MindArk reorganizes and announces AI-initiative

MindArk, the creator of Entropia Universe, today announces that the company will be issuing notices of termination to up to 25 employees, equivalent to 40% of the company's employees. This is a result of the company's strategic ambitions for the future, with Artificial Intelligence (AI) being a central part of it. In order to ensure that MindArk delivers on these ambitions, the company will be restructuring while also establishing a sustainable cost base for the future. The majority of the affected positions are in the fields of graphics and world-building. The exact details and the specific number of reduced positions will be determined in the upcoming period, after the optimal organizational structure has been established and a review of all departments has been conducted. This will be done in accordance with relevant regulations.

The company will also strive to reduce costs in its operations in relation to other external expenses. These changes are estimated to have a positive effect on the Board's goal of resuming dividends to shareholders.

This decision is part of MindArk's long-term vision to create a versatile virtual universe where the integration of more AI technology, such as natural language interaction, contextual image and content generation, and data analysis, is a crucial piece of the puzzle. All of this is aimed at pushing the technical boundaries and providing users with an even better metaverse experience. The focus now shifts towards the development of AI-generated virtual worlds, which will eventually reduce the barriers of entry for users and partners to own planets or areas compared to the present day.

This disclosure contains information that Mindark PE AB is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on 30-05-2023 10:00 CET.