ACTIVISION ESTABLISHES DEVELOPMENT FOOTHOLD IN QUEBEC WITH ACQUISTION OF BEENOX STUDIOS
Quebec Province Recognized As One of the Fastest Growing Development Talent Pools in North America
Santa Monica, CA - May 25, 2005 - Continuing to expand its roster of premier development talent, Activision, Inc. (Nasdaq: ATVI) today announced that it has acquired game developer Beenox, Inc. The acquisition further bolsters Activision's internal development capabilities by providing it with a foothold in the province of Quebec, one of the fastest growing development talent pools in North America.
Activision has worked with Beenox since 2003 on numerous games including such titles as Shrek 2, Tony Hawk's Underground 2, and its upcoming release, Fantastic Four. Beenox has established itself as a leader in platform conversion technologies that allow for simultaneous multiplatform game development. On March 17, 2005, the studio was honored with the prestigious "Innovative Enterprise of the Year" award at the 22nd edition of the Fidéides Awards, organized by the Quebec Business Council.
"We are excited about the talent and experience that Beenox brings to Activision," said Kathy Vrabeck, president of Activision Publishing. "Beenox's extensive porting background will be a key component of our console transition strategy by allowing us to focus our resources on next-generation technologies while continuing to develop games for current-generation systems. Quebec's expanding innovative talent pool will provide Activision with future growth opportunities."
"We are thrilled to partner with Activision and believe that this acquisition is a perfect fit for both companies," added Dee Brown, president and CEO of Beenox. "In particular, it will allow Beenox to continue to develop high-quality titles based on well-established brands."
Under the terms of the agreement, Beenox has become a wholly owned subsidiary of Activision and Beenox's management team and key employees have signed long-term employment contracts with Activision. The 32 person team will continue to be based in Quebec City, Canada.
