MATTHEW RICCHETTI JOINS GLU MOBILE AS NEW PRESIDENT OF STUDIOS
October 22 2012 - 7:00AM
GlobeNewswire
MATTHEW
RICCHETTI JOINS GLU MOBILE AS NEW PRESIDENT OF STUDIOS
San Francisco, Calif. - Oct.
22, 2012 - Glu Mobile Inc. (NASDAQ: GLUU), a leading
global developer and publisher of freemium games for smartphone and
tablet devices, today announced that Matthew Ricchetti has joined
the company as President of Studios. Ricchetti will lead Glu's
global development efforts with a primary focus on strengthening
monetization.
Ricchetti brings to Glu a strong background of
design, management, and game monetization experience on both mobile
and web platforms. Most recently, he served as Vice President of
Mobile for Kabam where he led mobile development and monetization
strategies for top grossing titles such as Kingdoms of Camelot and
Arcane Empires. Prior to this he was GM of Kingdoms of Camelot on
Facebook. Before his time at Kabam, Ricchetti served in
senior design and production roles at Zynga and Electronic
Arts.
"We are delighted that Matthew has joined Glu as
President of Studios," said Niccolo de Masi, Glu President and CEO.
"Matthew has a proven track record creating persistent top grossing
mobile gaming experiences with impressive retention and
monetization. We expect the complementary combination of Matthew's
monetization expertise and Glu's scaled development infrastructure
to significantly enhance our long term growth trajectory. His
studio leadership should help to further evolve Glu's product
roadmap to meet changing consumer preferences."
"Glu was an early pioneer in free-to-play mobile
gaming and I am excited to join the company that I believe offers
the industry's highest-quality mobile gaming experiences," said
Matthew Ricchetti. "I look forward to improving monetization across
Glu's substantial audience base and joining a management team
committed to long term growth."
###
Cautions Regarding
Forward-Looking Statements
This news release contains forward-looking statements, including
those regarding Glu's expectation that the complementary
combination of Mr. Ricchetti's monetization expertise and Glu's
scaled development infrastructure should significantly enhance our
long term growth trajectory and Mr. Ricchetti's ability to help Glu
improve monetization across Glu's substantial audience base. 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-Q filed with the Securities and Exchange
Commission on August 9, 2012 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.
2008 Equity Inducement
Plan
In connection with the appointment of Matthew Ricchetti as Glu's
new President of Studios, Glu has agreed that its Compensation
Committee will award Mr. Ricchetti 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. Ricchetti's grant will be November 8, 2012. The
stock option will have a six-year term, vest on a four-year
schedule (25% of the underlying shares will vest on October 22,
2013, the first anniversary of Mr. Ricchetti's hire date, and
2.083% of the underlying shares will vest monthly thereafter), and
have an exercise price equal to the closing price of Glu's common
stock on the NASDAQ Global Market on the November 8, 2012 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)(iv) requires
a public announcement of equity awards made under this type of
plan.
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 Brazil, 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
This
announcement is distributed by Thomson Reuters on behalf of Thomson
Reuters clients.
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the
information contained therein.
Source: Glu Mobile Inc. via Thomson Reuters ONE
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