in mobile monetization, advertising, user acquisition, developer relations, business development, and international expansion. Most recently, he served as Senior Vice President of Global Partnerships for Tapjoy where he was a key early member of the team that built a leading mobile advertising and monetization platform. Chris was instrumental in building and scaling Tapjoy's commercial operations globally, including establishing offices in Japan and Korea.

"I am delighted that Chris has joined Glu as President of Publishing and anticipate that his expertise in marketing, advertising, and developer relations will support scaling of our internal studio and 3rd party publishing businesses globally," said Niccolo de Masi, CEO of Glu Mobile. "We believe that his experience driving monetization and partnerships in international markets will allow Glu to further capitalize on the company's substantial global customer base."

"I've worked closely with countless free-to-play mobile gaming studios over the past several years, and Glu has always stood out to me as being uniquely positioned to succeed in a rapidly evolving market," said Chris Akhavan. "I'm excited to join the Glu team and I look forward to leading Glu's efforts to grow player reach, increase advertising revenue, and strengthen key platform and distribution partnerships."

To further strengthen Glu's publishing efforts, the company has hired Harry Liu as Vice President of 3rd Party Publishing. Prior to Glu, Harry was a General Manager at Kabam where he managed multiple game teams including the team responsible for The Godfather.

The company has also promoted Kal Iyer to the position of Global CTO. Kal has served Glu in various leadership roles during the past 10 years, including as Senior Vice President of Research & Development since July 2010. In his new role, Kal will accelerate the roadmap and adoption of Glu's central technology infrastructure amongst internal studio and 3rd Party Publishing teams.

###

2008 Equity Inducement Plan
In connection with the appointment of Chris Akhavan's as our new President of Publishing, Glu has agreed that the Compensation Committee of its Board of Directors will award Mr. Akhavan a non-qualified stock option to purchase 300,000 shares of Glu's common stock pursuant to Glu's 2008 Equity Inducement Plan.  Glu's historical policy with respect to new hire stock option grants is to award a newly hired employee his or her stock option on the second Tuesday of the month following his or her employment start date; accordingly, the grant date for Mr. Akhavan's grant will be May 9142013. The stock options will have a six-year term, vest on a four-year schedule (25% of the underlying shares will vest on the first anniversary of Mr. Akhavan's start date, and 2.083% of the underlying shares will vest monthly thereafter), and will have an exercise price equal to the closing price of Glu's common stock on The NASDAQ Global Market on the May 14, 2013 grant date.

Glu's Compensation Committee adopted the 2008 Equity Inducement Plan, which is a non-stockholder approved plan, to facilitate the granting of stock options as an inducement to new employees to join Glu. NASDAQ Marketplace Rule 5635(c)(4) requires a public announcement of equity awards made under this type of plan.

Cautions Regarding Forward-Looking Statements
This news release contains forward-looking statements, including those regarding: our expectation that Mr. Akhavan's expertise in marketing, advertising, and developer relations will support scaling of our publishing business globally; our expectation that Mr. Akhavan's experience driving monetization and partnerships in international markets will allow Glu to further capitalize on the company's substantial global customer base; that Mr. Akhavan will lead Glu's efforts to grow player reach, increase advertising revenue, and strengthen key platform and distribution partnerships; and that Mr. Iyer will accelerate the roadmap and adoption of Glu's central technology infrastructure amongst internal studio and 3rd Party Publishing teams. These forward-looking statements are subject to material risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Investors should consider important risk factors, which include: the risk that consumer demand for smartphones, tablets and next-generation platforms does not grow as significantly as we anticipate or that we will be unable to capitalize on any such growth; the risk that we do not realize a sufficient return on our investment with respect to our efforts to develop freemium games for smartphones, tablets and next-generation platforms; the risk that we will not be able to maintain our good relationships with Apple and Google; the risk that our development expenses for games for smartphones are greater than we anticipate; the risk that our recently and newly launched games are less popular than anticipated; the risk that our newly released games will be of a quality less than desired by reviewers and consumers; the risk that the mobile games market, particularly with respect to freemium gaming, is smaller than anticipated; and other risks detailed under the caption "Risk Factors" in our Form 10-K filed with the Securities and Exchange Commission on March 15, 2013 and our other SEC filings. You can locate these reports through our website at http://www.glu.com/investors. We are under no obligation, and expressly disclaim any obligation, to update or alter our forward-looking statements whether as a result of new information, future events or otherwise.

Glu Mobile
Glu Mobile (NASDAQ:GLUU) is a leading global developer and publisher of freemium games for smartphone and tablet devices. Glu is focused on creating compelling original IP games such as CONTRACT KILLER, GUN BROS, DEER HUNTER, BLOOD & GLORY, and SAMURAI VS. ZOMBIES DEFENSE on a wide range of platforms including iOS, Android, Windows Phone, Google Chrome, and MAC OS. Glu's unique technology platform enables its titles to be accessible to a broad audience of consumers globally. Founded in 2001, Glu is headquartered in San Francisco with a major office outside Seattle, and international locations in Canada, China, and Russia. Consumers can find high-quality entertainment wherever they see the 'g' character logo or at www.glu.com. For live updates, please follow Glu via Twitter at www.twitter.com/glumobile or become a Glu fan at Facebook.com/glumobile.

CONTRACT KILLER, GUN BROS, DEER HUNTER, BLOOD & GLORY, SAMURAI VS. ZOMBIES DEFENSE, GLU, GLU MOBILE and the 'g' character logo are trademarks of Glu Mobile Inc.

Media Contact
Jason Enriquez
Glu Mobile Inc.
PR@glu.com
(415) 800-6263

Investor Relations
Seth Potter
ICR
IR@glu.com
(646) 277-1230


HUG#1694674


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Financials ($)
Sales 2016 203 M
EBIT 2016 -50,4 M
Net income 2016 -90,1 M
Debt 2016 -
Yield 2016 -
P/E ratio 2016 -
P/E ratio 2017
Capi. / Sales 2016 1,40x
Capi. / Sales 2017 1,31x
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Mean consensus OUTPERFORM
Number of Analysts 7
Average target price 2,56 $
Spread / Average Target 21%
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NameTitle
Nick Earl President & Chief Executive Officer
Niccolo M. de Masi Executive Chairman
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