Acclaim Stock Wrangling sees cash pot Replenished

Acclaim has announced that it has managed to raise $21.5 million in a private placement of stock warrants. The firm has sold 7.2 million shares to a group of undisclosed investors, in a deal brokered by UBS Warburg.

"We are pleased to announce this strategic corporate initiative, which will enable the Company to increase its current release schedule for fiscal years 2003 and 2004 through the expansion of its internal studios and the acquisition of key titles from selected external development studios," said Gregory Fischbach, CEO at Acclaim. "In addition, it will enable the Company to deliver integrated national marketing campaigns to support the launches of our key franchises, including All-Star Baseball 2003, Aggressive Inline, Turok: Evolution and Vexx."

The deal will enable Acclaim to continue its aggressive restructuring process and will keep the company, that is widely viewed as being buoyant and on the up, moving forward.

Acclaim hopes that its combined development and publishing operation, along with deals with companies such as Sega, will see the firm take its place at the top of the gaming ladder.