• Richard Bereish appointed Head of Global Partnerships at Lemon Sky Studios
• Lemon Sky remains cautiously optimistic on medium-term prospects with recent contract wins
• iCandy exploring strategic initiatives to unlock value of Lemon Sky for shareholders

iCandy Interactive Limited (ASX:ICI) has reported on recent developments at its wholly-owned subsidiary Lemon Sky Studios, including the appointment of Richard Bereish as Head of Global Partnerships, recent contract wins, and the exploration of strategic and corporate initiatives to unlock the value of Lemon Sky for iCandy shareholders. Mr. Bereish has held senior leadership roles at leading publishers and development studios including Electronic Arts, Codemasters, Sony Computer Entertainment (Evolution Studios), and Midway Games, contributing to globally recognized franchises. In his new role, he will lead Lemon Sky's global partnership initiatives, supporting long-term, scalable production collaborations with AAA game developers and publishers worldwide.The Board remains cautiously optimistic regarding the medium-term prospects of Lemon Sky, with the company seeing numerous contract wins in the last six weeks, including a contract for 3D art and animation featuring a globally recognized IP, a multimillion-dollar animation TV series, and repeat business from customers in South Korea and Japan. The aggregate contract value of these projects exceeds A$1 million.Lemon Sky is also exploring the use of AI-enabled tools and workflows to support its creative production capabilities, with the potential to offer efficiency gains and attract a broader customer base.The iCandy directors believe there is significant value in Lemon Sky that materially exceeds the company's current market capitalization. The company is actively exploring a range of strategic and corporate initiatives, including a public listing of Lemon Sky on a globally significant securities exchange or a full or partial divestment, with the primary goal of directly benefiting iCandy shareholders.

Lemon Sky has recently secured over A$1 million in new contract wins, including a multimillion-dollar animation TV series and other projects featuring globally recognized IPs.

iCandy remains cautiously optimistic regarding the medium-term prospects of Lemon Sky, considering the broader video game industry. The company is also exploring the use of AI-enabled tools and workflows to support Lemon Sky's creative production capabilities.