FOR IMMEDIATE RELEASE
GLOBAL VR Secures $20 Million Credit Line
SAN JOSE, Calif., January 21, 2005 — This week, GLOBAL VR® announced an increase in their working capital line of credit from $12 million to $20 million. Calim Private Equity, LLC has extended this increase in funding to the company in support of future corporate expansion initiatives.
Calim Private Equity, LLC has been a principal investor in GLOBAL VR since 2001. As a result of Calim's involvement with the company, GLOBAL VR has been able to build its corporate infrastructure, aggressively grow its business, and continue to provide the coin-op industry with new and innovative products.
In the near term, GLOBAL VR plans to launch several highly anticipated titles, including
EA SPORTS PGA TOUR® GOLF Challenge Edition, and Need For Speed: Underground. With the release of these exciting titles, as well as others, GLOBAL VR will be financially able to deliver the service, support, and continue the line of excellent products it has so far delivered to the coin-op industry."We are extremely pleased with the continued support provided to the company by Calim," says GLOBAL VR President, Brad Nelson. "This additional financing gives us the capacity to execute against our goals for growth in 2005 and beyond."
For further information please contact:
Phone: (408) 597-3400 ext: 2409
Fax: (408) 597-3431
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. With an exploding home gaming market, 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), Activision (NASDAQ:ATVI) and 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. All other names and trademarks are property of their respective owner(s).
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