The Company will operate on a consolidated basis, executing upon the current business plan of Playlogic, located in The Netherlands. The company will shortly change its name to Playlogic Entertainment, Inc with U.S. headquarters in New York.
Upon completion of the reverse merger, Willem M. Smit, Playlogic CEO, was appointed to Donar's Board of Directors and named President and CEO. Rogier W. Smit was named Executive Vice President and Leo van de Voort was named CFO. Timothy Halter resigned his positions as Director and President of Donar.
Going forward, Playlogic will develop and publish digital entertainment products, including video games for consoles (i.e. PlayStation2, Xbox) PCs and handheld devices (i.e. Sony's PlayStation Portable).
Playlogic is The Netherlands' largest independent, officially licensed publisher and developer of game concepts. Its games operate on all platforms and across various genres and are distributed through all channels (online and offline) worldwide.
Established in early 2002, Playlogic publishes games developed by its in-house studio and subsidiary, Playlogic Game Factory, based in Breda, The Netherlands. Playlogic also publishes games created by a large number of independent studios throughout Europe and the U.S. The company currently has 19 products in the development pipeline.
Playlogic is fully compliant with the U.S. GAAP accounting standards and SEC regulations and expects to be profitable by year end 2005. Before the reverse merger, Playlogic changed its method of accounting to U.S. GAAP from IFRS.
Commenting on the merger, Willem M. Smit, said, "We believe this transaction will offer Playlogic important access to the U.S. capital market and will enable us to capitalize on what we perceive to be tremendous growth opportunities in the games and digital entertainment market internationally."