Take-Two Interactive Software, Inc. Announces Federal Trade Commission Inquiry
New York, NY - July 26, 2005 - Take-Two Interactive Software, Inc. (NASDAQ: TTWO) announced today that it has been notified that the staff of the Federal Trade Commission's (FTC) Division of Advertising Practices is conducting an inquiry into advertising claims made for Grand Theft Auto: San Andreas. The Company intends to fully cooperate with the FTC inquiry, and believes that it acted in accordance with all applicable laws and regulations. The Company cooperated with a recently concluded Entertainment Software Rating Board (ESRB) investigation into this matter and has taken decisive and immediate corrective action.
Grand Theft Auto: San Andreas, as originally marketed and sold, was intended for mature audiences - those 17 and older - and was labeled with five ESRB content descriptors: blood and gore, intense violence, strong language, strong sexual content and use of drugs. The title's M rating combined with the content descriptors reflected the game's mature themes. After it was widely reported that a third party modification could alter the retail version of the game on all platforms, the ESRB re-rated the title from "Mature 17+" (M) to "Adults Only 18+" (AO).
Rockstar Games and Take Two Interactive regret that consumers may have been exposed to content that was not intended to be accessible in the playable version of Grand Theft Auto: San Andreas. The Company has taken significant steps to remedy this situation, including halting production of the current version of Grand Theft Auto: San Andreas, and has begun working on a version of the game that will not contain the elements used to enable the "hot coffee" modification. Going forward, the Company will refine the process by which it edits games and will enhance the protection of its game code to prevent such future modifications.
Take-Two Interactive recognizes and takes seriously its responsibility to ensure that its games are rated and marketed appropriately. The Company will continue to support and promote the ESRB rating system to help keep mature-themed video game content out of the hands of children.
About Take-Two Interactive Software
Headquartered in New York City, Take-Two Interactive Software, Inc. (NASDAQ: TTWO) is an integrated global developer, marketer, distributor and publisher of interactive entertainment software games and accessories for the PC, PlayStation® game console, PlayStation®2 computer entertainment system, PSPTM (PlayStation®Portable) system, the Xbox® video game and entertainment system from Microsoft, the Xbox 360TM video game and entertainment system from Microsoft, Nintendo GameCubeTM, Nintendo DSTM and Game Boy® Advance. The Company publishes and develops products through its wholly owned labels Rockstar Games, 2K Games, 2K Sports and Global Star Software; and distributes products in North America through its Jack of All Games subsidiary. Take-Two also manufactures and markets video game accessories in Europe, North America and the Asia Pacific region through its Joytech subsidiary. The Company maintains sales and marketing offices in Cincinnati, New York, Toronto, London, Paris, Munich, Madrid, Vienna, Milan, Sydney, Breda (Netherlands) and Auckland. Take-Two's common stock is publicly traded on NASDAQ under the symbol TTWO. For more corporate and product information please visit our website at www.take2games.com.
All trademarks and copyrights contained herein are the property of their respective holders.
Safe Harbor Statement under the Private Securities Reform Act of 1995: This press release contains forward-looking statements made in reliance upon the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The statements contained herein which are not historical facts are considered forward-looking statements under federal securities laws. Such forward-looking statements are based on the beliefs of our management as well as assumptions made by and information currently available to them. The Company has no obligation to update such forward-looking statements. Actual results may vary significantly from these forward-looking statements based on a variety of factors. These important factors are described in the Company's Form 10-Q for the quarter ended April 30, 2005 in the section entitled "Cautionary Statement and Risk Factors".
CONTACT:
Jim Ankner
Take-Two Interactive Software, Inc.
(646) 536-3006
james.ankner@take2games.com
Safe Harbor Statement
Safe Harbor Statement under the Private Securities Reform Act of 1995: This press release contains forward-looking statements made in reliance upon the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The statements contained herein which are not historical facts are considered forward-looking statements under federal securities laws. Such forward-looking statements are based on the beliefs of our management as well as assumptions made by and information currently available to them. The Company has no obligation to update such forward-looking statements. Actual results may vary significantly from these forward-looking statements based on a variety of factors. These important factors are described in the Company's Form 10-Q for the quarter ended April 30, 2005 in the section entitled "Cautionary Statement and Risk Factors".