NEWS RELEASE
LOS ANGELES, May 18 (Reuters) - Adrenaline Interactive Inc., which recently changed its name from Wanderlust Interactive, said on Monday that it will begin developing "pay to play" games to be played over the Internet that allow players to win cash prizes.
Adrenaline's stock price doubled in afternoon trading after the announcement. It was among the most active Nasdaq issues, trading up 1-1/16 at 2-1/8 on volume of four million shares.
The Los Angeles-based company said in a news release that it has entered into discussions with several on-line casino operators to develop "pay to play" games, and expects to receive royalties each time a game is played.
Jay Smith, Adrenalin's chief executive, said in the release that "the greatest growth potential for World Wide Web service companies lies in the provision of online gaming, with both entertainment and financial rewards for its players."
Adrenalin also develops console video games, interactive entertainment titles for personal computers and interactive television programming for digital set-top boxes.
14:30 05-18-98
NEWS RELEASE
Adrenalin Interactive Develops On-line Gaming for the World Wide Web
LOS ANGELES--(BUSINESS WIRE)--May 18, 1998--Adrenalin Interactive Inc., (NASDAQ:LUST) formerly Wanderlust Interactive, announced today its entrance into the world of on-line gaming. The Company will begin developing "pay-to-play" games, with games-of-skill tournaments as an enhancement to "casino gaming."
The Company has entered into discussions with several on-line casino operators, to develop games-of-skills and chance for Internet gaming and will receive royalties each time a game is played. Games under development by the Company will allow players to win cash prizes.
The market for on-line gaming is expected to exceed $8 billion dollars within the next two years as more armchair gamers look to try their luck and skill at sophisticated and challenging games. Because of the easy, worldwide access to the Net, players will be able to join a game anywhere, anytime.
Jay Smith, President and CEO of Adrenalin, commented, "It is well documented that the greatest growth potential for World Wide Web service companies lies in the provision of on-line gaming, with both entertainment and financial rewards for its players. We expect a high level of success in this arena since we are breaking new ground, acting as one of the first software development companies to deliver strategy and chance skill tournaments to the Net."
Adrenalin Interactive Inc. develops console video games for Sony, Nintendo and Sega consoles, interactive entertainment titles on PC computers, and creates interactive television programming for digital set-top boxes. The Company also develops on-line "pay-to-play" interactive games for the World Wide Web. In February 1997, the Company acquired the operations of Western Technologies, a well-established video and computer game developer and electronic toy designer, which has done business as Adrenalin Entertainment or Western Technologies since 1980.
CONTACT:
Jay Smith, CEO
ADRENALIN INTERACTIVE INC.
(310) 821-7880, (310) 821-4251 fax
e-mail: jsmith@adrenalin.com
adrenalin.com
or
Stephen D. Axelrod, CFA
Nancy S. L. Block
Susan T. Bolen (Media)
WOLFE AXELROD ASSOCIATES
(212) 370-4500, (212) 370-4505 fax
e-mail: steve@wolfeaxelrod.com
Mr Metals |
