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'Warthog' Acquires 'Fever Pitch' Developer

by Rainier on Feb. 5, 2003 @ 10:29 a.m. PST

Warthog today announces that it has acquired the American development studio, Fever Pitch, based in Austin, Texas. The business has been acquired for an initial consideration of £183,000 ($300,000) to be satisfied by the issue of 973,015 new ordinary Warthog shares (the "Initial Consideration Shares"). Further Warthog shares will be issued for each financial period up to 31 March 2005 dependent on Fever Pitch achieving annual pre-tax profits in excess of $100,000 for each financial period. The acquisition is immediately cash flow and earnings enhancing.

The Fever Pitch team, led by Eric Peterson, previously worked with Warthog on Starlancer, an award-winning first-person space combat game published by Microsoft. The business is self-funding and already has a contract to develop a top title game associated with a well-known franchise, with a premium publisher. Fever Pitch will be re-branded as Warthog Texas, with Eric Peterson remaining as Studio President.

Commenting on the acquisition, Ashley Hall, CEO of Warthog said:

"This is a significant acquisition for Warthog. Most of our customers are American and it is strategically important for us to have a presence in the US. Fever Pitch matched our operational as well as strategic criteria. Eric and his team of talented developers have a successful track record and strong links to major publishers. I expect this acquisition to be earnings enhancing for Warthog immediately. I welcome our American counterparts and hope the future of Warthog Texas grows from strength to strength."

Eric Peterson, Studio President added:

"Fever Pitch was founded with a commitment to developing products of the highest quality, and with an attention to detail unparalleled in the industry. It is an honour to be joining a company that shares these same ideals. Warthog and Fever Pitch Studios both have a proven track record of success and together we will continue to lead the way in the world of interactive gaming."

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