News out on ADRN and volume just picked up. Now at it's low
News December 8, 09:15 Eastern Time
LOS ANGELES (Dec. 8) BUSINESS WIRE -Dec. 8, 1998--Adrenalin Interactive Inc., (NASDAQ:ADRN) and Octagon Entertainment Inc. announced today they have signed an exclusive worldwide licensing agreement with Performance Licensing for the video game and merchandising rights to United States Amateur Boxing.
The agreement offers U.S. Amateur Boxing as a package, which includes a multi-platform video game developed by Adrenalin, as well as toys, comics and clothing with the U.S. Amateur Boxing logo manufactured and marketed by Performance Licensing. The package will be sold to one or several top game publishers as well as selling the book and toy rights. Adrenalin will get a share of the revenue generated by the video game portion of the U.S. Amateur Boxing package.
U.S. Amateur Boxing is the premier amateur boxing organization in the U.S., providing training and Olympic-style boxing competition for youths at regional, national and world levels. U.S. Amateur Boxing, with major sponsor support from United Airlines, Everlast and Adidas, promotes many exciting and famous competitions in the United States and abroad, such as the National Golden Gloves competition, USA versus the World Dual Series, the Everlast U.S. Championship, and the Women's National Championships.
Jay Smith, Chairman and CEO of Adrenalin, noted, "Adrenalin Interactive plans to develop exciting video and computer games based on the U.S. Amateur license. Many champion boxers from Mohammed Ali to Oscar de la Hoya have begun their boxing careers with the U.S. Amateur Boxing program. This agreement is a great opportunity for all companies involved to support the development of athletes around the country as a portion of the proceeds from the sales of U.S. Amateur Boxing materials will go towards helping American athletes train for international competitions. This situation encourages children of all ages to get involved, whether through the physical sport, or by using the books, games and clothing items."
Lloyd Melnick, lead Agent for USA Boxing at Octagon Entertainment, said, "U.S.A. Boxing has mass market appeal and this game can provide boxing fans with a new and exciting entertainment package. Adrenalin has the tools to develop the best sports video and computer games around and combined with the substance of U.S. Amateur Boxing, this game has the potential to be a huge success."
Adrenalin Interactive Inc. develops and licenses console video games for Sony, Nintendo and Sega consoles, creates entertainment titles on PC computers, and develops Internet "play-to-win-cash" games for the World Wide Web. The Company also develops and licenses Electronic Toys and creates interactive television games for digital set-top boxes. In February of 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.
Octagon Entertainment, Inc. arranges financing, publishing, licensing and distribution agreements for game developers worldwide. Octagon also develops interactive entertainment packages, bringing top quality properties together with leading developers to create games that extend into all entertainment sectors. Founded in 1993, Octagon maintains relationships with over 800 publishers and distributors worldwide. Octagon currently represents Sid Meier's Alpha Centauri from Electronic Arts, Peter Molyneux's Black & White, Tom Clancy's SSN, Douglas Adams' Starship Titanic, and Adrenalin's best-selling Pink Panther Passport to Peril(tm) and Hokus Pokus(tm) PC games.
Performance Licensing Company represents over 30 various sports related properties for licensing, such as the International Professional Rodeo Association (IPRA), Greenwich Polo Club. Avalanche Snowboards, USA Weightlifting, and Young America, New York Yacht Club, The America's Cup Challenge.
U.S. Amateur Boxing, headquartered in Colorado Springs, is the national governing body for Olympic-style boxing and is the United States' member organization of the International Amateur Boxing Association (AIBA). U.S. Amateur Boxing is responsible for the administration, development and promotion of for Olympic-style boxing in the U.S. where it has governed men's amateur boxing since 1888.
This release contains certain forward-looking statements which involve known and unknown risks, uncertainties or other factors not under the Company's control, which may cause actual results, performance or achievements of the Company to be materially different from the results, performance or other expectations implied by these forward-looking statements. These factors include, but are not limited to, those detailed in the Company's periodic filings with the Securities and Exchange Commission.
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