NetPlay TV announces disposal of Abstract Games

British interactive gaming firm NetPlay TV has revealed that it is selling Abstract Games Limited back to its original owners for only one pound after deciding to divest itself of its premium-rate telephony business.

London and Lancaster-based NetPlay TV agreed to purchase Abstract Games from vendors Ronald Hatchett, Steven Breeds and Adam Yendle in February of 2007 and paid them an initial consideration totaling £500,000.

Based in Sunderland, Abstract Games specialises in the production of interactive print media ranging from game cards inserted into newspapers and magazines to tailored interactive mail pieces sent to its customer database of over 500,000 players. The terms of the deal allowed for further deferred consideration, which was capped at £3.5 million, and NetPlay TV paid £1.012 million last year to keep the business.

“This acquisition further develops NetPlay TV's interactive gaming offering allowing the company to develop unique interactive gaming experiences encompassing printed media, Internet, mobile and television in one truly converged offering,” said NetPlay TV at the time of the original acquisition.

However, it has now agreed a final settlement with the vendors of £1.1 million to bring the total consideration it will have paid for Abstract Games to just over £2.612 million while revealing that the company's net assets were currently valued at £2,289.

“NetPlay TV will retain the recurring revenues from the subscription services operated by Abstract Games since they joined the group,” read a statement from NetPlay TV released last week.