Interplay acquires intellectual properties, sells shares to Microprose
FOR IMMEDIATE RELEASE
Contact: Luke Haase
INTERPLAY ACquires INTELECTUAL PROPERTIES,
SELLS SHARES TO MICROPROSE
BEVERLY HILLS, CA, March 27, 2009 – Interplay Entertainment Corp. (OTC BB:IPLY) announced today entering into an Intellectual Property Purchase and Sale Agreement with Interactive Game Group LLC (I2G) to acquire all rights title and interest owned by I2G in the following franchises: “Conquer Series: Conquer the World, Conquer the Skies, Conquer the Universe”, “M1 Tank Platoon Series: M1 Tank Platoon, Tank Platoon 2” and “Subwar: Subwar 2050”.
The Company also sold to Microprose, LLC, an affiliate of I2G, 5,454,967 shares of Common Stock of the Company and issued a warrant to purchase 1,677,483 shares of Common Stock of the Company for a total consideration of $327,298. Such shares and warrant were issued, and any underlying shares of Common Stock would be issued, in a private placement exempt from registration pursuant to section 4(2) of the Securities Act of 1933. Such warrant has a term of 3 years, an exercise price of $0.06, is immediately exercisable, and was issued in accordance with the terms of the Form of Warrant Agreement filed as Exhibit 10.07 to the Company's Form 10-Q for the period ended March 31, 2008.
About Interplay Entertainment
Founded in 1983, Interplay Entertainment is a developer, publisher and licensor of video game software headquartered in Southern California. The company has produced and licensed titles for many of the most popular interactive entertainment software platforms in the action/arcade, adventure/RPG and strategy/puzzle categories. Its portfolio of well-recognized Intellectual Properties includes Battlechess, Clayfighter, Dark Alliance, Descent, Earthworm Jim, Freespace, Giants, Messiah, MDK, Run Like Hell, Sacrifice. Interplay also hold exclusive distribution rights to certain existing Fallout and Redneck titles.
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF1995:
Statements contained in this release except for historical information are forward-looking statements that are based on current expectations and involve risks and uncertainties. Without limiting the generality of the foregoing, words such as "may," "will," "expect," "believe," "anticipate," "intend," "could," "estimate," or "continue" or the negative or other variations thereof or comparable terminology are intended to identify forward-looking statements. The risks and uncertainties inherent in such statements may cause actual future events or results to differ materially and adversely from those described in the forward-looking statements. Specifically, there can be no assurance that the Company will complete a financing transaction, or any other strategic transaction on favorable terms or at all. Additional important factors that may cause a difference between projected and actual results for the Company are discussed in the Company's filings from time to time with the U.S. Securities and Exchange Commission, including but not limited to the Company's annual reports on Form 10-K, subsequent quarterly filings on Form 10-Q and current reports on Form 8-K.
The Company disclaims any obligation to revise or update any forward-looking statements that may be made from time to time by it or on its behalf.
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