Matt Booty appointment
Shaking it as new president and CEO of Midway.
CHICAGO - October 30, 2008 - Midway Games Inc. (NYSE: MWY) today announced that Matthew V. Booty has been appointed by the Board of Directors as President and CEO of the company. Mr. Booty has served as interim president and CEO of Midway Games Inc. since March, 2008.
Matt Booty brings a deep background with Midway anchored in product development. Mr. Booty joined in 1991 as an engineer and programmer, at a time when Midway launched iconic arcade franchises such as the original Mortal Kombat and NBA Jam. After serving in progressively more responsible roles, he eventually was promoted to Vice President of Product Development in 2002. Prior to being named President and CEO of the company, he served as Senior Vice President, Worldwide Studios.
During his tenure as interim president and CEO, Mr. Booty has demonstrated strong leadership and has successfully executed on a number of key initiatives aimed at developing top performing games and improving financial performance, including reducing costs through studio consolidation, exiting underperforming licenses and rebalancing the product portfolio to focus on key licenses and owned intellectual property such as TNA iMPACT!, Blitz: The League, Mortal Kombat and Wheelman.
"Over the past two quarters we have made progress reducing costs, realigning our studios, and improving execution on our game launches," said Mr. Booty. "Along with the rest of our management team, I am committed to continuing to drive this progress and maintain a sharp focus on the successful implementation of our plans for the fourth quarter and beyond."
About Midway
Midway Games Inc. (NYSE:MWY), headquartered in Chicago, Illinois, with offices throughout the world, is a leading developer and publisher of interactive entertainment software for major videogame systems and personal computers. More information about Midway and its products can be found at www.midway.com.
FORWARD-LOOKING STATEMENTS
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 concerning future business conditions and the outlook for Midway Games Inc. (the "Company") based on currently available information that involves risks and uncertainties. The Company's actual results could differ materially from those anticipated in the forward-looking statements as a result of these risks and uncertainties, including, without limitation, the financial strength of the interactive entertainment industry, dependence on new product introductions and the ability to maintain the scheduling of such introductions, dependence on major platform manufacturers and other risks more fully described under "Item 1. Business - Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2007, and in more recent filings made by the Company with the Securities and Exchange Commission. Each forward-looking statement, including, without limitation, financial guidance, speaks only as of the date on which it is made, and Midway undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which it is made or to reflect the occurrence of anticipated or unanticipated events or circumstances, except as required by law.
CONTACT:
Geoffrey Mogilner
Midway - Corporate Communications
(773) 961-2222
gmogilner@midway.com
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