Six to Start, The World’s Leading Gamified Fitness Company, Acquired by Australian-Listed OliveX In US$9.5m Deal

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  • Six to Start is being acquired by digital health and fitness company OliveX Holdings Ltd.
  • UK-based Six to Start is a specialist developer and content creator of game-like stories for health and fitness.
  • Six to Start owns the Zombies, Run! smartphone experience and is the world’s bestselling gamified fitness application, with over 8.5 million downloads.

London, UK – 8 March 2021. UK company Six to Start Limited (Six to Start) is pleased to announce that it is being acquired by OliveX Holdings Limited (NSX: OLX) the digital health and fitness company. OliveX will acquire 100 per cent of the issued shares of Six to Start for an initial cash and share consideration equivalent to US$6,650,000 and deferred, performance-based, consideration in cash and shares of up to US$2,850,000.

Six to Start is an award-winning UK-based game developer and fitness technology company which creates immersive and motivating smartphone audio stories and gaming experiences including Zombies, Run!, The Walk, and Zombies, Run! 5k.

Zombies, Run! image

Zombies, Run! image

Zombies, Run! is the world’s leading gamified health and fitness app with an average 300,000 active users per month, approximately 50,000 paid subscription users, and a digital fitness platform with augmented reality capabilities that have been recognised as best in class. Multi award-winning novelist Naomi Alderman is the main author of Zombies, Run!

Six to Start’s gamification assets include intellectual property, content creation and distribution channels that are strategically important to OliveX as it continues to commercialise its KARA Smart Fitness mirror – an interactive mirror that updates with live and on-demand workout classes.

As part of the acquisition, Adrian Hon, CEO and founder of Six to Start will become Chief Innovation Officer at OliveX whilst continuing in his role as Executive Director of Six to Start, further driving its growth and the execution of the company’s innovation strategy.

Adrian Hon, CEO, Six to Start said: “Six to Start has built a strong business model and a huge subscriber base of loyal users for our apps including Zombies, Run! and our growth strategy is a perfect fit with OliveX. We’ve both created innovative, game-changing technology that, when combined, will really advance the future of digital fitness making the

OliveX suite of products and solutions truly world leading. I’m incredibly excited to join OliveX as Chief Innovation Officer, and I’m really looking forward to what lies ahead.”

In relation to the acquisition, Hong Kong based Keith Rumjahn, CEO, OliveX said:

“At OliveX we’re passionate about making fitness fun, and that’s exactly what Six to Start does. With average revenues per paid subscriber exceeding £25 a year, and with real growth potential, Six to Start will bring immediate value to OliveX. Most importantly though we see enormous benefit in their global, loyal, subscriber base and the team’s product design and monetisation expertise.”

Tim Cooke, Chairman, and Jo Goodson, Non Executive Director, Six to Start, said: “Adrian and his team have demonstrated the creativity and strength of the UK games industry with the globally recognised brand Zombies, Run!

“Six to Start’s story-driven games have proved incredibly popular during the pandemic-driven lockdowns now that health and fitness are on people’s minds more than ever. Post lockdowns, Six to Start will continue to help millions achieve their fun and fitness goals by combining immersive and engaging online experiences with the real world, alongside massive companies such as Zoom, which have shown how integral they have become to people’s lives.”

OliveX intends to undertake a capital raising to raise a minimum of A$6,000,000 (before costs) in the coming days which will fund its initial cash obligations under the acquisition and provide additional working capital. In addition, OliveX hold a meeting of shareholders in due course to obtain any necessary shareholder approvals (including in relation to the issue of shares and performance rights under the Acquisition).

ENDS

Notes to Editors:

The key terms of the Acquisition are set out here: https://www.nsx.com.au/ftp/news/021739302.PDF

Zombies, Run! Trailer – https://www.youtube.com/watch?v=niby3esOXdY

For more information, please contact:
Six to Start
Adrian Hon
Chief Executive Officer
adrian.hon@sixtostart.com

or

Tim Cooke
Chairman
timcooke@devonhurst.com

Olivex
Xavier Kris
Executive Director
xavier.kris@olivex.ai

About Six to Start
Six to Start is an independent game developer based in London, specialising in story-like games and game-like stories. Their latest games include Zombies, Run!, the world’s best selling smartphone fitness app, and The Walk, the first smartphone fitness game funded by the UK’s Department of Health.

Six to Start was founded in 2007developing games involving millions of players for Channel 4, the BBC, and Muse, along with cutting-edge fiction for Penguin and Macmillan. The company also conducts research and development for companies including Disney Imagineering, Microsoft, and the British Museum.

For more information, please visit www.sixtostart.com and to see the 2020 Zombies, Run! trailer please visit: https://youtu.be/niby3esOXdY

About OliveX Holdings Limited
OliveX is a digital health and fitness company selling innovative products and applications to deliver a unique user experience using artificial intelligence, gamification and premium content. With its flagship product the KARA Smart Fitness Mirror and associated subscription-based applications, OliveX provides a platform that links and engages consumers with brands, influencers and fitness coaches and that enables any space to become a personal fitness studio. OliveX has a market reach that spans over 170 countries.

For more information, please visit www.olivex.ai

About KARA Smart Fitness
KARA Smart Fitness is OliveX’s digital application that delivers premium, on demand and live health and fitness-related content and classes from celebrity trainers and wellness influencers across the globe. KARA Smart Fitness complements the KARA Smart Fitness Mirror and together the products provide a complete hardware and software solution that harness artificial intelligence and technology for at-home fitness.

For more information, please visit www.karasmartfitness.com

Forward-looking statements disclosure
This press release contains forward-looking statements or forward-looking information, within the meaning of applicable securities laws with respect to the Company. By their nature, forward-looking statements are subject to a variety of factors that could cause actual results to differ materially from the results suggested by the forward-looking statements. Accordingly, readers should not place undue reliance on the forward- looking statements.

Forward-looking information contained in this press release is based on Company management’s opinions, estimates and assumptions in light of its experience and perception of historical trends, current conditions and expected future developments as well as other factors that management currently believes are appropriate and reasonable in the circumstances. Forward-looking statements involve significant risks, uncertainties and assumptions, and there can be no assurance that such statements, underlying risks, uncertainties and assumptions will prove to be accurate. Factors that could cause actual results or events to differ materially include, without limitation, risks related to laws, rules and regulation applicable to the Company as well as the industry in which it operates (including in respect of taxes and other levies), economic or market conditions on both a national and global level, currency fluctuations, risks inherent to other entities at a similar stage of development and industry in which the Company currently is, competition from the Company’s competitors, unsatisfactory development or marketing of the Company and/or its products or services, regulatory action or litigation (including product liability claims), and failure to enter into agreements or arrangements with other parties on fair or reasonable terms. Forward-looking information is made only as of the date on which it is provided and, except as may be required by applicable laws, the Company disclaims any intent or obligation to update such forward-looking information whether as a result of new information, future events or otherwise.

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