THQ Acquires Internet Entertainment Studio Genetic Anomalies; First Step in THQ's Aggressive Online Strategy.Business/Entertainment Editors & High-Tech Writers CALABASAS HILLS, Calif.--(BUSINESS WIRE)--Dec. 20, 1999 THQ THQ Toy Headquarters THQ Territorial Headquarters THQ Tehsil Headquarters (Pakistan) THQ The Holy Quran THQ Theater Headquarters Inc. (Nasdaq:THQI) today announced that it has acquired privately held Genetic Anomalies, Inc Genetic Anomalies, Inc. was a gaming development company founded in 1996. GA was known for creating the world's first online collectible card game, Chron X. The company was acquired by THQ Inc. in 1999. ., a leading Internet entertainment studio, in an all-stock transaction valued at approximately $8 million. The acquisition includes rights to all of Genetic Anomalies' products including "Chron X Chron X is an online collectible card game and a turn-based strategy game in which you battle your opponent over the Internet with an arsenal of agents, weapons, programs, and resources chosen from your deck of virtual cards. "(TM), its in-development sports product, and its WWF See Windows Workflow Foundation. online strategy game also in development. In addition, THQ has acquired Genetic Anomalies' suite of online technology including multiplayer game See multiplayer gaming. servers and infrastructures, as well as its patent-pending virtual property technology, Collectible Bits(TM). THQ issued in the transaction 220,000 new shares and assumed existing Genetic Anomalies stock options to acquire approximately 44,000 THQ shares. The acquisition will be accounted for 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. . "The acquisition of Genetic Anomalies signals THQ's solid commitment to the Internet marketplace See vertical portal and Web hub. ," stated Brian J. Farrell president and chief executive officer, THQ. "With this first step in our aggressive online gameplan, we intend to be a major player in the Internet arena. "Genetic Anomalies equips us with proven content as well as the experienced development and design talent that is crucial to success in this rapidly evolving market. We expect to make more announcements in the near future with respect to leveraging content controlled by THQ in game environments played over the Internet." Genetic Anomalies' virtual property technology, Collectible Bits, is the Internet's first implementation of virtual property commerce, providing for the secure buying, selling and trading of virtual property online. In addition to Collectible Bits, Genetic Anomalies' tournament technologies, ranking systems and online software distribution technologies will immediately boost THQ's arsenal of online tools across a wide variety of platforms. Genetic Anomalies has extensive experience in building and managing online communities that will quickly become a part of THQ's growing online presence. "Teaming with THQ is a great opportunity to exploit our development talents with one of the foremost interactive entertainment publishers in the industry," said Shawn Broderick, president, Genetic Anomalies. "We're confident that our technology will help THQ be as successful in the Internet arena as it is on the popular game platforms." Genetic Anomalies is currently working with THQ on a sports collectible product as well as the previously announced THQ/JAKKS Pacific WWF online, collectible strategy game scheduled for release in the first half of 2000. Additionally, Genetic Anomalies is currently developing Internet applications for other publishers utilizing various popular intellectual properties. THQ's expanding internal development group now includes GameFX, Inc.; Pacific Coast Power & Light Company; Heavy Iron Studios Heavy Iron Studios is an American video game developer, based in Culver City, California. They are a wholly-owned subsidiary of THQ. Games developed
Genetic Anomalies (http://www.GeneticAnomalies.com) is an Internet entertainment studio located in Cambridge. Genetic Anomalies is a pioneer in online gaming See gaming. , bringing novel Internet technologies and innovative product designs into the emerging Internet entertainment marketplace. Genetic Anomalies' Collectible Bits(TM) technology is the Internet's first implementation of virtual property commerce, providing for the secure buying, selling and trading of virtual property online. THQ develops, publishes and distributes interactive entertainment software worldwide for a variety of hardware platforms including 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). , and those manufactured by Sega, Nintendo and Sony. The THQ Web site is located at www.thq.com. |
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