7th Level Nears Completion of Shift to Integrated Solutions, Tools & Technology.DALLAS--(BUSINESS WIRE)--November 5, 1997--7th Level, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : SEVL) announced several developments today in line with its strategy shift to become a provider of integrated solutions, tools and technology. The Company announced that it was in negotiations for the sale of its PyroTechnix, Inc. division, a developer of 3D games and technology. PyroTechnix has several games under development, including Return to Krondor Return to Krondor is a computer role-playing game set in Raymond Feist's fictional fantasy setting of Midkemia. A sequel to 1993's Betrayal at Krondor, it was released for Windows 95 on the PC in time for the 1998 Christmas season. (TM) by best-selling science-fiction fantasy author The definition of a fantasy author is somewhat diffuse, and a matter of opinion - Jules Verne considered H. G. Wells to be a fantasy author - and there is considerable overlap with science fiction authors and horror fiction authors. Raymond E. Feist Raymond Elias Feist (born 1945, Los Angeles, California) is an American author, mostly specialising in fantasy fiction. Biography Raymond E. Feist was born in 1945 in Los Angeles, and was raised in Southern California. , and is the owner/developer of a state-of-the-art 3D engine known as True 3D. Sale of PyroTechnix is in line with 7th Level's new strategy, announced in August, to quickly transform the Company from being a self-funded games developer to a leading supplier of both custom integrated solutions and packaged technology solutions for a broad array of entertainment, consumer and commercial applications and platforms, including online, CD-ROM CD-ROM: see compact disc. CD-ROM in full compact disc read-only memory Type of computer storage medium that is read optically (e.g., by a laser). and video. 7th Level plans to continue with its successful and critically acclaimed Monty Python Monty Python('s Flying Circus) British comedy troupe. The innovative group, formed in the early 1960s, came to prominence in the 1970s, first on television and later in films. series of interactive CD-ROMS. To that end, the Company announced that it has gold mastered the third in the series, the 2-CD set titled Monty Python's The Meaning of Life; is in negotiations with master distributors, and expects an imminent release of the game. "Meaning of Life is the best in the series so far," said Bob Ezrin Bob Ezrin (born 1949 in Toronto, Ontario) is a musician and record producer. Professional background Bob Ezrin attended Oakwood Collegiate Institute High School in Toronto, graduating in 1967. , 7th Level CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. and Executive Producer of title. Also in line with its new strategy, 7th Level announced it is negotiating a possible merger with a technology development company focused on building tools for interactive online and other digital platforms. "Today's announcements clearly illustrate our total focus on transforming 7th Level into a new company by the end of the year," said Donald Schupak, 7th Level's Chairman. He noted that since August, the Company has: - Sold Dominion, an internally developed game, together with distribution rights for $1.8 million. - Licensed its Top Gun(TM) development technology to Ion Storm Ion storm may refer to:
- Announced significant strategic alliances. - Closed down international game distribution and localization Customizing software and documentation for a particular country. It includes the translation of menus and messages into the native spoken language as well as changes in the user interface to accommodate different alphabets and culture. See internationalization and l10n. offices in Germany, Japan and California. "In addition," said Ezrin, "we are currently in discussions with several companies, including those engaged in the broadcast business, with respect to integrated online solutions and other possible partnerships and strategic alliances." "Our growing custom solutions business relies more on independent contractors A person who contracts to do work for another person according to his or her own processes and methods; the contractor is not subject to another's control except for what is specified in a mutually binding agreement for a specific job. and project specific teams," he said. "Yesterday, we eliminated about 45 games-related positions in California and Texas. Looking forward, we require a smaller, more focused, fulltime complement of personnel." Additional financial details will be released when the Company announces third quarter results in November. 7th Level, Inc. is repositioning repositioning Laparoscopic surgery The changing of a Pt's position during a procedure to improve access or visualization of the operative field, which may be linked to complications, as it changes anatomic planes of operation. Cf Laparoscopic surgery. itself as a leading supplier of both custom integrated solutions and packaged technology solutions to a broad array of entertainment, consumer and commercial customers. -0- Forward-Looking Statements: This news release contains forward-looking statements which involve risks and uncertainties. Accordingly, no assurance can be given that the actual events and results will not be materially different than the anticipated results described in the forward looking statement. There are a number of important factors that could cause actual results to differ materially from those expressed in any forward-looking statements made by the company. These factors include the company's ability to generate cash income in the fourth quarter of 1997, the success of the Company's cost reduction strategy, the ability to attract and retain strategic partners, the ability to leverage intangible assets in its technology, the ability to complete new projects at planned costs and on planned schedules and the market acceptance of the Company's products. Investors are also directed to consider other risks and uncertainties discussed in documents filed by the company with the Securities and Exchange Commission. The Company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. CONTACT: Hudson Stone Gary Fishman or Susan Romeo, tel: 212-527-4808. |
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