3DO receives cash injection

Hawkins avoids fresh financial Trip.

Posted by Staff
3DO receives cash injection
3DO, the company behind such games as Army Men and, erm, lots of Army Men sequels (not forgetting Jonny Moseley Mad Trix and Sven Goran Eriksson?s World Challenge) has announced a deal with GE Capital that will see the firm receive cash investment to the tune of $15 million.

?This agreement represents an important step for increased liquidity to meet our upcoming seasonal financing needs," said company founder Trip Hawkins. "This new funding improves our financial position and should provide both our customers and vendors with a comfort level they need to continue extending credit and depending on 3DO for Fiscal 2003. Our financing goals are to strengthen our balance sheet, reduce our risks as a going concern, and put ourselves in position to deliver on our growth and profit plans for next year. Our auditors have taken a conservative view regarding the risks we face, which is understandable in this business climate. However, we feel that the company is in a much better position than it was in last year or the year before and we expect that we can finance the company's needs, which, as a result of our improved operations, are far more modest than in prior years."

More Army Men games then?



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