Kuuhubb Issues Incentive Stock Options and Announces Update to Status of Codecacao D.O.O. Acquisition

TORONTO, Jan. 15, 2021 (GLOBE NEWSWIRE) — Kuuhubb Inc. (“Kuuhubb” or the “Company”) (TSX- V: KUU), a mobile game development and publishing company focused on providing the female audience with creative interactive gaming experiences, is pleased to announce that it has granted to employees, directors and consultants of the Company, pursuant to the terms of the Company’s stock option plan, a total of 1,675,000 stock options to purchase common shares of the Company at a price of CAD$0.08 per Common Share for a period of three years.

The Company is also announcing the cancellation of 1,875,000 Options previously issued to certain directors and officers of the Company.

Codecacao Acquisition

In addition, Kuuhubb announces that, further to its announcements on February 12, 2020 and October 28, 2020, it presently anticipates that the proposed acquisition of Codecacao d.o.o. (the “Codecacao Acquisition”) will not proceed. In the event that the Company proceeds with the Codecacao Acquisition, completion shall be subject to the receipt of all regulatory approvals, including the approval of the TSX Venture Exchange and shareholder approval.

About Kuuhubb

Kuuhubb is a publicly listed mobile game development and publishing company, targeting the female audience with bespoke mobile experiences. Our Mission is to become a top player in the female mobile game space. We believe in empowering women by creating games and apps that will have our female audience relax, express and entertain themselves every day. Through our games and partnerships with select developers, we explore new lifestyle trends that can be converted into games and apps which will bring value to our users, employees, and shareholders. Headquartered in Helsinki, Finland, Kuuhubb has a global presence with a strong focus on U.S. and Asian markets.

Cautionary Note Concerning Forward-Looking Information

This press release contains forward-looking information. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements relating to future revenue and development, growth of the Company’s business) are forward looking information. This forward-looking information reflects the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking information is subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking information, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other thing:, risks related to the growth strategy of the Company; the possibility that results from the Company’s growth plans will not be consistent with the Company’s expectations; the early stage of the Company’s development; competition from companies in a number of industries; the ability of the Company to manage expansion and integrate acquisitions into its business, future business development of the Company, including the ability to complete the sale of Recolor OY and the Codecacao Acquisition on terms which are economic or at all; the ability to predict and counteract the effects of COVID-19 on the business of the Company, including but not limited to the effects of COVID-19 on its business segments, capital market conditions, restrictions on labour and international travel and supply chains; and the other risks disclosed under the heading “Risk Factors” in the Company’s management discussion and analysis for the twelve months ended June 30, 2020 filed on SEDAR at www.sedar.com. Forward-looking information speaks only as of the date on which it is provided and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For further information, please contact:
Kuuhubb Inc.
Jouni Keränen – CEO
jouni@kuuhubb.com
Office: +358 40 590 0919

Bill Mitoulas
Investor Relations
bill@kuuhubb.com
Office: +1 (416) 479-9547