Amsterdam, The Netherlands - July 1, 2005 - Donar Enterprises, Inc., (OTCBB: DNRR.OB) and Playlogic International N.V., a Dutch game publisher and developer ("PLAYLOGIC"), announced today the closing of a share exchange transaction, pursuant to which all holders of ordinary shares of PLAYLOGIC exchanged their shares for Donar common stock. As a result, PLAYLOGIC has become a wholly-owned subsidiary of Donar, and PLAYLOGIC's former shareholders now collectively own 21,836,924 shares of Donar common stock, representing 94.8% of Donar's outstanding shares. 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 US 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 US. The company currently has 19 products in the development pipeline.
PLAYLOGIC is fully compliant with the US 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 US GAAP from IFRS.
Commenting on the merger, Willem M. Smit, said, "We believe this transaction will offer PLAYLOGIC important access to the US 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."
FORWARD LOOKING STATEMENTS
This release contains certain "forward-looking statements" relating to the business of Donar and its subsidiary companies, which can be identified by the use of forward-looking terminology such as "believes, expects" or similar expressions. Such forward looking statements involve known and unknown risks and uncertainties, including all business uncertainties relating to product development, marketing, regulatory actions or delays, the ability to obtain or maintain intellectual property protection, market acceptance, third party reimbursement, future capital requirements, competition in general and other factors that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. Certain of these risks and uncertainties are or will be described in greater detail in our filings with the Securities and Exchange Commission. Donar is under no obligation to (and expressly disclaims any such obligation to) update or alter its forward-looking statements whether as a result of new information, future events or otherwise.
FOR MORE INFORMATION
Playlogic International N.V.
Esther Berger, Corporate Communication & IR Manager
T: +31 20 676 03 04
T: +1 212 994 7525