Freeze Tag Inc (OTCMKTS:FRZT) shares were flat at $0.00180 and unchanged in after-hours trading. Share prices have been trading in a 52-week range of $0.00 to $0.01. The company has a market cap of $1.79 million at 993.99 million shares outstanding.
In a press release, Freeze Tag Incannounced that their boards of directors unanimously approved the signing of a definitive agreement on July 26, 2017 to merge Freeze Tag and Munzee in an all-stock transaction that will close late this year.
Munzee is the ultimate experience in location-based gaming. With its large installed base of locations and the combined technology of both companies, there are tremendous opportunities to offer engaging entertainment-centric, location-based advertising solutions.
“After working closely together for nearly a year, we both realized that combining our individual strengths into one entity will create a powerful force in location-based gaming going forward,” said CEO of Freeze Tag Inc Craig Holland.
This will allow the companies to capitalize on two fast-growing trends in the mobile applications world: augmented reality gaming and location-based advertising.
Freeze Tag Inc is a company that is engaged in creating mobile social games that are fun and engaging for all ages. Players can download the games for free or they can purchase virtual items and additional features within the game to increase the fun factor.
The company’s games encourage players to compete and engage with their friends on social networks, such as Facebook and Twitter. Its mobile games include Victorian MysteriesO and Unsolved Mystery ClubO, as well as digital entertainment, such as Etch A SketchO.
The company markets, sells and distributes its games primarily through direct-to-consumer digital storefronts, such as Apple’s App Store, the Google Play Store and Amazon’s App store. In addition to publishing its smartphone games on direct-to-consumer digital storefronts, the Company also publishes some of its titles on other platforms, such as the Facebook App Store, the Mac App Store and personal computer download portals, such as Big Fish Games and Gamehouse.