Acclaim to acquire world's largest independent entertainment software developers; company to purchase both Probe and Sculptured Software in stock swaps.GLEN COVE Glen Cove, city (1990 pop. 24,149), Nassau co., SE N.Y., on the north shore of Long Island, at the entrance to Hempstead Harbor; settled 1668, inc. as a city 1918. , N.Y.--(BUSINESS WIRE)--October 10, 1995-- Significantly expanding and advancing its product development capabilities, Acclaim Entertainment, 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 :AKLM AKLM Acclaim Entertainment, Inc. (stock symbol) ) today announced it has entered into agreements to acquire both Probe Entertainment Ltd. and Sculptured Software Sculptured Software Inc. was a late twentieth century video game developer in the Salt Lake City, Utah metropolitan area. They specialized in porting games to different platforms, especially from arcade games to home console games. Inc., two of the world's largest independent entertainment software developers. Combined, the acquisitions bring approximately 250 programmers, musicians, graphic artists and engineers to Acclaim. The Sculptured transaction has closed, subject only to the filing of applicable merger documentation in Utah. The Probe transaction is subject to regulatory approvals and customary closing conditions. Acclaim intends to account for both transactions as a pooling of interests Pooling of Interests An accounting method, used in mergers and acquisitions, where the balance sheet items of the two companies are simply added together. Notes: The opposite of pooling of interests is the purchase acquisition method. . Further financial details have not been disclosed. Probe and Sculptured Software have each designed numerous best-selling titles for a variety of interactive entertainment industry publishers, including Primal Rage Primal Rage is a versus fighting game developed and published by Atari Games. It was originally released in 1994 as an arcade video game. It was later ported to numerous home consoles (such as PlayStation, Sega Saturn, Mega Drive/Genesis, Super Nintendo) and PC. (Time Warner Time Warner Inc. (NYSE: TWX), formerly known as AOL Time Warner, is the world's largest media and entertainment conglomerate headquartered in New York City, with major operations in film, television, publishing, Internet service and telecommunications. Interactive); Mortal Kombat Mortal Kombat (commonly abbreviated as MK) is a popular series of fighting games created originally by the Midway Manufacturing Company. Mortal Kombat III (Williams); Fifa Soccer (THQ/Electronic Arts); NHL Stanley Cup NHL Stanley Cup (known as Super Hockey in Europe [1])is an ice hockey video game developed by Sculptured Software for the Super NES. In the game, the player chooses a hockey team and then plays against either a computer or human player on an ice rink. Hockey (Nintendo); Jack Nicklaus Noun 1. Jack Nicklaus - United States golfer considered by many to be the greatest golfer of all time (born in 1940) Jack William Nicklaus, Nicklaus Ultimate Golf (Accolade); Lemmings (Sega/Psygnosis); Super Star Wars, Super Empire Strikes Back and Return of the Jedi (JVC/LucasArts); and Tecmo NBA Basketball Tecmo NBA Basketball is a multiplatform basketball game that combines real time action with cinema-style cutscenes like in a basketball movie. The quality of graphics is similar to Tecmo Super Bowl, although they deal in two different sports. (Tecmo). Among hit titles the companies have developed for Acclaim are: Mortal Kombat, Mortal Kombat II, WWF WrestleMania WWF WrestleMania may refer to:
"Through these acquisitions our product development resources have exponentially grown, both in terms of design talent and the storehouses of proprietary tools and technology that are key to driving our continued leadership position in this industry," said Robert Holmes, president of Acclaim. "Both Probe and Sculptured have created hundreds of best-selling titles for a variety of industry publishers -- capabilities that will now be utilized exclusively for Acclaim. During a time in our industry's growth when development resources are becoming increasingly valuable, we consider these vital and exciting acquisitions which bring to Acclaim some of the most creative and technologically astute talent in the world today, and positions us for future growth." Both Probe and Sculptured Software have developed a broad range of proprietary hardware and software technology for quick, state-of-the-art development, including cross-platform compilers, assemblers and linkers; object-oriented tools; high end 2-D and 3-D MPC (1) (Mobile PC) A handheld or laptop computer. See handheld computer, laptop computer and Ultra-Mobile PC. (2) (MultiPath Channel) See multipath. development systems; video compression code; source-level debuggers; art preparation tools; 3-D graphics workstations as well as digital audio and video recording and editing capabilities. The companies are well-versed in development for all interactive entertainment systems, including game hardware and PC 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). platforms. "Our goal has always been to become the preeminent interactive entertainment studio worldwide, and by combining our technology, audio, graphics, programming and development expertise with Acclaim's licensed properties, distribution and marketing strength, we will create an unparalleled force in interactive entertainment," said George Metos, president of Sculptured Software. "With the ever-increasing worldwide demand for entertainment products, Acclaim and Probe make a winning combination, gaining lightning development speed and strength by pooling our cutting edge technologies, management and programming talent," said Fergus McGovern, managing director of Probe. "We look forward to bringing the world unrivaled play experiences and entertainment as part of the growing and significant entertainment power that is Acclaim." Acclaim's acquisitions of Probe and Sculptured Software follows its acquisition earlier this year of Iguana Entertainment Inc., a leading interactive entertainment software developer, now a wholly owned Acclaim subsidiary with offices in Texas and the U.K. London-based Probe, the leading independent entertainment software developer worldwide, has developed in excess of 400 software products in its 11-year history, for personal computer, CD and cartridge-based entertainment platforms, including such best-sellers as Fifa Soccer, Mortal Kombat, Mortal Kombat II, Primal Rage, Lemmings, Batman Forever, Terminator 2 and Alien 3. Sculptured Software, headquartered in Salt Lake City, UT, is North America's largest entertainment software developer, and has created award-winning hit titles for Nintendo, Sega, Sony and PC CD-ROM systems. Among the best-selling titles Sculptured has designed are Mortal Kombat, Mortal Kombat II and WWF WrestleMania for Acclaim, as well as Super Empire Strikes Back, Super Star Wars, Super Return of the Jedi and NCAA Basketball. Forthcoming Sculptured titles include Doom and Mortal Kombat III. Acclaim Entertainment, Inc. is a leading worldwide publisher of software for Nintendo, Sega, Sony, personal computer and CD-ROM hardware systems; and comic books under the Valiant, Armada and Windjammer imprints. Acclaim also develops coin-operated arcade and ticket redemption games, and operates blue screen and motion capture studios, as well as A.D.I., a global sales and distribution company for products from a variety of entertainment software publishers, including Digital Pictures, Domark, Interplay, Marvel and Sunsoft. Acclaim, which recently formed a new company with Tele-Communications, Inc. for electronically distributed interactive entertainment, is publicly traded on the NASDAQ National Market System under the symbol AKLM. CONTACT: Acclaim Entertainment, Inc., Glen Cove (Media) or (Financial) Allyne Mills Anthony Williams 516/656-5000 Dawn Berrie 516/656-5000 |
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