FOR IMMEDIATE RELEASE
GLOBAL VR® REALIGNS BUSINESS AS IT PREPARES FOR A BLOCKBUSTER 2007
SAN JOSE, Calif – (January 19, 2007) -- GLOBAL VR announced today that it has restructured certain departments within the company as part of an overall realignment of resources. The company has taken into consideration the purchasing and player trends in recent years and has adjusted its course accordingly. The realignment is designed to capitalize on specific business opportunities, improve efficiency and position the company for accelerated growth. The changes have been made as GLOBAL VR prepares itself for what promises to be one of the most successful years in the company’s history.
When asked for comment about the realignment, a company spokesperson stated that 2006 was an exciting year, which saw the introduction of several new games, including the super-hit Aliens: Extermination. In addition, GLOBAL VR completed the acquisition of certain assets of UltraCade Technologies in 2006 and entered into an agreement to purchase Tsunami Visual Technologies, a deal scheduled to close in the first quarter of 2007. Further, the company entered the casino gaming industry through a comprehensive development agreement with Bally Gaming.
The restructuring entailed the following: (1) the reallocation of development resources, moving engineers and artists to new project teams; (2) streamlining the company’s on-line and tournament groups and (3) a realignment of the sales team to focus on global expansion. Under the new sales structure, Elaine Shirley will serve as Vice President of US Sales, supported by John Hill, Eastern Regional Sales Manager, and both Rob White and Steve Wooley, who will serve as Customer Satisfaction Managers for the East and West, respectively. Collectively, this team will focus on the sale of games to and through our distributor network.
As Vice President of National Accounts and International Business Development, Mehdi Eghbal will focus on large, national accounts as well as overseeing all international sales activities. Assisting Mehdi will be Bob Dekett, in the role of Vice President of Business Development for Asia/Pacific and Julian Goicoa, in the newly created role of Managing Director, Europe. Mr.Goicoa was formerly the head of Gaelco, in Barcelona, Spain. As part of the overall restructuring, the company has eliminated a total of 8 positions across the sales, tournament and product development departments.
Jim DeRose, company President and CEO stated, “We are all very proud of the accomplishments of GLOBAL VR over the past year. We released 5 new titles in 2006, including Aliens Extermination, UltraPin, EA SPORTS™ PGA TOUR® GOLF Team Challenge, EA SPORTS™ Madden NFL Season 2 and Global Arcade Classics.” He went on to say, “As product development winds down in certain areas of the company, it is important that we reassign internal resources to new projects in order to keep development and support on track. The company’s strategic decision to restructure allows us to more efficiently manage all of the projects in development while allocating resources to new initiatives. I am confident when I say that GLOBAL VR has one of the most talented development teams in the industry, and that distributors and operators will be excited when they see what we have in store this year.”
GLOBAL VR will be introducing the first of its new titles at the ATEI show in London, England next week. FarCry Instincts: Paradise Lost, a first person deluxe shooter housed in a totally unique sit-down cabinet, is the first of its kind in this industry. Players who have had the opportunity to play test games can’t wait until this product hits the street. Check the GLOBAL VR website for more information on GLOBAL VR titles.
About GLOBAL VR - 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. Backed by Calim Private Equity, LLC of Aspen Colorado, GLOBAL VR has development agreements are in place with the world's leading game publishers, including Electronic Arts (NASDAQ:ERTS), Ubisoft, 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. In addition, GLOBAL VR also develops and manufactures product marketing under the UltraCade label including UltraCade Multi-Game System, Arcade Legends, and Breeders’ Cup. More information on GLOBAL VR can be found at www.globalvr.com.
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