Midway Acquires Australian Developer Ratbag
04 August 2005 - 10:15PM
Business Wire
- Developer of Upcoming Midway Title Brings Technology and Talent,
and Establishes Midway Presence in Australia - Midway Games Inc.
(NYSE:MWY), a leading interactive entertainment publisher and
developer, announced today that it has acquired Ratbag Holdings Pty
Ltd., a game development studio based in Adelaide, South Australia.
Midway acquired the privately-held developer in a primarily stock
transaction for 418,570 Midway shares. The studio is currently
working on several unannounced Midway products for both current-
and next-generation systems. The studio will be renamed Midway
Studios - Australia. Midway's President and Chief Executive Officer
David F. Zucker commented, "This transaction is consistent with our
strategy of adding depth to our internal product development
organization and strengthening our ability to deliver high-quality,
compelling and commercially successful content for current and
future systems. Ratbag brings to Midway a rare combination of
development expertise in driving and on-foot combat that they are
incorporating into our games now in development." Midway's Senior
Vice President of Worldwide Studios Matt Booty said, "We are
excited to add this proven studio with solid management and a
strong development team to Midway, and establish a firm foothold in
Australia, a great location for top entertainment industry talent.
We plan to leverage their talent and technology across our internal
development studios, which will support our goal of maintaining our
leadership in high quality development." Based in Adelaide, South
Australia, Ratbag is an innovative developer of high-quality
interactive entertainment products. Established in 1994, Ratbag's
first title, Powerslide, was released in 1998 to critical and
commercial success. The studio has grown into one of the world's
premier racing game developers. In addition to shares issued as
consideration for the acquisition of Ratbag, rights to acquire a
total of 38,050 shares of Midway common stock were issued to key
Ratbag employees as retention incentives. The rights to acquire the
stock will vest in stages over a period of three years, provided
the employee remains at the Company. Ratbag employees who received
the rights were: Tony Albrecht, Karl Burdack, Cam Dunn, Kim
Forrest, Franta Fulin, Adam Mackay-Smith, Robin Maddock, Andrew
Medlin, Sadhana Pereira, and David Todd. About Midway Games
Headquartered in Chicago, IL with offices in San Diego, CA,
Seattle, WA, Austin, TX, Los Angeles, CA, Munich, Germany, London,
UK, and Adelaide, AUS, Midway Games Inc. (NYSE:MWY) is a leading
developer and publisher of interactive entertainment software for
major video game systems. More information about Midway can be
obtained at www.midway.com. 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, adequacy of capital resources 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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