EPIC GAMES ANNOUNCES ACQUISITION OF CHAIR ENTERTAINMENT GROUP
Cary, North Carolina – May 20, 2008 – Epic Games, Inc., creators of the award-winning Unreal and Gears of War video game franchises and the industry leading Unreal Engine, today announced its acquisition of Utah-based development studio, Chair Entertainment Group, LLC. Under the terms of the agreement, Chair Entertainment Group has become a wholly owned subsidiary of Epic Games and will continue to operate under the same name while maintaining its focus on creating new original game properties which utilize Epic's Unreal Engine technology.
"Chair's stylized approach to creating games is further enhanced by their ability to stretch our technology in new directions that not only help in creating amazing gaming experiences but also demonstrate the power and versatility of the Unreal Engine," said Mark Rein, vice president of Epic Games, Inc. "We are thrilled to bring the Chair team into the Epic family, and look forward to working with them to create original new games that continue to innovate and inspire."
"Our team has long admired Epic for its ability to shape the game industry with its innovative technology and first-rate video game offerings," said Ryan Holmes, Co-Founder and CEO of Chair Entertainment Group. "We share Epic's passion for creating ground-breaking game play experiences and are excited for the opportunity to partner with a truly visionary company."
Founded in 2005, Chair Entertainment Group is jointly led by directors, Donald and Geremy Mustard, and CEO Ryan Holmes. Best known for its award-winning Xbox Live Arcade title, Undertow, Chair's previous success includes the launch of its Empire property which has produced an Orson Scott Card-written New York Times bestselling novel and a feature film currently in development with Warner Bros. In 2007, after several years of building games with Unreal technology, Chair entered into an agreement with Epic Games to make Unreal Engine 3 their exclusive technology for game development.
About Epic Games
Epic Games, Inc., based in Cary, NC and established in 1991, develops cutting-edge games and cross-platform game engine technology. The company has created multiple million-selling, award-winning titles in its Unreal series, recently shipping Unreal Tournament 3 for PC and PlayStation 3. Epic's breakthrough game, Gears of War, sold over 4.7 million copies and was awarded overall Game of the Year for 2006 by the Academy of Interactive Arts & Sciences, Game Developers Choice Awards, GameSpot, GamePro and many others. Epic is also responsible for the Unreal Engine, which is the underlying technology for a wide range of games including the Game Critics Awards' Best Console Game and Spike TV's 2007 RPG of the Year Mass Effect by BioWare and the 2007 BAFTA Best Game and Spike TV Game of the Year BioShock by 2K Games. Epic's Unreal Engine 3 is the current holder, and three-time consecutive winner, of Game Developer magazine's Front Line award for Best Engine. Epic was also recognized as 2006 Studio of the Year by Spike TV, 2006 Developer of the Year by Official Xbox Magazine and 2007 Large Company of the Year by the North Carolina Technology Association. Additional information about Epic can be obtained through the Epic Games Web site at www.epicgames.com.
About Unreal Engine 3
The award-winning Unreal Engine is known for cutting-edge graphics and its best-of-breed toolset. Unreal Engine 3 maintains those features while adding massive world support, multi-processor support, next-generation console optimizations, and one of the most mature tool pipelines in the industry. Unreal Engine 3's advanced toolset is designed specifically to accelerate developers' productivity for ultra-complex, next-generation content. Additional information on Unreal Engine can be obtained through the Unreal Technology Web site at www.unrealtechnology.com.
About Chair Entertainment
Founded in 2005, Chair Entertainment Group is an independent video game production company committed to creating blockbuster entertainment franchises through development of its original intellectual properties. In 2006, Chair launched its first original property, Empire, as a best-selling novel written by Orson Scott Card. A feature film based on Empire is in development by Warner Bros. and Chair has future plans for video games and comic books based on the property. In November 2007, Chair launched Undertow, the award-winning underwater action shooter which was named Xbox Live Arcade Game of the Year by Official Xbox Magazine. Additional information and gamer forums can be found at: www.chairentertainment.com.