ACCLAIM ENTERTAINMENT FILES FOR STOCK OFFERING; VOLPE, WELTY & CO. NAMED AS MANAGING UNDERWRITER
ACCLAIM ENTERTAINMENT FILES FOR STOCK OFFERING;
VOLPE, WELTY & CO. NAMED AS MANAGING UNDERWRITER
OYSTER BAY, N.Y., Nov. 8 /PRNewswire/ -- Acclaim Entertainment, Inc. (NASDAQ: AKLM), announced today that it has filed a registration statement with the Securities and Exchange Commission covering an underwritten public offering of four million shares of common stock, for which plans were announced earlier this week. The entire four million shares will be sold by Acclaim, and the offering will be managed by Volpe, Welty & Co. of San Francisco.
The offering is being effected to reduce short-term indebtedness and increase working capital in support of Acclaim's expanding operations, including its recently announced 1992 entry into the Sega market, increased domestic manufacturing, and the expansion of operations in Europe. The company currently publishes software for the 16-bit Super Nintendo Entertainment System(R), eight-bit Nintendo Entertainment System(R) (NES(TM)), Nintendo's portable Game Boy(R), as well as NES accessories and dedicated electronic hand-held video games.
Acclaim Entertainment, Inc., with offices in Canada, Germany, Japan and the United Kingdom, is a leading worldwide publisher, marketer, manufacturer and distributor of interactive software and accessories under the Acclaim and LJN labels.
Copies of the preliminary prospectus relating to the offering may be obtained from Volpe, Welty & Co., 1 Maritime Plaza, San Francisco, CA 94111, Attention: Syndicate Department.
A registration statement relating to the company's common stock has been filed with the Securities and Exchange Commission, but has not yet become effective. The offering will be made only by means of the prospectus included in the registration statement. The common stock may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
/CONTACT: Robert Holmes or Anthony Williams of Acclaim, 516-922-2400/
(AKLM) CO: Acclaim Entertainment, Inc. ST: New York IN: ENT SU: OFR GK-KW -- NY002 -- 2480 11/08/91 09:00 EST