Cinemaware Acquired By Value Publisher eGames
Value-priced PC game publisher eGames, Inc (Mahjongg Master, Puzzle Master) has announced that it has entered into an agreement to purchase substantially all of the assets of Cinemaware, Inc., the revitalized entity based on the classic '80s and early '90s developer responsible for games such as Defender Of The Crown, Rocket Ranger, and It Came From The Desert.
eGames will issue between 600,000 and 855,000 shares of eGames' common stock to Cinemaware in exchange for its assets, plus warrants for the purchase of an additional 300,000 shares of its common stock - a total of around $380,000 under current stock prices.
As part of the transaction, Lars Fuhrken-Batista, Cinemaware's President, will join eGames as its new Vice President of Development. Mr. Batista will be in charge of internal product development and external acquisition opportunities. Cinemaware, Inc. was formed by Batista in 2000 when he purchased the assets of Cinemaware Corporation, originally founded in 1985, and which closed its doors 1991.
The newest Cinemaware Inc. company's biggest product was Robin Hood: Defender Of The Crown for consoles, which was eventually published via Capcom in North America in 2003, but it also helped release Game Boy Advance versions of several of Cinemaware's earlier hits, including Wings. The company has been relatively dormant over the past 2 years, with its website news not having been significantly updated since late 2004. Cinemaware's other notable classics that eGames is acquiring include SDI, The King of Chicago, Sinbad and the Throne of the Falcon, Rocket Ranger, Lords of the Rising Sun, It Came from the Desert, and the TV Sports franchise of sports games.
Rich Siporin, Vice President of Sales and Marketing for eGames commented: "eGames continues to enjoy success within the value priced, casual game arena, and our strategy remains focused on growing this segment of our business. It is clear, however, that we now need to take advantage of new and different product genres and platforms that have mass-market appeal. Cinemaware not only provides the opportunity to venture into higher priced PC titles, it provides us with the opportunity to launch titles into established and growing console and handheld markets."