TREMOR ENTERTAINMENT INC - Improved 3 and 9 Month Results
New York, New York, Feb 26, 2002 (Market News Publishing via COMTEX) -- Tremor Entertainment, Inc., which designs and develops interactive entertainment software, reported revenues of $598,998, and $1,735,216 for the three and nine months ended December 31, 2001, respectively, an increase of 39% and 109%.
For the corresponding periods in the prior year revenues were $428,882 and $829,882. For the three and nine month periods ended December 31, 2001, Tremor incurred a net loss of $321,883 and $1,395,937, respectively, compared to a net loss of $351,099 and $1,591,146 for the corresponding periods in the prior year.
The increase in revenue is directly attributable to payments to the Company under its development agreement with Microsoft Corporation (Nasdaq: MSFT chart, msgs).
"Tremor is currently focussed on creating a major original franchise title designed exclusively for the Xbox," stated Steven Oshinsky, Chairman and CEO of Tremor Entertainment, Inc. "The game, which is an action fantasy title, is scheduled for release for the Holiday 2002 season under the Microsoft label. We anticipate an official announcement of the game sometime prior to the E3 conference in May 2002."
"The entire core development team at Tremor is committed to making this the first in a series of hit title's designed to take advantage of the powerful graphics capabilities of the Xbox," stated Andrea Miloro, V.P./Executive Producer at Tremor Games. "In addition to creating a hit title, we are also developing a brand new proprietary game engine, which will provide Tremor's elite group of multi-national game developers the ability to create cutting edge original material for multiple platforms in the future."
To learn more about Tremor Games, please visit our website at tremor.net
Tremor was formerly known as New Systems, Inc.
A copy of the Company's 10-QSB and all other SEC filings can be accessed via our IR website at tremor.net
About Tremor Entertainment:
Tremor was founded in 1998 and has developed games for Sega Dreamcast and Sony Playstation II under contract with Take Two Interactive (Nasdaq: TTWO chart, msgs). Its core creative team helped develop the mega hits Starcraft, Warcraft and Diablo for Blizzard Entertainment, a company acquired by Vivendi Universal Publishing, (NYSE: V chart, msgs).
This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995 (the "Act"). In particular, when used in the preceding discussion, the words plans, believe, expect, and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Act and are subject to the safe harbor created by the Act. Such statements are subject to certain risks and uncertainties and actual results could differ materially from those expressed in any of the forward-looking statements. Such risks and uncertainties include, but are not limited to, market conditions, the availability of capital and the successful production of the Company's products, general acceptance of the Company's products and technologies, competitive factors, timing, and other risks described in the Company's SEC reports and filings.
CONTACT: TEL: 818/729-0020, ext. 60 Steven Oshinsky,
Tremor Entertainment, Inc.
Email: CEO@Tremor.net |
