Peter C. Brown Elected to Midway Board of Directors
Six Incumbent Board Nominees Named to Additional Terms
Chicago, Illinois , June 7, 2005 - Midway Games Inc. (NYSE:MWY) announced today that at Midway's Annual Meeting of Stockholders, held June 6, 2005, Peter C. Brown, 46, was elected to the Company's Board of Directors. The Company also reported that its six incumbent Board nominees, including, Board Chairman, Kenneth D. Cron; Vice Chairwoman, Shari E. Redstone; William C. Bartholomay; Joseph A. Califano Jr.; Ira S. Sheinfeld; and Robert N. Waxman were elected to additional terms and will serve as directors until the next annual meeting of stockholders. Harold H. Bach, Jr. did not stand for re-election to the Board. Midway's Board now consists of seven directors, all of whom are considered "independent" according to the corporate governance rules of the New York Stock Exchange.
Mr. Brown has been the Chairman of the Board, Chief Executive Officer and President of AMC Entertainment Inc. since July 1999. Active on numerous corporate boards, he is Co-Chairman and Co-Chief Executive Officer of MovieTickets.com, Inc., a leading internet movie theatre ticketing company. He serves on the National Association of Theatre Owners Board of Directors, where he also is a member of the executive committee, and the Board of Directors for National CineMedia, a leader in-theatre digital distribution technology and cinema advertising. Previously, Mr. Brown founded and served as Chairman of the Board of Entertainment Properties Trust, a New York Stock Exchange-traded real estate investment trust, from 1997 to 2003.
Midway's Chairman, Kenneth D. Cron, commented, "On behalf of the Board of Directors, our management team and the Company's shareholders, I want to welcome Peter to the Board. Peter's experience and extensive knowledge of and relationships in the entertainment industry will be of value to Midway as the convergence between global entertainment companies and the interactive entertainment industry becomes increasingly important to the success of both."
Midway's Vice-Chairwoman, Shari E. Redstone, added, "In addition to Peter's valuable entertainment industry experience, he also adds depth to the Board as a result of his public company background. Peter has been a driving force at Movietickets.com in the application of new technologies to traditional aspects of the entertainment business. I am confident that Peter will make strong contributions to the Board and Midway's further success against its strategy of producing more high quality, top-selling games."
Midway Games Inc. is a leading developer and publisher of interactive entertainment software. Midway videogames are available for play on major videogame platforms including the PlayStation®2 computer entertainment system, XboxTM video game system from Microsoft, and Nintendo GameCubeTM and Game Boy® Advance.
This press release contains "forward-looking statements" within the meaning of the federal securities laws concerning future business conditions and the outlook for Midway Games Inc. (the "Company") based on currently available information that involve 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, the upcoming console platform transition and other technological changes, 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, 2004, and in the more recent filings made by the Company with the Securities and Exchange Commission.
CONTACT:
Miguel Iribarren
MIDWAY GAMES INC.
(773) 961-2222