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Share Name | Share Symbol | Market | Type |
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Aptargroup Inc | TG:AGT | Tradegate | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 130.70 | 129.70 | 131.60 | 0.00 | 11:27:51 |
RNS Number:7256L Argonaut Games PLC 30 May 2003 For Immediate Release 30 May 2003 Argonaut Games Plc ("Argonaut" or "the Group") Trading update Argonaut Games Plc ("Argonaut") announces the cancellation of its game Malice by Vivendi Universal Games Inc (VUG), the termination of its game Orchid and provides a development update. MALICE AND ORCHID VUG has informed Argonaut that it no longer wishes to publish Malice and has cancelled the development contract, returning all rights in the game to Argonaut. This decision was reached following the consolidation of all of Vivendi SA's video game assets into VUG and a comprehensive review of the resulting portfolio of future releases. The publisher stressed their portfolio now contained a number of character games and commercial logic dictated they should concentrate their resources on their own intellectual property. Argonaut's other contract (SWAT: GST for Playstation2 and Xbox) with VUG is unaffected. VUG has offered to assist Argonaut in signing Malice to an alternative publisher and it is our intention to pursue this course of action. However, this secondary signing is unlikely to attain an advance at the level which had been agreed with VUG or be accomplished prior to the end of the financial year. Following discussions with Namco Hometek Inc. on the redesign of Orchid we have concluded that the potential returns on this title do not justify the additional investment required to complete the game in its new form and have therefore terminated its development. Argonaut's other contract (I-Ninja) with Namco is unaffected. DEVELOPMENT UPDATE Kung Fu Chaos, developed exclusively for the Xbox by Justaddmonsters Ltd, our Cambridge studio, and published by Microsoft, was released in the first quarter of 2003. Although the game was very well received by both its publisher and the industry press, retail sales have been disappointing. As a result Microsoft has not commissioned a sequel as previously anticipated and Justaddmonsters Ltd is currently designing a new game, which will be marketed to publishers in due course. Development of the Group's games scheduled for release in the fourth quarter of 2003 continues to plan. SWAT: GST, Argonaut's other game being developed for VUG has passed its Alpha and is now in the final stages of its development. The four platform Bionicle title being developed for LEGO and I-Ninja being developed for Namco Hometek Inc are both approaching their content complete stages and are on schedule. Carve, our Xbox Live watercraft-based racing game has been completed and we are currently in discussions with publishers to facilitate its release. Development of Powerdrome is progressing well and our demonstrations of this title to potential publishers have been well received. We anticipate that we will sign a development contract on this title but this is now likely to be after the end of the current financial year. The events described above will have a significant impact on the Group's results for the year ending 31st July 2003, as they will necessitate the reversal of all revenue recognised during the development of Malice and Orchid and a lower than expected revenue because of the lack of a sequel to Kung Fu Chaos and delays with Powerdrome. In addition, as the majority of the advance on Malice would have been payable on completion of the game, its cancellation will mean the Group's cash flow for the year will be lower than anticipated. Notwithstanding this, the Group estimates that it will still have a substantial cash balance at the year-end and through the course of next year. The Board is currently undertaking a review of the Group's cost base in the light of the lower levels of expected revenue in the immediate future. The Group's present cash balance is #7.2m. Commenting on the statement Julian Paul, Chairman of Argonaut, said "These developments are very disappointing for Argonaut. Malice and Orchid are heavy blows and the unfortunate delay of Powerdrome very frustrating. However, I am confident we will work through these present difficulties and that the results of our current review will strengthen the Group going forward. The Board is determined not to permit these disappointments to impact on the development of our other games and we look forward to the upcoming release of some very exciting titles in the autumn." For further information, please contact: Argonaut Games PLC 020 8951 6000 Jez San, Chief Executive Joss Ellis, Chief Operating Officer John Crilly, Finance Director www.argonaut.com Buchanan Communications 020 7466 5000 Bobby Morse / Isabel Petre This information is provided by RNS The company news service from the London Stock Exchange END TSTWUUPGAUPWGUU
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