"Vincent is a welcome addition to the CEG team," said Nima Taghavi, chief executive officer of Crave Entertainment Group. "With his solid background and proven accomplishments in operating a public company and his extensive licensing and publishing expertise, his experience will be integral to Crave Entertainment Group as the company continues to evolve into a top tier entertainment distribution and publishing company."
In 2000, Bitetti, as the CEO of Sound Source Interactive, Inc., was the architect in obtaining a new majority investment by the TDK Corporation. Under his licensing-based strategy, Sound Source was re-named TDK Mediactive, Inc. The company entered the console market and grew video game net revenue from zero to $42 million in less than three years. In December 2003, Bitetti led in identifying and securing the sale of the company to Take Two Interactive.
Since 1991, Bitetti has been responsible for publishing more than 100 licensed titles (in multiple localized languages - including Japanese). Licensors and brands include DreamWorks's Shrek (day and date with the motion picture and an Xbox launch title coinciding with the DVD release of Shrek), Disney's The Haunted Mansion (day and date with the motion picture), Disney's The Pirates of the Caribbean (day and date with the motion picture), Harmony Gold's cult classic Robotech, Viacom's Star Trek, Universal's The Land Before Time, and Babe, Lucas Film's Star Wars Trilogy, Jim Henson's The Muppets, Hallmark's Dinotopia, Zuffa Entertainment's Ultimate Fighting Championship, General Motor's Corvette and many other titles based on icons of popular culture.
Crave Entertainment Group (CEG) Chief Financial Officer Jim Kavanagh announced today the completion of a new three-year $58 million credit facility with GE Capital Corporation. The package includes a $55 million revolving line of credit for growing working capital needs and a $3 million term-loan for refinancing some existing term and subordinated debt. The previous line of credit with GE Capital was $35 million.
Kavanagh commented, "We are pleased with the continuing relationship with this leading financial institution."
In a related move, the privately held distributor and publisher of entertainment software announced the relocation of its warehouse operations from Rancho Dominguez, California to nearby Carson, California. The newly leased 107,000 square foot facility is more than double CEG's previous capacity.
"The new warehouse facility is an important investment in expanding top quality service to our customers. In addition, the new $58 million credit line complements the larger warehouse facility by providing funding for CEG's continued growth in publishing and distribution," commented Nima Taghavi, chief executive officer of Crave Entertainment Group.