Midway Games (NYSE:MWY)
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- Developer of Upcoming Midway Title Brings Technology and Talent,
and Establishes Midway Presence in Australia -
Midway Games Inc. (NYSE:MWY), a leading interactive entertainment
publisher and developer, announced today that it has acquired Ratbag
Holdings Pty Ltd., a game development studio based in Adelaide, South
Australia. Midway acquired the privately-held developer in a primarily
stock transaction for 418,570 Midway shares. The studio is currently
working on several unannounced Midway products for both current- and
next-generation systems. The studio will be renamed Midway Studios -
Australia.
Midway's President and Chief Executive Officer David F. Zucker
commented, "This transaction is consistent with our strategy of adding
depth to our internal product development organization and
strengthening our ability to deliver high-quality, compelling and
commercially successful content for current and future systems. Ratbag
brings to Midway a rare combination of development expertise in
driving and on-foot combat that they are incorporating into our games
now in development."
Midway's Senior Vice President of Worldwide Studios Matt Booty
said, "We are excited to add this proven studio with solid management
and a strong development team to Midway, and establish a firm foothold
in Australia, a great location for top entertainment industry talent.
We plan to leverage their talent and technology across our internal
development studios, which will support our goal of maintaining our
leadership in high quality development."
Based in Adelaide, South Australia, Ratbag is an innovative
developer of high-quality interactive entertainment products.
Established in 1994, Ratbag's first title, Powerslide, was released in
1998 to critical and commercial success. The studio has grown into one
of the world's premier racing game developers.
In addition to shares issued as consideration for the acquisition
of Ratbag, rights to acquire a total of 38,050 shares of Midway common
stock were issued to key Ratbag employees as retention incentives. The
rights to acquire the stock will vest in stages over a period of three
years, provided the employee remains at the Company. Ratbag employees
who received the rights were: Tony Albrecht, Karl Burdack, Cam Dunn,
Kim Forrest, Franta Fulin, Adam Mackay-Smith, Robin Maddock, Andrew
Medlin, Sadhana Pereira, and David Todd.
About Midway Games
Headquartered in Chicago, IL with offices in San Diego, CA,
Seattle, WA, Austin, TX, Los Angeles, CA, Munich, Germany, London, UK,
and Adelaide, AUS, Midway Games Inc. (NYSE:MWY) is a leading developer
and publisher of interactive entertainment software for major video
game systems. More information about Midway can be obtained at
www.midway.com.
This press release contains "forward-looking statements" within
the meaning of the federal securities laws concerning future business
conditions and the outlook for Midway Games Inc. (the "Company") based
on currently available information that involve risks and
uncertainties. The Company's actual results could differ materially
from those anticipated in the forward-looking statements as a result
of these risks and uncertainties, including, without limitation, the
financial strength of the interactive entertainment industry,
dependence on new product introductions and the ability to maintain
the scheduling of such introductions, the upcoming console platform
transition and other technological changes, dependence on major
platform manufacturers, adequacy of capital resources and other risks
more fully described under "Item 1. Business - Risk Factors" in the
Company's Annual Report on Form 10-K for the year ended December 31,
2004, and in the more recent filings made by the Company with the
Securities and Exchange Commission.