Warthog in negotiation for two more film licenses

British developer Warthog is accelerating its plans to develop titles in partnership with IP holders, with negotiations currently underway with new IP providers to secure work on two further movie-related game projects.

One of the new project will be undertaken by the company's Texas studio, which has just seen its existing work-for-hire project cancelled - but the company claims that this cancellation will actually have a positive effect on its financials.

Warthog had forecast no royalties for this project, and its contract with the US client in question calls for a significant termination payment, leading to a net financial impact of improving annual cashflow by £121,000 and reducing losses by £23,000.

The company has also secured the support of its shareholders for a new round of fundraising, with an EGM held earlier this week approving a new rights issue and share placement which is designed to help fund the IP holder partnership strategy.

"We are pleased to have secured the funding from the placing to allow us to implement our strategy of partnering with the owners of valuable IP licences," commented Warthog CEO Ashley Hall. "It is currently envisaged that the contract termination will allow our Texas studio to accelerate Warthog's development of games in partnership with IP holders."