Mad Catz Acquires Industry Leading GameShark Brand From Interact For $5 Million; Acquisition Will Ensure Continuity of Supply |
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Thursday January 23, 2003 |
Mad Catz Acquires Industry Leading GameShark Brand From Interact For $5 Million; Acquisition Will Ensure Continuity of Supply Mad Catz Interactive, Inc. (AMEX/TSE: MCZ), the world's leading third party video game accessory manufacturer, announced today that, effective immediately, it has acquired the rights to the GameShark brand and the www.gameshark.com web site URL from InterAct, a subsidiary of Recoton Corporation (Nasdaq: RCOT) for $5 million (U.S. dollars). GameShark is the industry leader in video game enhancement software, which enables players to take full advantage of the secret codes, short cuts, hints and cheats incorporated by video game publishers into their game offerings. In the twelve month period ended December 31, 2002, GameShark generated revenues in excess of $30 million. Mad
Catz anticipates shipping GameShark products powered by
an extensive range of software cheats and hints in March,
ensuring continuity of supply at retail locations. The
Company has also assumed the management of the highly
popular GameShark web site, one of the highest traffic
gaming sites on the Internet. Darren Richardson, President and COO of Mad Catz Inc., added, "GameShark is an excellent strategic fit with Mad Catz as it is the undisputed brand leader in video game enhancements and will benefit from our position as the leading third party designer, manufacturer and distributor of video game accessories. In addition, the GameShark.com web site provides Mad Catz with a significant marketing vehicle which reaches a highly targeted gaming audience. We look forward to developing and offering new GameShark products which extend the solid reputation of the brand while incorporating the same level of innovation, value, design, and quality to our new video game enhancement offerings, that have made Mad Catz the category leader in third party accessories." About GameShark Introduced by Recoton in 1995, GameShark has enhanced the video game experience for millions of gamers by enabling them to access secret codes, short cuts, hints and cheats in thousands of video games on numerous platforms. The GameShark web site is one of the most popular sites on the Internet for video gamers About Mad Catz Interactive, Inc. Mad Catz Interactive, Inc., (www.madcatz.com), designs, develops, manufactures and markets a full range of high quality, competitively priced accessories for video game consoles and portables. Mad Catz is a worldwide leader of innovative peripherals in the interactive entertainment industry, with distribution through nine of the top ten U.S. retailers offering interactive entertainment products. With operating headquarters in San Diego, California, Mad Catz has offices in Canada, the U.K. and Asia, as well as distributors in Europe and Australia. |
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