GT Interactive Strikes Equity Agreement With Newly Launched Developer, Fugitive Studios.
Company Includes Talent Behind "Unreal," "Starcraft," "Warcraft II"
and "Diablo" PC Hits
Continuing to build its stable of software development talent, GT Interactive Software Corp. (NASDAQ:GTIS) today announced it has entered into an agreement to acquire an equity interest in Fugitive Studios, a newly launched, CA-based game developer.
Among the members of Fugitive are several of the engineers, programmers, artists and producers behind Starcraft, Warcraft II, Diablo and Unreal, PC games that have all been among the industry's best-sellers worldwide.
As part of the agreement, GT Interactive obtains exclusive global publishing rights to Fugitive software titles for PC and console platforms as well as print and merchandising rights. GT Interactive plans to release its first Fugitive title, an innovative 3-D game for the PC, in late 1999.
"We are pleased to align ourselves with the young talented professionals of Fugitive while also broadening our portfolio with what promises to be strong, original content," said Ron Chaimowitz, chairman and chief executive officer of GT Interactive. "Having already contributed to the creation of some of the industry's best-selling, best-playing PC game franchises, I am confident that the members of Fugitive will deliver new, innovative entertainment experiences."
"Partnering with GT Interactive, a leading industry publisher, will allow us to focus on what we do best - designing, building and producing ground-breaking and compelling games," said Greg Williams, co-founder, president and chief executive officer of Fugitive.
Video game industry veteran Greg Williams, who has held several production positions for companies such as EPYX, Atari Games, Electronic Arts and GT Interactive during more than 12 years in the business, founded Fugitive Studios with James Phinney, Fugitive's creative director; Jess McReynolds, Fugitive's technical director, and Brian Sousa, Fugitive's art director, along with several key members of various Blizzard production teams, each of whom worked on various aspects of the successful Starcraft, Warcraft II and Diablo games.
Headquartered in NY, GT Interactive Software Corp. is a leading publisher of entertainment and edutainment software under the GT Interactive, Cavedog Entertainment, SingleTrac and MacSoft brands for personal computers as well as game consoles from Sony Computer Entertainment Inc. and Nintendo. The company operates development studios in Seattle, Salt Lake City and San Luis Obispo, CA. GT Value Products is the market share leader in budget software under the WizardWorks, CompuWorks and Slash brands. Located on the World Wide Web at http://www.gtinteractive.com, GT Interactive is publicly traded on the NASDAQ National Market System under the symbol GTIS.
CONTACT: GT Interactive Software Corp., New York
Dawn Berrie (investors)
Allyne Mills (media)
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|Date:||Aug 20, 1998|
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