THQ Acquires Blue Tongue Entertainment
CALABASAS HILLS, Calif. - Nov. 16, 2004 - THQ Inc. (Nasdaq:THQI) today announced that it has acquired Blue Tongue® Entertainment Limited. The Australia-based studio recently developed THQ's Polar Express for the PlayStation® 2 computer entertainment system, PC and Nintendo Gamecube®, and is currently developing two cross-platform releases for late 2005.
"Consistent with THQ's strategic objective of utilizing internal development to improve product quality and operating margins, we are pleased to tap into the growing base of development talent in Australia as we continue to build our internal development capabilities," said Steve Dauterman, vice president of product development, THQ Asia Pacific. "Through the acquisition of Blue Tongue, we will now have studio operations in both Brisbane and Melbourne, making THQ the premiere video game developer in the region."
"THQ's long-standing licensing relationships and global publishing capabilities have made them a great partner over the past couple of years," said Steven Spagnolo, CEO, Blue Tongue Entertainment. "The team is thrilled to now be a part of THQ Australia and looks forward to even more synergies with their development operations across the various territories."
About Blue Tongue
Established in 1995, Blue Tongue® has grown to be one of the leading development studios of interactive entertainment software in Australia with experience in developing on all major game platforms, including Sony PlayStation® 2, Microsoft® Xbox® and Nintendo GameCube®. Blue Tongue is known internationally for its work on high-profile licensed titles, including the Starship TroopersTM and Jurassic ParkTM licenses, and most recently for The Polar ExpressTM, which accompanied the movie's release. Blue Tongue is a registered trademark of Blue Tongue Entertainment Limited.
THQ Inc. is a leading, worldwide developer and publisher of interactive entertainment software for a variety of hardware platforms, including PC CD-ROM, wireless devices and those manufactured by Sony Computer Entertainment America Inc., Nintendo and Microsoft. The THQ web site is located at www.thq.com. THQ and the THQ logo are trademarks and/or registered trademarks of THQ Inc.
This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations, estimates and projections about the business of THQ Inc. and its subsidiaries (collectively referred to as "THQ"), including, but not limited to, expectations and projections related to products developed by Blue Tongue Entertainment and difficulties encountered in the integration of acquired businesses, and are based upon management's beliefs and certain assumptions made by management. Such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such forward looking statements, including, but not limited to, economic, competitive and technological factors affecting the operations, markets, products and pricing of THQ. Unless otherwise required by law, THQ disclaims any obligation to update its view on any such risks or uncertainties, or to revise or publicly release the results of any revision to these forward-looking statements. Readers should carefully review the risk factors and the information that could materially affect THQ's financial results, described in other documents that THQ files from time to time with the Securities and Exchange Commission, including its and Quarterly Reports on Form 10-Q and Annual Report on Form 10-K for the fiscal period ended March 31, 2004, and particularly the discussion of risk factors that may affect results of operations set forth therein. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.