Planet Calypso back in AR Universe Ltd
In December 2010, signed AR Universe AB and SEE Digital Studios Ltd a contract for
transfer of the assets of AR Universe Ltd, under the name First Planet Company AB.
The purchase price was six million. SEE Digital Studios AB paid to the first six
installments of one million dollars in connection with the agreement signed, in accordance with
agreed payment plan.
However, did not show the second installment in the SEE Digital Studios Ltd would have paid in January
2011th While other agreed payments failed to materialize. Therefore, the agreement was terminated in May 2011.
The main rule in Swedish law if termination is that the title to the subject of the claim
agreement reverts to the original owner, ie the AR Universe AB. Because of the now substantially
specified conditions have been the planet Calypso, which was included in the contract, be included as assets in
consolidated balance sheet, pending the outcome of the ongoing arbitration. Once reservation has occurred without prejudge or reserve for the company's future citations and
process documents in the pending arbitration.
Arbitration has been demanded by the SEE Digital Studios Ltd who have pleaded against
Company and its wholly owned subsidiaries AR Universe AB, Stockholm Chamber of Commerce
arbitral institutions.
The Board believes that the requirements of the SEE Digital Studios are unfounded, but would
emphasize that the outcome of civil litigation in which several disputed circumstances, and where both oral and written evidence must be assessed and evaluated, are not clear.
Virtual land rights
In 2011 introduced virtual country cuisine at Calypso. Calypso land rights enables
avatars to become a citizen on the planet Calypso and get some of the planet's revenue. In addition,
every country has the right to give holders the right to vote in a new political system planned for development
in 2012 and the introduction 2013th Participants with land rights will thus be able to influence the
future development of Planet Calypso.