THQ Closes Acquisition Of Paradigm Entertainment
Acclaimed Studio Scheduled to Bring Popular Stuntman Franchise To Next-Generation Systems in Fiscal 2008
AGOURA HILLS, Calif., July 25, 2006, - THQ Inc. (NASDAQ: THQI) today announced that it has completed its previously announced acquisition of Paradigm Entertainment. The all cash transaction closed Friday, July 7, 2006.
Paradigm is currently working on Stuntman for next-generation systems and is slated to unveil the game later this year.
Other terms of the transaction were not disclosed.
About Paradigm Entertainment
Founded in 1997, Paradigm Entertainment is based in Dallas, Texas. Consisting of a number of industry veterans, the team has created a variety of well-known action games including the gaming classics Pilot Wings 64, Beetle Adventure Racing and SpyHunter. More information on Paradigm Entertainment can be found at www.pe-i.com.
About THQ
THQ Inc. (NASDAQ: THQI) is a leading worldwide developer and publisher of interactive entertainment software. The company develops its products for all popular game systems, personal computers and wireless devices. Headquartered in Los Angeles County, California, THQ is a top producer of original intellectual properties including titles such as Destroy All Humans!®, JuicedTM, MX vs ATV and Titan QuestTM as well as the upcoming Saints RowTM and Company of HeroesTM. More information about THQ and its products may be found at www.thq.com and www.thqwireless.com. THQ, THQ Wireless, Paradigm, Company of Heroes, Destroy All Humans!, Juiced, Saints Row, Stuntman, Titan Quest and their respective logos are trademarks and/or registered trademarks of THQ Inc.
The statements contained in this press release that are not historical facts may be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations, estimates and projections about the business of THQ Inc. and its subsidiaries (collectively referred to as "THQ"), including, but not limited to, expectations and projections related to the current development projects at Paradigm Entertainment, and the integration of acquired assets, and are based upon management's current beliefs and certain assumptions made by management. Such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, including, but not limited to, business, competitive, economic, legal, political and technological factors affecting our industry, operations, markets, products or pricing. Readers should carefully review the risk factors and the information that could materially affect THQ's financial results, described in other documents that THQ files from time to time with the Securities and Exchange Commission, including its Quarterly Reports on Form 10-Q and Annual Report on Form 10-K for the fiscal period ended March 31, 2006, and particularly the discussion of risk factors set forth therein. Unless otherwise required by law, THQ disclaims any obligation to update its view on any such risks or uncertainties or to revise or publicly release the results of any revision to these forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.