FOR IMMEDIATE RELEASE
SAN JOSE, Calif., December 13, 2005 — GLOBAL VR today announced that a definitive agreement has been reached, and a Letter of Intent signed for the purchase of UltraCade Technologies by GLOBAL VR. The acquisition effort lead by GLOBAL VR’s leading investor, Calim Private Equity, LLC., is expected to be completed Q1 2006.
In making this announcement, GLOBAL VR President and CEO Jim DeRose stated, “The purchase of UltraCade by GLOBAL VR will enable us to leverage the assets and technology of both companies, making the new entity one of the strongest in the arcade industry.” He went on to comment, "Both David and I are excited about joining forces to create new opportunities for our customers and our players. Our goal is to provide a steady stream of successful, innovative products for both the coin-op and home arcade markets.”
David R. Foley, UltraCade’s founder and veteran of the coin-op industry offered, “I am very pleased to have this opportunity to merge UltraCade with GLOBAL VR. Both companies have independently created world-class products and systems. Our union will combine the sound management practices Jim has brought to Global VR with my passion for product development. We firmly believe that the result will be a highly creative company operating on solid financial footing.”
Details of the agreement are, as of the date of this release, undisclosed. Additional information will be provided as appropriate.Customers needing sales information should contact GLOBAL VR.
About GLOBAL VR - Founded in 1998 and headquartered in San Jose, California, GLOBAL VRŽ is the world's leading manufacturer of coin-operated video games based on home gaming technology. GLOBAL VRŽ is leveraging massive investment in development of home games and triggering a renaissance in the out-of-home video game industry. GLOBAL VRŽ has development agreements with the world's leading game publishers Electronic Arts (NASDAQ:ERTS), Atari (NASDAQ:ATAR) that provide exclusive rights to create coin-op versions of popular home games such as EA SPORTS PGA TOURŽ GOLF, NEED FOR SPEED, Beach Head and Operation Blockade. More information on GLOBAL VR can be found at www.globalvr.com.
About UltraCade Technologies - Headquartered in San Jose, California, UltraCade Technologies, ranked number forty-eight in Entrepreneur's 2005 Hot 100 list, is the world's leading manufacturer of classic multi-game video machines for both the coin-op and consumer markets. With an ever-expanding library of licensed classic arcade titles, UltraCade continues to lead the retro-gaming movement. UltraCade designs and develops hardware and software technology that is licensed and used by a majority of leading-edge companies in the coin-op industry. More information about UltraCade Technologies and its products can be found on the company's website at www.ultracade.com.
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