Peter C. Brown Elected to Midway Board Of Directors; Six Incumbent Board Nominees Named to Additional Terms
07 June 2005 - 9:00PM
Business Wire
Midway Games Inc. (NYSE:MWY) announced today that at Midway's
Annual Meeting of Stockholders, held June 6, 2005, Peter C. Brown,
46, was elected to the Company's Board of Directors. The Company
also reported that its six incumbent Board nominees, including,
Board Chairman, Kenneth D. Cron; Vice Chairwoman, Shari E.
Redstone; William C. Bartholomay; Joseph A. Califano Jr.; Ira S.
Sheinfeld; and Robert N. Waxman were elected to additional terms
and will serve as directors until the next annual meeting of
stockholders. Harold H. Bach, Jr. did not stand for re-election to
the Board. Midway's Board now consists of seven directors, all of
whom are considered "independent" according to the corporate
governance rules of the New York Stock Exchange. Mr. Brown has been
the Chairman of the Board, Chief Executive Officer and President of
AMC Entertainment Inc. since July 1999. Active on numerous
corporate boards, he is Co-Chairman and Co-Chief Executive Officer
of MovieTickets.com, Inc., a leading internet movie theatre
ticketing company. He serves on the National Association of Theatre
Owners Board of Directors, where he also is a member of the
executive committee, and the Board of Directors for National
CineMedia, a leader in-theatre digital distribution technology and
cinema advertising. Previously, Mr. Brown founded and served as
Chairman of the Board of Entertainment Properties Trust, a New York
Stock Exchange-traded real estate investment trust, from 1997 to
2003. Midway's Chairman, Kenneth D. Cron, commented, "On behalf of
the Board of Directors, our management team and the Company's
shareholders, I want to welcome Peter to the Board. Peter's
experience and extensive knowledge of and relationships in the
entertainment industry will be of value to Midway as the
convergence between global entertainment companies and the
interactive entertainment industry becomes increasingly important
to the success of both." Midway's Vice-Chairwoman, Shari E.
Redstone, added, "In addition to Peter's valuable entertainment
industry experience, he also adds depth to the Board as a result of
his public company background. Peter has been a driving force at
Movietickets.com in the application of new technologies to
traditional aspects of the entertainment business. I am confident
that Peter will make strong contributions to the Board and Midway's
further success against its strategy of producing more high
quality, top-selling games." Midway Games Inc. is a leading
developer and publisher of interactive entertainment software.
Midway videogames are available for play on major videogame
platforms including the PlayStation(R)2 computer entertainment
system, Xbox(TM) video game system from Microsoft, and Nintendo
GameCube(TM) and Game Boy(R) Advance. This press release contains
"forward-looking statements" within the meaning of the federal
securities laws concerning future business conditions and the
outlook for Midway Games Inc. (the "Company") based on currently
available information that involve risks and uncertainties. The
Company's actual results could differ materially from those
anticipated in the forward-looking statements as a result of these
risks and uncertainties, including, without limitation, the
financial strength of the interactive entertainment industry,
dependence on new product introductions and the ability to maintain
the scheduling of such introductions, the upcoming console platform
transition and other technological changes, dependence on major
platform manufacturers and other risks more fully described under
"Item 1. Business - Risk Factors" in the Company's Annual Report on
Form 10-K for the year ended December 31, 2004, and in the more
recent filings made by the Company with the Securities and Exchange
Commission.
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