For Immediate Release
Additional Investors include Patriot Capital, with Strong Participation from Game Trust Series A Investors
NEW YORK, NY - November 15, 2005 - Game Trust, the leading infrastructure provider for premium online casual games, announced today that it closed an oversubscribed $9 million Series B financing. The round was led by TWJ Capital and NJTC Venture Fund, and was joined by Patriot Capital. Series A investors, including CSK Ventures, Topspin Partners, Silicon Alley Venture Partners, Draper Associates and Elon Musk, also participated in the round.
The proceeds from the financing will be used to expand operations in North America and Europe, as well as to enter Asian markets, in response to heightened global licensing demand. In addition, the Company will be expanding the number of casual game titles integrated with its Game Frame platform to over 150 by the close of 2006. In order to address these growth opportunities, Game Trust has recently added 9 new team members and is hiring 10 additional executives.
"Demand for the Game Frame platform has exceeded our expectations," said Adeo Ressi, CEO of Game Trust. "Properties ranging in size from large portals to blogs have been deploying community- and commerce-enabled casual games from Game Trust in record numbers, and the Company is fielding dozens of incoming sales requests per week. Game Trust is now focused on building an organization that can service global demand. Our vision is to be the standard for community and premium play in casual games."
"We are very excited about Game Trust's technical leadership in the casual game arena," said Robert Chefitz, General Partner of NJTC Venture Fund. "We believe that the industry's future growth will demand the multi-player, community oriented experience that Game Trust provides."
Game Trust is the driving force of innovation in the fast growing casual game sector. Its Game Frame platform adds profile data, rating, avatars, chat, and instant messaging, as well as subscription, tournament, and virtual merchandise models, to a casual game offering. The platform is licensed by leading destination websites, including Shockwave.com and MiniClip.com, and more than two dozen casual game developers. Game Trust's LaunchNow program has allowed thousands of self publishers to incorporate community-enabled arcades on their personal websites, blogs, and forums.
About Game Trust
Founded in 2002, Game Trust (www.gametrust.com) is the economic engine of innovation in games with the leading platform for premium game play. The Game Frame platform is the industry standard for deploying community and transactions within online casual games. Licensed by leading distribution outlets worldwide, the platform reaches an audience of tens of millions of gamers each month. Award winning games, such as "Shroomz," are released by top developers on the platform to reach millions of players with new premium play models. The Company is venture backed with offices in New York and Denmark.
About TWJ Capital
Thomas W. Jones is the Founder and Principal of TWJ Capital. Mr. Jones is a coinvestor in all transactions undertaken by the firm. Citigroup is a major investor in our primary investment vehicle TWJ Capital Opportunity Fund I, LP.
Thomas W. Jones is former Chairman and Chief Executive Officer of Global Investment Management at Citigroup, and former Chairman and Chief Executive Officer of Citigroup Asset Management with approximately $500 billion assets under management. Mr. Jones was appointed asset management CEO in August 1997, and sector CEO in August 1999, and continued in that capacity until October 2004. This business sector included Citigroup Asset Management, Citigroup Alternative Investments, Citigroup Private Bank, and Traveler's Life & Annuity. Mr. Jones joined Traveler's Group as Vice Chairman and Director in 1997.
About NJTC Venture Fund
NJTC Venture Fund (www.njtcvc.com) is an $80M early stage venture capital fund investing in promising companies located in the New Jersey region. Industries of interest include communications, energy, information technology, healthcare/life sciences, and materials. NJTC Venture Fund will invest $250K - $5M per company and supports its portfolio with an unparalleled network of local, active partners and advisors. NJTC Venture Fund is actively seeking new investments in seed and early stage companies.
About Patriot Capital
Patriot Capital is a family-owned investment group focused on investing in innovative technology and media companies primarily in the United States and Asia.
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