FOR IMMEDIATE RELEASE
GLOBAL VR BOARD APPOINTS JIM DEROSE CHAIRMAN
President and CEO of GLOBAL VR assumes role as Chairman of the Board
SAN JOSE, Calif., August 8, 2005 — GLOBAL VR today announced in addition to his current role as President and CEO, Mr. Jim DeRose will assume the leadership position of GLOBAL VR’s Chairman of the Board.
Mr. DeRose’s 30 year+ record of accomplishments in senior executive positions, such as President of video game maker, Acclaim Entertainment, President and CEO of PDI/Dreamworks, President of Mattel USA, and President of Hanes Division of Sara Lee Corporation, has proven immediately fruitful in his strategic moves to strengthen GLOBAL VR. “Since his arrival in April 2005, GLOBAL VR has regained momentum in the industry,” stated Patrick Imeson, Managing Director of Calim Private Equity, GLOBAL VR’s leading investor. ”His outstanding leadership and business-building acumen have led to the successful launch of two of the coin-op industry’s leading titles this year. The company and its investors are confident that Jim’s substantial experience in product development and marketing coupled with his strong corporate development and operational background will allow GLOBAL VR to achieve its long-term strategic objectives.”
GLOBAL VR further announced that Milind Bharvirkar, GLOBAL VR’s Founder and former Chairman, no longer has an active role in the company and is currently pursuing other business interests.When asked for comment Mr. DeRose stated, “I believe in this industry and the potential of GLOBAL VR to be one of its leading players.” He went on to state, “It is an honor to have earned the confidence of my colleagues, the company, and the board. I intend to ensure GLOBAL VR continues to deliver quality products, innovative programs and to build a world-class organization.”
Founded in 1998 and headquartered in San Jose, California, GLOBAL VR® is the world's leading manufacturer of coin-operated video games based on home gaming technology. GLOBAL VR® is leveraging massive investment in development of home games and triggering a renaissance in the out-of-home video game industry. GLOBAL VR® has development agreements with the world's leading game publishers Electronic Arts (NASDAQ:ERTS), Atari (NASDAQ:ATAR) that provide exclusive rights to create coin-op versions of popular home games such as EA SPORTS™ PGA TOUR® GOLF, NEED FOR SPEED™, Beach Head and Operation Blockade.
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