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FOR IMMEDIATE RELEASE
GLOBAL VRŽ AND ULTRACADE FINALIZE DEAL
Corporate assets and product line officially become a part of the GLOBAL VR Line-up
SAN JOSE, Calif - (June 2, 2006) - GLOBAL VR announced today that it has officially completed the acquisition of certain assets and products of UltraCade Technologies. The effort, lead by GLOBAL VR's leading investor, Calim Private Equity, LLC., and executive members of both the GLOBAL VR and UltraCade Technologies teams, was initiated late last year. Since that time, a concerted effort has been made to finalize details and ensure a smooth transition for the companies.
When asked for comment, Jim DeRose, GLOBAL VR's Chairman and CEO stated, "We have worked diligently to address all of the issues and conclude this transaction as quickly as possible. He went on to say, "Given the unique challenges faced by UltraCade Technologies, it was determined that the best course of action for GLOBAL VR, UltraCade and its creditors, was for GLOBAL VR to complete an asset purchase through a general assignment for the benefit of creditors. Under California law, this is a process by which a third party, an affiliate of Sherwood Partners, LLC, took assignment of all of the assets of UltraCade Technologies. After the sale of certain assets to GLOBAL VR, the assignee will liquidate the remaining assets of UltraCade Technologies, examine claims against that entity, make payments to creditors and generally wind up the affairs of the company. All of the UltraCade creditors can expect to be contacted by Sherwood Partners, LLC, within the next few weeks."
The GLOBAL VR organization has been staffed with many former UltraCade Technologies employees who will continue to support and enhance products that have been hugely successful in the home and coin-op industries. David R. Foley, former head of UltraCade Technologies, has joined the GLOBAL VR Executive Team as Chief Technology Officer and Executive Vice President of Gaming. In this role, he will be able to use his vast experience to enhance GLOBAL VR's technology while bringing exciting, new products to the market under the GLOBAL VR brand.
DeRose concluded, "I am delighted that we have been able to complete this transaction and that David is now a member of our team. Working through this process we have developed a mutual respect and we are both excited about the potential generated by this transaction."
Customers needing more information on GLOBAL VR products or UltraCade products should visit www.globalvr.com or contact their local GLOBAL VR representative.
About GLOBAL VR - 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. Though the development of proprietary technology GLOBAL VR is able to leverage the massive investment in development of home games by third party developers to make them suitable for play in out-of-home locations. Development agreements are in place with the world's leading game publishers Electronic Arts (NASDAQ:ERTS), Ubisoft (UBI.PA), Atari (NASDAQ:ATAR) that provide exclusive rights to create coin-op versions of popular home games such as EA SPORTST PGA TOURŽ GOLF, NEED FOR SPEEDT, Beach Head and Operation Blockade. GLOBAL VR also develops and/or manufactures products marketed under the UltraCade label including UltraCade Multi-Gaming System, Arcade Legends, and Breeders' Cup. More information on GLOBAL VR can be found at www.globalvr.com.
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