[LOGO OF SOUND SOURCE INTERACTIVE, INC.]
For Further Information:
Sound Source Interactive, Inc. CONTACT:
26115 Mureau Road, Suite B Vincent Bitetti, CEO
Calabasas, California 991302 (818) 878-0505 x 204
For Immediate Release:
September 11, 2000
FOR IMMEDIATE RELEASE
SOUND SOURCE INTERACTIVE ANNOUNCES
TDK EQUITY INVESTMENT
COMPANY TO BE CALLED TDK MEDIACTIVE, INC.
CALABASAS, CA September 11, 2000 -- Sound Source Interactive Inc. (OTC: SSII
BB) announced today that it has entered into a Stock Purchase Agreement to
issue common stock representing a controlling interest to TDK USA Corporation,
a subsidiary of TDK Corporation (NYSE:TDK), a leading multinational
manufacturer of electronic components and recording media products. Under the
terms of the agreement, TDK has invested $1,425,000 in exchange for a 45%
interest in Sound Source. In addition, and subject to completion of an
increase in the Company's authorized shares and certain undisclosed
conditions, TDK will invest an additional $3,575,100 for a total $5,000,100
million investment and a 72% stake in the software company.
TDK will reconstitute the Board of Directors of Sound Source and will augment
the Company's existing management team by bringing in top management from the
interactive division of TDK Recording Media Europe, S.A. In addition, as soon
as practicable, the Company will be renamed. The Company will soon be called
TDK mediactive, Inc. to be synergistic with its European counterpart, which
does business as TDK mediactive. The Company will continue to implement the
current business plan to diversify the product line and build its sales and
distribution infrastructure worldwide. The Company will also continue to
collaborate with TDK Recording Media Europe, S.A. for product development
across many video game platforms, including so-called next generation systems
and for distribution of localized titles internationally.
Vincent Bitetti will continue his role as Chief Executive Officer and has
signed a stock lock-up agreement with the Company. Shin Tanabe, executive
director of TDK Recording Media Europe, S.A., will relocate to the Company's
Southern California offices and will sign on as the President and COO.
"I am very excited to play a major role in this new, truly international
software company," commented Vincent Bitetti, CEO of Sound Source Interactive.
"This investment, combined with already committed resources for on going
product development across many interactive platforms, will position the
company for the future to the benefit of its shareholders." He continued, "We
have worked very hard to reposition this company and TDK has been an integral
part of that repositioning effort we couldn't have a more committed
partner."
<PAGE>
<PAGE>
"Sound Source has been an invaluable partner and Mr. Bitetti understands the
interactive software business," commented Shin Tanabe, executive director of
TDK Recording Media Europe. "This is a logical step for TDK and secures our
interests in North America, Europe, Australia and Japan. TDK intends to build
a worldwide presence in this industry with a portfolio of products for both
current video game platforms and next generation systems, as well as other new
technology delivery systems as applicable." Mr. Tanabe continued, "Both
companies share a product development philosophy that is family friendly and
we will endeavor to publish titles that are fun and exciting, but without
explicitly violent content."
About TDK USA:
TDK U.S.A. Corporation ("TUC") founded in 1981 is a wholly owned subsidiary of
TDK Corporation (NYSE Symbol "TDK"). It is the parent company of TDK's 10
U.S. subsidiaries. Through these subsidiaries TUC is engaged in the
manufacture, sale and distribution of blank recording media (optical and
magnetic), electronic materials and components, and integrated circuits of
LAN/WAN embedded modem and set-top box applications and employs in excess of
2300 employees.
About TDK Europe:
TDK Recording Media Europe, S.A. is the TDK's Recording Media and Systems
Business group head quarter in Europe. Its European distribution covers all
channels including Hyper markets, supermarkets, record/video stores,
electronics stores, department stores, kiosks, bookstores and others,
throughout Europe. The digital contents business unit, TDK mediactive, was
founded June 1st, 1999, as a new business unit of TDK Recording Media Europe
S.A. Expanding into complementary business domains, TDK mediactive develops,
produces and markets edutainment and entertainment software for PC, MAC and
video game platforms, as well as music video programs on DVD Video. The
company co-operates with leading content developers and publishers around the
world to acquire title programs and market them under the TDK brand, which is
widely associated with high quality products. TDK mediactive business unit
for European market is located at the European HQ of TDK Recording Media
Europe S.A. at Z.I. Bommelscheuer, L-4901 Bascharge, Grand Duchy of
Luxembourg.
TDK mediactive www.tdk-mediactive.com
TDK Recording Media Europe S.A. www.tdk-europe.com
ABOUT SOUND SOURCE INTERACTIVE
Headquartered in Calabasas, California, Sound Source Interactive is a high
quality publisher of family oriented interactive software for personal
computers and console systems. The company is a comprehensive software studio,
producing an expanding list of award-winning software products based on
licensed content derived from popular children's literature, major motion
pictures, video franchises and long-standing television programs. The company
has exclusive licenses with Universal Studios, The Harvey Entertainment Co.,
20th Century Fox, New Line Cinema, Signature Networks and others. More
information on Sound Source Interactive and its products is available through
its worldwide web site at www.soundsourceinteractive.com.
<PAGE>
<PAGE>
This release contains forward-looking statements. These statements are subject
to certain risks and uncertainties that could cause actual results to differ
materially from those anticipated in the forward-looking statements. Readers
should not place undue reliance on forward-looking statements, which reflect
management's view only as of the date hereof. The Company undertakes no
obligation to publicly revise these forward-looking statements to reflect
subsequent events or circumstances. Readers should carefully review the risk
factors described in the documents the Company files from time to time with
the Securities and Exchange Commission.
# # #
