Amsterdam, May 17th, 2010 - Playlogic Entertainment, Inc. (Nasdaq OTC: PLGC.OB) today announced financial results for the year ended December 31, 2009. Equity restructuring Playlogic has reached an agreement with a number of its shareholders and debt holders in which $21 million in debt on the balance sheet was restructured, resulting in a positive effect on equity of $21 million without any dilution for existing shareholders. The Company’s negative shareholders’ equity position on its balance sheet of $2.3 million at the end of 2008 has therefore been resolved entirely at the end of 2009. The customary treatment of the gain resulting from debt forgiveness is to recognize the gain in the current period profit and loss statement, as extraordinary income. In this case, after direct consultation with the Securities and Exchange Commission (SEC), the company concluded that in order to comply with SEC accounting requirements it must follow the alternative accounting treatment, whereby the gain is recognized as an increase of Equity on the Company’s balance sheet. The SEC dictates this treatment based on specific rules regarding affiliated parties. The treatment as stipulated has significantly improved the company’s Net Worth and it may preserve up to $21 million in deferred tax benefits. Net revenues For the full year 2009, net revenues increased from $9.0 million in 2008 to $11.1 million in 2009, an increase of 23%. This increase was due to the fact that Playlogic launched its internally developed title Fairytale Fights for PlayStation®3 and Xbox 360®. Net Result Playlogic reported a net loss of $20.3 million in 2009 (excluding the gain of $21 million) compared to a loss of $9.5 million in 2008. This loss includes a onetime impairment charge for the year 2009 of $4.75 million. Compared to prior years, Playlogic has spent more on advertising and marketing of its titles. In addition research and development expenses increased in connection with the final push for the development of Fairytale Fights. Playlogic’s in house studio, responsible for developing Fairytale Fights, is now working on new projects, of which the costs are already expensed until we reach the next phase in the development. Earnings per share amounted to a loss of $0.43 compared to a loss of $0.23 per share in 2008. Loss per share is based on the weighted-average share of common stock outstanding in 2009.

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