New York, NY - August 10, 2007 -Take-Two Interactive Software, Inc. (NASDAQ: TTWO), announced today the name change of industry leading development studio Irrational Games to 2K Boston and 2K Australia. Headquartered in Boston, Massachusetts and with offices in Canberra, Australia, Irrational Games is an internationally renowned developer of story-driven, genre-defining games with award-winning hits like System Shock 2, Freedom Force, Tribes: Vengeance, and SWAT 4. The name changes to 2K Boston and 2K Australia symbolize the studios' further integration into the 2K Games family following their outstanding performance on BioShock™, the upcoming blockbuster available exclusively for the Xbox 360™ video game and entertainment system and Games For Windows on August 21, 2007 in North America and in Europe beginning August 24, 2007.
"Irrational Games is widely recognized as one of the most innovative development studios in the world," said Christoph Hartmann, President of 2K. "Following their incredible efforts in bringing BioShock to life, we are proud to make the newly renamed Irrational Games studios a cornerstone of our game development family."
Recognizing the exceptional talent and creative vision that have made Irrational Games one of the industry's premier developers, 2K Games has fostered the studio's growth by substantially investing in its people, allowing Irrational Games to almost double in size since the studio's acquisition by 2K in 2005. With the upcoming release of BioShock - one of the year's most hotly anticipated titles - 2K Boston and 2K Australia, with the backing of 2K Games, are raising the bar for forward-thinking game design.
"We're proud to be part ofthe 2K Games family and enjoy the new opportunities and artistic freedoms this strengthened relationship provides," said Ken Levine, President and Creative Director of 2K Boston. "The name change signifies our growing position as a central part of 2K Games, and we plan to ensure our future titles continue to set new standards of quality and innovation for the industry."
About Take-Two Interactive Software
Headquartered in New York City, Take-Two Interactive Software, Inc. is a global developer, marketer, distributor and publisher of interactive entertainment software games for the PC, PlayStation® game console, PlayStation®2 and PLAYSTATION®3 computer entertainment systems, PSP® (PlayStation®Portable) system, Xbox® and Xbox 360™ video game and entertainment systems from Microsoft, Wii™, Nintendo GameCube™, Nintendo DS™ and Game Boy® Advance. The Company publishes and develops products through its wholly owned labels Rockstar Games, 2K Games and 2K Sports, and Global Star Software; and distributes software, hardware and accessories in North America through its Jack of All Games subsidiary. Take-Two's common stock is publicly traded on NASDAQ under the symbol TTWO. For more corporate and product information please visit our website at www.take2games.com.
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Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This press release contains forward-looking statements made in reliance upon the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The statements contained herein which are not historical facts are considered forward-looking statements under federal securities laws. Such forward-looking statements are based on the beliefs of our management as well as assumptions made by and information currently available to them. The Company has no obligation to update such forward-looking statements. Actual results may vary significantly from these forward-looking statements based on a variety of factors. These risks and uncertainties include the matters relating to the Special Committee's investigation of the Company's stock option grants and the restatement of our consolidated financial statements. The investigation and conclusions of the Special Committee may result in claims and proceedings relating to such matters, including previously disclosed shareholder and derivative litigation and actions by the Securities and Exchange Commission and/or other governmental agencies and negative tax or other implications for the Company resulting from any accounting adjustments or other factors. Other important factors are described in the Company's Annual Report on Form 10-K for the fiscal year ended October 31, 2006, and in the Company's Form 10-Q for the second quarter ended April 30, 2007 in the section entitled "Risk Factors."
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