Acer, Starbreeze Boards Approve Agreement To Form JV For StarVR - Quick Facts

(RTTNews) - Acer Inc. (ACID.L) and Starbreeze AB announced their Board have approved the establishment of a joint venture provisionally named Acer Starbreeze Corporation, for design, manufacturing, promotion, marketing and sales of the StarVR Virtual Reality Head-Mounted Display. The new company is expected to be incorporated in Taiwan in the third quarter of the current year. Acer and Starbreeze will each be holding 50-percent of the total shares.

StarVR has an ultra-wide 210-degree horizontal field of view, powered by a dual Quad HD display architecture, one per eye, with a total panoramic definition of 5120x1440 pixels. StarVR targets professional- and location-based entertainment market such as high-end cinemas, gaming arcades, automotive retail and aviation training. Starbreeze launched StarVR with a VR-experience at the Electronic Entertainment Expo in June 2015.

Starbreeze is an independent creator, publisher and distributor of high quality entertainment products. With studios in Stockholm, Paris and Los Angeles, the company creates games and other virtual reality entertainment products. Headquartered in Stockholm, Sweden, Starbreeze's shares are listed on Nasdaq Stockholm First North Premier under the tickers STAR A and STAR B.

Acer also announced its intent to acquire Starbreeze AB's convertible bonds through a private placement transaction. Starbreeze and Acer have reached a term sheet whereby Starbreeze will issue $9 million in a two-year bond convertible to B-shares to Acer Inc. and/or its affiliates under the Board's mandate. Acer expects the investment in Starbreeze will enhance the company's position in the virtual reality ecosystem.