ARCHER COMMUNICATIONS ANNOUNCES CAPCOM TO PAY MINIMUM PROCEEDS BASED ON NOV. 7, 1991 AGREEMENT
ARCHER COMMUNICATIONS ANNOUNCES CAPCOM TO PAY MINIMUM PROCEEDS
BASED ON NOV. 7, 1991 AGREEMENT
LOS ANGELES, Nov. 13 /PRNewswire/ -- Robert Pfannkuch, CEO of Archer Communications Inc. (NASDAQ: QSNDF; Toronto: AAZ) announces that pursuant to an agreement dated Nov. 7, 1991 (the "Capcom Agreement") Capcom has agreed to pay to Archer minimum proceeds in the amount of $4,500,000 U.S. over a period of three years for first generation QSound Chips for use in Capcom's coin operated video games. This minimum fee is non-refundable and is payable to Archer in semi-annual payments of $750,000 U.S. each, commencing in January 1992. Use or distribution by Capcom of these chips in excess of minimum stipulated in the Capcom Agreement will result in further payments to Archer. The term of the Capcom Agreement is for a minimum of three years. Capcom has advised Archer that Capcom intends to convert production of all of their video games to incorporate QSound Chips.
/CONTACT: David Gallagher of Archer Communications Inc., 403-269-9007/
(QSNDF AAZ) CO: Archer Communications Inc.; Capcom ST: IN: ENT SU: SS-AW -- FL002 -- 3884 11/13/91 11:15 EST