CHICAGO - April 14 , 2008– Midway Games Inc. (NYSE: MWY) today announced that Miguel Iribarren has been promoted to Senior Vice President - Publishing of Midway Games Inc., and that Martin Spiess has been promoted to the position of Executive Vice President, International of Midway Games Ltd., a subsidiary of Midway Games Inc.
"Both Miguel and Martin are proven executives and will be key to putting Midway back on the path to profitability," said Matt Booty, interim CEO and president of Midway Games Inc. "With these two executives, as well as the rest of our experienced management team, I am confident that we can improve execution and deliver on Midway's promise to regain its industry leadership and become a top tier, profitable company in the coming years."
Mr. Iribarren, who joined Midway in 2002, recently served as Vice President - Publishing, and will now have the worldwide sales, marketing, publishing and business development functions report to him. Prior to joining Midway, Mr. Iribarren was a Vice President,Research for Wedbush Morgan Securities, responsible for research on the interactive entertainment industry.
Mr. Spiess has worked in the interactive entertainment industry for 20 years, and previously held senior positions with Atari, Crave Entertainment and Virgin Interactive Entertainment, and joined Midway as Managing Director - Europe for Midway Games Ltd. in 2005. Under his leadership, European business has almost doubled in value to the group. During this time, Mr. Spiess also established an additional European office in Paris, France, to work with UK and German infrastructure in further developing pan-European channels.
Midway Games Inc. (NYSE:MWY), headquartered in Chicago, Illinois, with offices throughout the world, is a leading developer and publisher of interactive entertainment software for major videogame systems and personal computers. More information about Midway and its products can be found at www.midway.com.
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 concerning future business conditions and the outlook for Midway Games Inc. (the "Company") based on currently available information that involves risks and uncertainties. The Company's actual results could differ materially from those anticipated in the forward-looking statements as a result of these risks and uncertainties, including, without limitation, the financial strength of the interactive entertainment industry, dependence on new product introductions and the ability to maintain the scheduling of such introductions, the current console platform transition and other technological changes, dependence on major platform manufacturers and other risks more fully described under "Item 1. Business - Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2007, and in more recent filings made by the Company with the Securities and Exchange Commission. Each forward-looking statement, including, without limitation, financial guidance, speaks only as of the date on which it is made, and Midway undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which it is made or to reflect the occurrence of anticipated or unanticipated events or circumstances, except as required by law.
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