Today (June 1) we made a very difficult decision to suspend the development of project Gemini and project Bifrost—the relevant current reports have been released to the market. The suspension of the Gemini project is a consequence of the fact that the Publisher has not presented us with a draft of the subsequent content rider to the Publishing Agreement covering the terms and conditions of further milestones on project Gemini and the lack of communication from the Publisher as to its willingness to continue or terminate the Gemini project.

Project Bifrost was suspended due to the above and the analysis of the Group's cash flow, which showed a lack of prospects for securing organizational resources and funds necessary to continue the production and release of this project. As a result, we have to significantly regroup as a studio and scale down our teams, which hurts the most. We wish to express our deepest regret and sadness over how these events have unfolded and our sincere gratitude for everyone's contribution up to this point.

• Sebastian Wojciechowski, CEO

About People Can Fly
People Can Fly was founded in 2002 and is one of the pioneers in the market for shooter games in Europe and one of the top three most experienced Polish game developers from the AAA segment. People Can Fly (PCF Group S.A.) has developed such games as Painkiller (2004), Bulletstorm (2011), Gears of War: Judgment (2013), and (2021). More information on People Can Fly (PCF Group S.A.) can be found at peoplecanfly.com/.