GAMES

Six to Start, the world’s leading fitness company, acquired by Australian-listed OliveX in a US$9.5 million deal


  • Six to Start has been acquired by digital health and fitness company OliveX Holdings Ltd.
  • Six to Start UK based Six to Start is a dedicated developer and content creator for game-like stories for health and fitness.
  • Six to Start owns Zombies, Run! The smartphone experience is the world’s best-selling fitness app, with over 8.5 million downloads.

London, UK – March 8, 2021. Six to Start Limited (Six to Start) UK is pleased to announce the acquisition of OliveX Holdings Limited (NSX: OLX), the digital health and fitness company. OliveX will acquire 100 percent of the issued shares of Six to Start for initial cash and a share equivalent of $6,650,000, a performance-based deferred consideration, for cash and stock up to $2,850,000.

Six to Start is an award-winning UK-based game development and fitness technology company that creates immersive and stimulating audio stories for smartphones and game experiences including Zombies and Run! The Walk, Zombies, and Run! 5 kilos.

Zombies, run away! picture

Zombies, run away! It is the world’s leading health and fitness app with an average of 300,000 monthly active users, approximately 50,000 paid subscription users, and a digital fitness platform with augmented reality capabilities that has been recognized as best in class. Multi-award winning novelist Naomi Alderman is the lead author of Zombies, Run!

Six to Start’s assets include intellectual property, content creation and distribution channels that are of strategic importance to OliveX as it continues to market its KARA Smart Fitness Mirror – an interactive mirror updated with live and on-demand exercise classes.

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

Adrian Hohn, CEO of Six to Start said: “Six to Start has built a strong business model and a huge subscriber base of loyal users of our apps including Zombies, Run! Our growth strategy fits perfectly with OliveX. We have pioneered innovative game-changing technology and, when combined together, will truly advance the future of digital fitness

OliveX’s truly world-leading suite of products and solutions. I am very excited to be joining OliveX as Head of Innovation, and I am really looking forward to what lies ahead.”

Regarding the acquisition, Keith Romgan, CEO of Hong Kong-based OliveX, said:

“At OliveX, we are passionate about making fitness fun, and that is exactly what Six to Start does. With an average revenue per paid subscriber of over £25 per year, and with real growth potential, Six to Start will deliver immediate value to OliveX. Most importantly We see tremendous benefit in our global and loyal subscriber base, the team’s product design and monetization expertise.”

Tim Cook, Chairman, and Joe Goodson, Non-Executive Director of Six to Start said: “Adrian and his team have demonstrated the creativity and strength of the UK gaming industry with the globally recognized Zombies brand, Run!

“Six to Start games that are driven by stories have proven to be very popular during pandemic-driven lockdowns now that health and fitness are on people’s minds more than ever. After the lockdowns, Six to Start will continue to help millions achieve their fun goals and fitness by combining immersive and interactive online experiences with the real world, along with huge companies like Zoom, which have shown how well it integrates with people’s lives.”

OliveX intends to raise capital to raise at least A$6,000,000 (before costs) in the coming days which will fund its initial cash commitments under the acquisition and provide additional working capital. In addition, OliveX will hold a meeting of shareholders in a timely manner to obtain any necessary shareholder approvals (including in connection with the issue of shares and performance rights under the acquisition).

finish

Notes to editors:

The main terms of the acquisition are explained here: https://www.nsx.com.au/ftp/news/021739302.PDF

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

For more information please contact:
Six to start
Adrian Hong
chief executive officer
adrian.hon@sixtostart.com

or

Tim Cook
President
timcooke@devonhurst.com

Olivix
Xavier Cris
Executive Director
xavier.kris@olivex.ai

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

Six to Start was founded in 2007 to develop games with millions of players for Channel 4, BBC and Muse, along with cutting-edge fiction by 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 Olive X Holdings Limited
OliveX is a digital health and fitness company that sells innovative products and apps to deliver a unique user experience using artificial intelligence, manipulation, and premium content. Through its flagship product KARA Smart Fitness Mirror and subscription-linked apps, OliveX provides a platform that connects and engages consumers with brands, influencers and fitness coaches, and allows any space to become a personal fitness studio. OliveX’s market spans over 170 countries.

For more information, please visit www.olivex.ai

About Cara Smart Fitness
KARA Smart Fitness is a digital app from OliveX that delivers on-demand health and fitness related content and lessons direct from renowned and influential wellness coaches around the world. KARA Smart Fitness complements the KARA Smart Fitness Mirror and together the products provide a complete hardware and software solution that harnesses artificial intelligence and technology for home fitness.

For more information, please visit www.karasmartfitness.com

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

The forward-looking information contained in this press release is based on the opinions, estimates and assumptions of the Company’s management 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 guarantee that such statements, fundamental risks, uncertainties and assumptions will prove to be accurate. Factors that could cause actual results or events to differ materially include, but is not limited to, risks related to the laws, rules and regulations applicable to the Company, the industry in which it operates (including in relation to taxes and other fees), national economic or market conditions. global, currency fluctuations, risks inherent to other entities in a similar stage of development and the industry in which the Company is currently, competition from the Company’s competitors, unsatisfactory development or marketing of the Company and/or products, services, regulatory actions, or litigation (including product liability claims), and failure to enter into agreements or arrangements with third parties on fair or reasonable terms. Forward-looking information is made only as of the date on which it is made available and, except as may be required by applicable law, the Company disclaims any intention or obligation to update such forward-looking information whether as a result of new information, future events or otherwise.



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