Beleaguered listed tech firm Xurpas Inc. will raise P49.46 million ($900,982.04) from the sale of its interests in Altitude Games—its first investment after its initial public offering in 2014. In a disclosure to the Philippine Stock Exchange, Xurpas said Altitude Games has approved the sale of its assets, including Intellectual Property and licenses, to a company registered in Australia. Xurpas currently owns 21.17 percent of the shares of Altitude Games Pte. Ltd (SG Entity) and Altitude Games Inc. (PH Entity). “With the sale of Altitude Games' (SG Entity) business, Altitude will be able to settle the convertible debt it has previously issued to Xurpas,” the firm said. Accordingly, Xurpas will receive approximately $900,982.04 in net proceeds, which shall include the payment for the convertible debt, and the corresponding equity stake in Altitude’s business. The sale of the assets and business of Altitude Games will be made effective upon signing of the definitive agreements. Xurpas will receive the proceeds from the sale and discharge of liabilities, upon completion of certain deliverables. The firm purchased Altitude Games Pte. Ltd in December 2014. Earlier this year, Xurpas disclosed that it is planning to expand its presence in Australia with the establishment of a wholly-owned subsidiary Down Under. The firm said it intends to establish the Xurpas brand in Australia through the new subsidiary. “With this, the Company will establish a sales presence for Xurpas in Australia, allowing the company to offer its products and services in a market that is at least 10 times larger than the Philippine market. This is an opportunity that Xurpas has not previously tapped,” the firm said. It added that, “Xurpas will offer a range of IT services thru the new subsidiary, ranging from staff augmentation and managed services, to bespoke software development, among others.” Last December, Xurpas also incorporated a wholly-owned Philippine subsidiary called Xurpas Software Inc. The unit has the primary purpose of designing, developing, testing, building, marketing, distributing, maintaining, supporting, customizing, selling and/or re-selling applications, games, software, cybersecurity software tools, digital solutions, whether internet, mobile, or other handheld applications, portals, hardware and other related products and services, except internet provider services, both for proprietary and custom development purposes.