FUN Technologies Acquires UK Casual Games Site, Teagames
Demonstrates Continued Investment in European Growth Strategy and Focus on Expanding Player Base
TORONTO, August 15, 2006 - FUN Technologies Inc. ("FUN" or the "Company"), one of the world's leading online and interactive casual games providers, announced today that it has acquired Teagames, a UK-based casual games portal and developer. With this acquisition, Teagames becomes the latest casual games offering to join FUN Technologies' FUN Games division, which boasts 27 million registered players. The acquisition expands on FUN's European growth strategy and further solidifies the company's leadership position in the fast-growing casual games market.
Based in the UK, Teagames is a privately held company that specializes in developing and licensing Flash-based casual games. Its Teagames.com Web site features more than three dozen free games, including TG Motocross 2, Pitch'n' Putt Golf, Alpine Freestyle and Extreme Climbing. According to Comscore, Teagames attracts approximately 4.6 million unique visitors per month from 19 countries worldwide.
Over the short term, Teagames products will continue to be offered on its website, http://www.teagames.com/, but there will be some level of integration in the future with FUN Games properties, including WorldWinner, SkillJam and Octopi.
"The purchase of Teagames marks another significant milestone in FUN's European expansion strategy, increasing our market share in Europe through the acquisition of millions of players, a significant number of whom come from the UK and continental Europe," said Lorne Abony, CEO of FUN Technologies "Adding more than 4.6 million unique visitors per month to our games platform will allow us to up-sell these customers to our higher margin cash skill offering and leverage the additional traffic for advertising revenue with little incremental cost. Further, our customers will benefit from Teagames portfolio of 41 propriety casual games."
About FUN Technologies
FUN Technologies Inc. is one of the world's leading online and interactive casual games providers. FUN's strategy is to provide its cutting-edge gaming systems to top distribution partners around the world. FUN is 51% owned by Liberty Media Corporation (NYSE: L, LMCB) and FUN's common shares are listed on both the Toronto Stock Exchange and the Alternative Investment Market (AIM) of the London Stock Exchange under the symbol "FUN".