Xurpas to sell stake in Altitude Games

MANILA, Philippines — Xurpas Inc. expects to raise approximately $1 million from the sale of its stake in Altitude Games Inc.

Xurpas, chaired by Jonathan Gurangco, owns 21.17 percent shares in Altitude Games Pte. Ltd (Singapore entity) and Altitude Games Inc. (Philippine entity). The company invested in Altitude Games Pte. Ltd in December 2014, and was the company’s first investment after its initial public offering in the same year.

In a disclosure yesterday, Xurpas said that Altitude Games has approved the sale of its assets, including intellectual property and licenses, to a company registered in Australia.

With the sale of Altitude Games’ business, Altitude will be able to settle the convertible debt it had previously issued to Xurpas.

“Accordingly, Xurpas will receive approximately $900,982.04 in net proceeds, which shall include the payment for the convertible debt, and the corresponding equity stake in Altitude’s business,” Xurpas said.

The sale of the assets and business of Altitude Games will be made effective upon signing of the definitive agreements.

Xurpas has been implementing several changes over the past several years, changing its leadership as well with the appointment of Gurangco last year, to boost operations.

It also recently announced the establishment of a wholly owned subsidiary in Australia.

The company intends to establish the Xurpas brand in Australia through a new subsidiary.

“With this, the company will establish a sales presence for Xurpas in Australia, allowing the company to offer its products and services in a market that is at least 10x larger than the Philippine market. This is an opportunity that Xurpas has not previously tapped,” it said.