Fledgling US developer Brash Entertainment has revealed that it has hired two industry veterans to oversee the company – and confirmed that it is close to securing initial funding of a much higher value than the $150 million reported by MSNBC yesterday.

The company has appointed Mitch Davis (pictured) as chairman and CEO, and Nicholas Longano as president and COO. Both previously worked at Massive Incorporated, whilst Longano was previously an executive at Vivendi-Universal.

MSNBC’s Atlanta Business Chronicle reported that Brash had been set up by Hollywood producer Thomas Tull and dot.com pioneer Bert Ellis. It added that the firm was working on six major titles – and planned to produce 60 to 100 games over the next five years.

A company statement from Brash released today has unveiled more details of its operations, including a new US a distribution deal with Warner Bros. According to Gamasutra, it reads:

“Recent reports in the media contain a number of inaccuracies or mis-statements that Brash Entertainment would like to clarify. There has been no official “announcement” by Brash Entertainment or any of the officials at the company.

“First, the company management consists of Mitch Davis, chairman and CEO, and Nicholas Longano, president and COO, two game industry veterans with deep experience in introducing innovations that have changed the face of game entertainment and commerce. Both worked at Massive Incorporated and Longano was previously an executive at Vivendi-Universal.

“Some of the news reports have stated that Brash is currently working to close an initial funding round of USD150 million. The company is in the final stages of closing an amount which is significantly larger than this.

“The company has already reached an agreement with Warner Brothers, which will be the official distribution channel for all gaming titles produced by Brash. The number and names of titles will be disclosed at the appropriate time.

“Thomas Tull is an investor and co-founder of Brash Entertainment. He sits on the board of directors, but does not have day-to-day responsibilities at the company.”