NEW YORK, Aug. 16, 1999--GT Interactive Software Corp., a leading entertainment software publisher, today announced that the company has reached resolution of all litigation with Midway Games, Inc. While the terms of the settlement were not disclosed, GT received a substantial cash payment from Midway.
``We are pleased with the resolution of this matter with Midway, and although we do not expect this settlement to have a significant impact on our operating results, it does serve to simplify our business, as we pursue the recapitalization, merger or sale, of GT Interactive,'' said Thomas Heymann, GT's chairman and chief executive officer.
Headquartered in New York, GT Interactive Software Corp. is a leading global developer, publisher and distributor of interactive consumer software. The company maintains seven internal development studios: Humongous Entertainment, Cavedog Entertainment, SingleTrac, WizardWorks, Oddworld, Legend Entertainment and Reflections. The company has publishing operations throughout the world with offices in the US, Canada, UK, Germany, France, Holland and Australia. GT Interactive's ecommerce system provides secure online transactions through each of the studios' Web sites and www.gtstore.com. GT Interactive can be found on the Internet at www.gtinteractive.com.
Certain statements contained in this press release may be deemed forward-looking statements that involve a number of risks and uncertainties. The company's actual results may differ materially from the expectations expressed in such forward-looking statements. Among the factors that could cause actual results to differ materially are worldwide business and industry conditions, including consumer buying and retailer ordering patterns, product delays, changes in research and development spending, company customer relations, in particular, levels of sales to Wal-Mart and other mass merchants, retail acceptance of the company's published and third-party titles, competitive conditions and other risks detailed, from time to time, in the company's SEC filings, including, but not limited to, the company's form 10-K for the period ended March 31, 1999.