Gizmondo Europe Ltd, subsidiary of Jacksonville, Florida-based, Tiger Telematics Inc (TGTL: former symbol TIGR), announced today the acquisition of a European leading games developer, Indie Studios. The acquisition further enables Indie Studios to extend its next level gaming under the Gizmondo brand, while providing Gizmondo with secured immediate and future game content and a captive long term creative resource. The deal will be paid for with 1 million shares common stock of the Tiger Telematics, Inc, and a contingent shares to be issued in the event that certain games are completed by Indie in an agreed time frame. The guaranteed value of the transaction at closing approximates $8 million as of the original contract date. The specifics will be detailed and available for review in appropriate filings with the SEC.
Carl Freer, Managing Director for Gizmondo says: "With our resources and financial muscle, we are able to provide Indie Studios with essential support and direction. And by owning our own games developer, we gain control over unique content and its evolution."
"We are very glad with the deal," says Christian Ericson CEO, Indie Studios. "The Gizmondo platform provides extraordinary potential for games developers, giving another dimension for scenarios and game play."
Stockholm-based Indie Studios develop games specifically for the eagerly anticipated Gizmondo multi-entertainment device, including multi-player games that incorporate a player's physical location into the game itself, creating a unique virtual gaming world that can extend to the off-line world. Games leverage Gizmondo's GPS-capabilities and messaging over GPRS as well as the device's Bluetooth and not forgetting the digital camera to help personalize the gaming experience even further. Players also have the option to create "crews" or teams with friends and can test their skills against other teams.
Indie Studios already have two games in development exclusively for Gizmondo. "Colors" is a gang warfare game enabling players to battle for supremacy of their designated environment, utilizing Gizmondo's GPS-capabilities and messaging over GPRS. And "City" is a short-time game providing first-class entertainment for Gizmondo gamers in limited time situations.
The Gizmondo, powered by a Microsoft Windows CE.net platform, boasts a 2.8-inch TFT color screen with a Samsung ARM9 400Mhz processor and incorporates 64-bit graphics accelerator. It provides cutting-edge gaming, multimedia messaging, an MP3 music player, Mpeg4 movie playing capability, a digital camera, and a GPRS network link to allow wide-area network gaming. Additionally, it contains a GPS chip for location based services, is equipped with Bluetooth for use in multi-player gaming and accepts MMC card accessories.
The Gizmondo device and its games are due for launch in the UK in the fourth quarter 2004 and in North American markets from the first quarter 2005.