New York, NY – July 3, 2008 – 2K Games, a publishing label of Take-Two Interactive Software, Inc. (NASDAQ: TTWO), announced today that it has signed an agreement with Digital Extremes to assist in the development of BioShock® for the PLAYSTATION®3 computer entertainment system. Shipping to retailers in October 2008 with new features and content, the PLAYSTATION 3 system version of BioShock is being developed by 2K Marin, 2K Boston, 2K Australia and Digital Extremes.
"By partnering with Digital Extremes, 2K Games is delivering a fully optimized experience that takes advantage of the PLAYSTATION 3 system hardware," said Christoph Hartmann, president of 2K. "Bringing Digital Extremes on board allows us to continue to deliver the best experience possible to our fans."
Headquartered in London, Ontario, Digital Extremes brings more than 15 years of experience as one of the gaming industry's premier developers. Digital Extremes pioneered technological and graphical design within the video gaming industry as the co-creators of Epic Games' Unreal® franchise. Using the experience it gained from working on the recently released Dark Sector®, Digital Extremes is partnering with the 2K studios to help optimize BioShock's performance on the PLAYSTATION 3 system.
"When 2K approached us to assist with development on BioShock for the PLAYSTATION 3 system, it was a no-brainer," said James Schmalz, CEO and founder of Digital Extremes. "You really can't ask for a more exciting, technically impressive world to work in than Rapture, and the incredible knowledge and talent between the 2K studios and our team at Digital Extremes is unprecedented. The collaboration on this project will make the PLAYSTATION 3 system sing with Big Daddy goodness and Little Sister 'thank you's'."
BioShock is a narrative-driven action experience that allows players to do the impossible as they journey through an amazing, immersive and terrifying world. Caught between powerful forces and hunted down by genetically mutated citizens, the player will come to grips with the mysterious and fascinating world of Rapture, a distinct Art Deco underwater utopia gone mad. BioShock not only challenges players' capacity to adapt and survive, but brings to question their values and commitment to the inhabitants of Rapture. With smart and adaptive AI, no encounter ever plays out the same, while numerous customization options provide gamers with an experience that adapts to their playing style.
BioShock for the PLAYSTATION 3 system will be available in October 2008 and is not yet rated by the ESRB. For additional details, visit www.bioshockgame.com.
About Digital Extremes
Founded in 1993 by industry visionary, James Schmalz, Digital Extremes ranks as one of the world's top independent development studios in the interactive entertainment industry. The Canadian based developer is best known for its co-creation of Epic Games' Unreal®, the multi-million unit selling franchise which includes the award-winning PC series Unreal and Unreal Tournament as well as Xbox® hit Unreal Championship. Digital Extremes recently shipped the highly-acclaimed next-generation 3rd person action title, Dark Sector® using its proprietary next-gen technology, the Evolution Engine™. For more information visit the company website at www.digitalextremes.com.
About Take-Two Interactive Software
Headquartered in New York City, Take-Two Interactive Software, Inc. is a global developer, marketer, distributor and publisher of interactive entertainment software games for the PC, PLAYSTATION®3 and PlayStation®2 computer entertainment systems, PSP® (PlayStation®Portable) system, Xbox 360® and Xbox® video game and entertainment systems from Microsoft, Wii™, Nintendo GameCube™, Nintendo DS™ and Game Boy® Advance. The Company publishes and develops products through its wholly owned labels Rockstar Games, 2K Games, 2K Sports and 2K Play, and distributes software, hardware and accessories in North America through its Jack of All Games subsidiary. Take-Two's common stock is publicly traded on NASDAQ under the symbol TTWO. For more corporate and product information please visit our website at www.take2games.com.
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Important Legal Information
In connection with the tender offer commenced by Electronic Arts Inc., the Company has filed with the Securities Exchange Commission a Solicitation/Recommendation Statement on Schedule 14D-9. The Company's stockholders should read carefully the Solicitation/Recommendation Statement on Schedule 14D-9 (including any amendments or supplements thereto) prior to making any decisions with respect to Electronic Arts' tender offer because it contains important information. Free copies of the Solicitation/Recommendation Statement on Schedule 14D-9 and the related amendments or supplements thereto that the Company has filed with the SEC are available at the SEC's website at www.sec.gov. This communication does not constitute an offer to sell or invitation to purchase any securities or the solicitation of an offer to buy any securities, pursuant to Electronic Arts' tender offer or otherwise.
This press release may contain forward-looking statements made in reliance upon the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The statements contained herein which are not historical facts are considered forward-looking statements under federal securities laws. Such forward-looking statements are based on the beliefs of our management as well as assumptions made by and information currently available to them. The Company has no obligation to update such forward-looking statements. Actual results may vary significantly from these forward-looking statements based on a variety of factors. These risks and uncertainties include the matters relating to the Special Committee's investigation of the Company's stock option grants and the restatement of our consolidated financial statements. The investigation and conclusions of the Special Committee may result in claims and proceedings relating to such matters, including previously disclosed shareholder and derivative litigation and actions by the Securities and Exchange Commission and/or other governmental agencies and negative tax or other implications for the Company resulting from any accounting adjustments or other factors. Further risks and uncertainties associated with Electronic Arts' tender offer to acquire the Company's outstanding shares are as follows: the risk that key employees may pursue other employment opportunities due to concerns as to their employment security with the Company; the risk that the acquisition proposal will make it more difficult for the Company to execute its strategic plan and pursue other strategic opportunities; the risk that the future trading price of our common stock is likely to be volatile and could be subject to wide price fluctuations; and the risk that stockholder litigation in connection with Electronic Arts' tender offer, or otherwise, may result in significant costs of defense, indemnification and liability. Other important factors are described in the Company's Annual Report on Form 10-K for the fiscal year ended October 31, 2007, in the section entitled "Risk Factors," as updated in the Company's Quarterly Report on Form 10-Q for the fiscal quarter ended April 30, 2008, in the section entitled "Risk Factors." All forward-looking statements are qualified by these cautionary statements and are made only as of the date they are made.