Despite another worrying set of quarterly financials, Glu Mobile CEO Niccolo de Masi was happy to accentuate the positives.

The reason is that despite Glu's prolonged restructuring, which has seen it post loss-making quarters for over two years, he's certain its planned $13.5 million refinancing will provide enough ammunition for the company to become solvent.

"Upon the completion of our recently announced $13.5 million private placement, we believe that Glu's current business plan will be fully funded with the resources necessary to scale our smartphone revenues across all platforms worldwide," de Masi explained in a statement to investors.

Transformed from the flames

This will see Glu shift from its original incarnation as a Java and Brew game publisher into the messy world of cross-platform development, multiple apps stores, and fragmented business models including in-app purchases and advertising.

"Our social, persistent product strategy continues to take shape. We now expect to launch five new persistent titles in the fourth quarter of 2010 and anticipate maintaining this pace in 2011," de Masi continued.

"I am confident our new product strategy will gain traction, especially given the strength we saw in micro transactions and in-game advertising during the second quarter of 2010, which increased 127 percent over the first quarter of 2010.

"In addition, we are very excited about the recent additions of a Chief Creative Officer, vice president of e-commerce and vice president of marketing to our senior management team and expect them to be instrumental in helping execute our growth strategy going forward."

[source: Glu Mobile]