Shacknews Document
COMMODORE CONCLUDES 18 MILLION EURO GAMING AGREEMENT
Amsterdam, June 12th 2006 – Los Angeles, USA; Baarn, The Netherlands – Commodore International Corporation (“CIC” & OTC:CDRL) is pleased to announce the conclusion of the Commodore Gaming license agreement, in a strategic partnership with The Content Factory (TCF), for a period of five years plus an option for another five years.
The transaction value is 18 Million Euro, of which 12 Million Euro in cash payment – over a period of 5 years – and 6 Million Euro in shares. As a part of the agreement, CIC has acquired 49% of the shares in the newly formed Commodore Gaming (CG) joint venture, whilst continuing to be responsible for branding and marketing. At the conclusion of the transaction CIC has received 7 Million Euro in cash and shares, as a first payment. The agreement will have a strong impact on CIC’s financial results in this fiscal year.
CIC and Commodore Gaming will actively identify and pursue relevant M&A targets which can contribute to Commodore Gaming’s ambition to become a major worldwide player in the mobile games and entertainment market.
“Gaming is one of Commodore’s key historic competences, and the conclusion of this agreement emphasizes Commodore’s strategy to build on the strengths of the rich Commodore heritage”, says Ben van Wijhe, President and CEO of CIC. He continues: “We announced this agreement in September of 2005. Since then various alliances were already closed, for instance with Telco Gaming and Gaming Federation. Now that the license agreement is concluded, Commodore Gaming will continue to create new types of game experiences and interactions. This ambition was recently demonstrated at the E3 trade fair in Los Angeles, where Commodore Gaming showcased the innovative Gaming Tower”.
About Commodore International Corporation
Commodore International Corporation (OTC:CDRL) is a designer, creator and full-service provider of digital media products, content and services. The company sells a complete line of portable digital media products under the Commodore brand, and provides legal music and media downloads - all with multi-channel distribution through broadband, cable and satellite. In addition, the company has developed several innovative media applications such as the Commodore MediaBox and the Commodore MediaTower.About Commodore Gaming
Commodore Gaming is a new €18 million joint venture between Commodore International Corp. (OTC:CDRL) and The Content Factory (TCF), based in Amsterdam, The Netherlands. Commodore Gaming develops, distributes and sells mobile, PC, and video game related products as well as entertainment content under the Commodore Gaming brand. Commodore Gaming is building on the strength and heritage of the Commodore brand to become a major worldwide player in the mobile games and entertainment market. Connectivity is at the heart of the Commodore Gaming vision creating new types of game experiences and interactions, adding excitement and value in a personal and social way.
