GT Interactive enters agreement to acquire 50 percent of Offworld Entertainment; company to obtain exclusive global rights to Oddworld Inhabitants titles for all media.
A preferred stock transaction, the agreement is subject to the approval of the shareholders of Oddworld's parent company, Creative Programming and Technology Ventures, Inc.
"OddWorld Inhabitants is an innovative company whose work represents an exciting new dimension in game design," said Ron Chaimowitz, president and chief executive officer of GT Interactive. "OddWorld's management's expertise in creating advanced, three-dimensional computer-generated images for the motion picture and theme park industries has prompted their design of stunning adventure games that are virtually a new genre. We are pleased to broaden our portfolio with OddWorld's strong original content and believe the rich characters and worlds they are creating have great potential across all forms of media."
"We are excited to join with GT Interactive, the industry's strongest publisher," said Sherry McKenna, chief executive officer of OddWorld Inhabitants. "With GT Interactive's marketing, promotional and distribution strength behind our products -- games that come alive with emotionally dynamic characters and richly created environments -- we believe ours will be a successful and mutually beneficial relationship."
OddWorld Inhabitants was co-founded by award-winning producer Sherry McKenna and high-end visual-effects supervisor Lorne Lanning. Both have extensive experience in the ground- breaking application of computer-generated images (CGI) in film, commercials and theme park rides having worked together at Hollywood-based Rhythm & Hues Studios. OddWorld creates "StoryDwellings," games that marry life-like character motion with intuitive controller interfaces inside highly rendered backgrounds.
Soul Storm, OddWorld's first StoryDwelling, has already received advance praise from industry publications such as GamePro Magazine (August): "One of the most dazzling games at E3, Soul Storm snuck out of nowhere with breathtaking graphics and a fresh approach to platform gaming. The graphics gleam with spectacular backgrounds and lifelike, humorous animations. Keep an eye out for this killer game."
Headquartered in NY, with offices in London, San Francisco, Seattle, Phoenix and Minneapolis, GT Interactive Software Corp. is a leading publisher of interactive entertainment, edutainment and value-priced software marketed under the GT Interactive, Humongous Entertainment and WizardWorks brands, for IBM-compatible and Macintosh computers as well as 32- and 64-bit gaming systems. Among GT Interactive's best-selling titles are Duke Nukem 3D and Doom II. Located at www.gtinteractive.com on the World Wide Web, GT Interactive is publicly traded on the NASDAQ National Market System under the symbol GTIS.
CONTACT: (media) (investors)
Allyne Mills Dawn Berrie
Dan Harnett 212/726-4235
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|Date:||Sep 17, 1996|
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