CART LICENSED PRODUCTS AND MIDWAY GAMES REACH EXCLUSIVE MULTI-YEAR LICENSING AGREEMENT DETROIT and CHICAGO (Oct. 25, 1999) - Midway Games Inc.(NYSE: MWY), a leading international interactive entertainment software company, and CART Licensed ...
CART LICENSED PRODUCTS AND MIDWAY GAMES REACH EXCLUSIVE MULTI-YEAR LICENSING AGREEMENT
DETROIT and CHICAGO (Oct. 25, 1999) - Midway Games Inc.(NYSE: MWY), a leading international interactive entertainment software company, and CART Licensed Products, the licensing and merchandising arm of Championship Auto Racing Teams (NYSE:MPH), announced today that they have reached a multi-year licensing agreement that will add CART* Champ Car racing games to Midway's line-up of arcade-style sports video games.
Under the terms of the agreement, Midway Amusement Games LLC and Midway Home Entertainment Inc., both subsidiaries of Midway Games Inc., have secured the exclusive rights to publish fantasy-style CART racing games for all major video game platforms and the PC market. Financial terms of the agreement were not disclosed.
The announcement was made by Jonathan Frank, president of CART Licensed Products and Mike Ribero, executive vice president of Midway Games Inc. The agreement commences immediately and runs through 2003.
"CART racing fits perfectly with Midway's trademark style of intensely competitive, great-looking, fast action video games, and will be a strong addition to our other popular racing franchises which include San Francisco Rush and Cruis'n" said Ribero. "CART racing will also help us further expand our growing sports business with the first product that will tap the sports-oriented racing market."
"This is a very significant and potentially very lucrative relationship for CART and CART Licensed Products. From a brand-building and visibility standpoint, we are thrilled to partner with Midway Games, a recognized leader in the interactive entertainment industry," said Frank. "Midway's approach to CART racing provides a new and exciting perspective, and we welcome their creativity and enthusiasm."
The Midway CART games will include a combination of replica and fantasy CART tracks, incorporating CART teams and drivers. The first coin-op arcade game in the series will feature state-of-the-art graphics and animation technology beyond that seen in previous coin-op games.
"We're building a strong foundation for the games using internationally-recognized drivers, cars and tracks," said Ribero. "But we'll go beyond that, bending the laws of physics, defying the laws of gravity and adding dream race venues that should provide some incredibly entertaining gameplay."
Midway is widely recognized for over-the-top, arcade-style sports games including blockbuster hits such as NFL* Blitz 2000, Ready 2 Rumble Boxing* and NBA Jam* as well as the highly anticipated NBA* Showtime: NBA* on NBC*.
Midway Games Inc. is a leading designer, publisher and marketer of interactive entertainment software for both the coin-operated arcade and home markets. Midway's games are available for play on all major dedicated home video game platforms, including Nintendo, Sony Computer Entertainment America, Sega and personal computers.
Established in 1996, CART Licensed Products, Inc. is the official retail licensing and merchandising arm of Championship Auto Racing Teams. CART Licensed Products is the exclusive worldwide licensor of the CART and FedEx Championship Series brands. CART Licensed Products also grants non-exclusive retail licenses for the images of teams and drivers of the FedEx Championship Series, including previous champions Michael Andretti, Al Unser Jr. and Jimmy Vasser.
Championship Auto Racing Teams, Inc (NYSE:MPH) owns, operates and markets the FedEx Championship Series, which is comprised of 20 races in five countries on four continents in 1999. With one race remaining in the season, Scotsman Dario Franchitti and Colombian rookie Juan Montoya are locked in a battle for the PPG Cup and the $1 million prize that accompanies it. CART also owns and operates its top two development series, the PPG-Dayton Indy Lights Championship and the KOOL/Toyota Atlantic Championship. Learn more about CART's open-wheel racing series at www.cart.com.
Midway and Blitz are registered trademarks of Midway Amusement Games, LLC. NFL is a registered trademark of the National Football League. NBA and NBA Jam are registered trademarks of NBA Properties, Inc. NBC is a registered trademark of the National Broadcasting Company, Inc. All other trademarks are properties of their respective companies.