PlayWay S.A. acquired an 80% controlling interest in Frozen District in March 2018, with Krzysztof Krej retaining the remaining 20% stake.
See it on page 1The studio's share capital was increased from 26,500 PLN to 512,775 PLN through the issuance of 1,835 new shares to facilitate restructuring.
See it on page 1Frozen District transferred all intellectual property rights for the game 'House Flipper' to the studio, with a PC release scheduled for April 12, 2018.
See it on page 2PlayWay secured exclusive distribution rights for 'House Flipper' on non-Steam PC platforms and for future console releases on Xbox One and PlayStation 4.
See it on page 2Dividend payments are restricted unless annual profits exceed 1 million PLN, with profits below this threshold or up to 2 million PLN required for operational reserves and development.
See it on page 1Previous shareholders were retained as a key development team to complete 'Warlocks 2' and manage future projects under the new corporate structure.
See it on page 2PlayWay S.A. has formalized a strategic investment agreement with Krzysztof Krej to restructure and recapitalize the development studio Frozen District. This agreement, executed in March 2018, marks a significant shift in the studio's corporate structure, increasing its share capital from 26,500 PLN to 512,775 PLN through the issuance of 1,835 new shares. Following this transaction, PlayWay holds an 80% controlling interest in the entity, while Krej retains a 20% stake. The partners intend to eventually transform the limited liability company into a joint-stock company.
The primary operational focus of Frozen District is the production of video games, specifically the title House Flipper. Under the terms of the agreement, intellectual property rights for House Flipper are transferred from the individual partners to the studio. PlayWay has also secured a distribution agreement to manage the title’s sales on PC platforms outside of Steam, as well as future releases for Xbox One and PlayStation 4. The PC version was scheduled for release on April 12, 2018.
Financial governance within the agreement stipulates that dividends will only be paid if annual profits exceed 1 million PLN. Profits below this threshold, or amounts required to sustain operations for two years (capped at 2 million PLN), must be reinvested into the company’s reserve capital or development activities. Additionally, while previous shareholders sold their stakes to Krej, they remain integrated into the company as a key development team responsible for completing Warlocks 2 and future projects. This restructuring consolidates PlayWay’s influence over the studio’s commercial trajectory ahead of major product launches.
