bandit
September 7th, 2007, 15:47
PRESS RELEASE - Take-Two Interactive Software, Inc. Announces Sale of Joytech Video Game Accessories Subsidiary
New York, NY - September 7, 2007 - Take-Two Interactive Software, Inc. (NASDAQ:TTWO) today announced that it has sold substantially all of the assets of its wholly owned Joytech video game accessories subsidiary to Mad Catz Interactive, Inc. (AMEX/TSX: MCZ). The Joytech sale reflects Take-Two's previously announced plans to divest its non-core businesses.
"The sale of the Joytech assets is consistent with one of the key goals we established in our 100 Day Plan: to develop strategic alternatives for any operations that we determined to be outside our core publishing business," said Ben Feder, Take-Two's Chief Executive Officer. "We are particularly pleased that we accomplished this goal in a manner that will allow substantially all of our Joytech employees in the U.S. and U.K. to join Mad Catz, which is a highly respected provider of video game peripherals."
The Joytech sale is not expected to be material to Take-Two's financial results.
I personally like Joytech products more than Mad Catz. But good thing about this, Joytech products will now be featured on shelves in retail stores. Usually its Mad Catz, Pelican and Nyko taking up all the pegs on the wall or shelf space.
New York, NY - September 7, 2007 - Take-Two Interactive Software, Inc. (NASDAQ:TTWO) today announced that it has sold substantially all of the assets of its wholly owned Joytech video game accessories subsidiary to Mad Catz Interactive, Inc. (AMEX/TSX: MCZ). The Joytech sale reflects Take-Two's previously announced plans to divest its non-core businesses.
"The sale of the Joytech assets is consistent with one of the key goals we established in our 100 Day Plan: to develop strategic alternatives for any operations that we determined to be outside our core publishing business," said Ben Feder, Take-Two's Chief Executive Officer. "We are particularly pleased that we accomplished this goal in a manner that will allow substantially all of our Joytech employees in the U.S. and U.K. to join Mad Catz, which is a highly respected provider of video game peripherals."
The Joytech sale is not expected to be material to Take-Two's financial results.
I personally like Joytech products more than Mad Catz. But good thing about this, Joytech products will now be featured on shelves in retail stores. Usually its Mad Catz, Pelican and Nyko taking up all the pegs on the wall or shelf space.