INTERPLAY ANNOUNCES SALE OF SHINY ENTERTAINMENT TO
INFOGRAMES, INC. FOR APPROXIMATELY $47 MILLION
IRVINE,
CA, APRIL 24, 2002 — Interplay Entertainment Corp. (NASDAQ: IPLY) announced
today it has reached an agreement with Infogrames, Inc. (NASDAQ: IFGM) for the
sale of its Shiny Entertainment subsidiary. Upon the closing of the
transaction, which is subject to customary conditions including receipt of
certain third party consents, Infogrames will pay Interplay approximately $47
million for Shiny Entertainment in a combination of cash and a promissory note.
Through this
acquisition, Infogrames, Inc. will have exclusive worldwide rights to develop
and publish games based on sequels to the highly acclaimed, Academy
Award-winning action thriller, “THE MATRIX.” The games will be based on the
upcoming sequels “THE MATRIX RELOADED” and “THE MATRIX REVOLUTIONS” from Warner
Bros. Pictures.
Commenting on the announcement, Interplay Chief Executive Officer Herve Caen
said, ”We are delighted to have signed this transaction with Infogrames, a
company with a proven track record and reputation. For Interplay and its
investors, successful conclusion of this transaction will enhance stability and
position Interplay for growth. The sale of Shiny will significantly reduce the
general corporate overhead of Interplay and allow the Interplay teams to focus
on the continuing development of games based on its successful TSR licenses such
as Baldur’s Gate and Icewind Dale.”
In
addition to maintaining its strong alliances with outside developers for titles
like Hunter (XBox) and Baldur’s Gate Dark Alliance (PS2), Interplay maintains
two renowned development studios, Black Isle and Digital Mayhem.
Mr. Caen
continued, “The transaction will strengthen Interplay’s capacity to finance the
development of its current slate of titles. We now have the financing and the
management team in place to provide a much stronger platform for the development
of fun and profitable games.”
Heading
into E3, the all important industry event, Interplay has a strong selection of
products soon to be released, as well as some in the pipeline yet to be
announced.
Interplay
Entertainment is a leading developer, publisher and distributor of interactive
entertainment software for both core gamers and the mass market. Interplay
develops games for personal computers as well as next generation video game
consoles, many of which have garnered industry accolades and awards. Interplay
releases products through Interplay, Shiny Entertainment, Digital Mayhem, Black
Isle Studios, its distribution partners, and its wholly owned subsidiary
Interplay OEM Inc.
Safe
Harbor Statement under the Private Securities Litigation Reform Act of 1995
Statements contained in this release except for historical information are
forward-looking statements that are based on current expectations and involve
risks and uncertainties. Without limiting the generality of the foregoing, words
such as “may,” “will,” “expect,” “believe,” “anticipate,” “intend,”
“could,” “estimate,” or “continue” or the negative or other variations
thereof or comparable terminology are intended to identify forward-looking
statements. The risks and uncertainties inherent in such statements may cause
actual future events or results to differ materially and adversely from those
described in the forward-looking statements. The closing of the sale of Shiny
Entertainment, Inc., to Infogrames, Inc., and the effects of that sale on the
business, prospects and financial condition of the company that are expected to
result from the transaction are subject to numerous closing conditions, certain
of which are beyond the control of the company. Additional important factors
that may cause actual future events or results to differ materially and
adversely from those described in the forward-looking statements are discussed
in the company’s filings from time to time with the Securities and Exchange
Commission, including but not limited to the company’s annual reports on Form
10-K and the company’s subsequent quarterly filings on Form 10-Q. The company
disclaims any obligation to revise or update any forward-looking statements that
may be made from time to time by it or on its behalf.
