SOUND SOURCE INTERACTIVE AND TDK USA CORPORATION FINALIZE DEAL; NEW VIDEO GAME
COMPANY IS BORN
TUESDAY, NOVEMBER 28, 2000 6:00:00 AM EST
CALABASAS, Calif., Nov 28, 2000 SSII (the "Company") announced today
completion of an equity investment by TDK USA Corporation ("TUC") in the
Company.
On September 8, 2000, the Company and TUC entered into a common stock purchase
agreement (the "Agreement") pursuant to which TUC acquired 4,750,000 shares of
the Company's common stock for $1,425,000 on September 11, 2000, and an
additional 11,917,000 shares of the Company's common stock for $3,575,000 on
November 27, 2000, representing a total of approximately 74% of the Company's
outstanding common stock.
TUC is a subsidiary of TDK Corp. TDK, a leading multinational manufacturer of
electronic components and recording media products. The Company has changed
its name from Sound Source Interactive Inc. to TDK Mediactive Inc. to be
synergistic with its European counterpart, which does business as TDK
Mediactive across Europe.
Pursuant to the Agreement, the Company reconstituted the Board of Directors
and appointed Kenichi Aoshima, Masatoshi Shikanai, Shin Tanabe, Vincent
Bitetti and John Wholihan as its directors. The Company will announce a new
OTC Ticker Symbol in the near future as a result of the name change.
The Company has released five new titles for holiday 2000, including three
video games and two CD-ROMs and currently has nine products in development for
calendar 2001, including titles for next-generation console systems.Product
positioning includes titles for teens, tweens, casual gamers, families and
children 5 to 10. Retail customers for North America currently include Wal-
Mart, Target, Toys R Us, Best Buy, and others, including etailers Amazon.com
and eToys.com.Vincent Bitetti, the Company's interim chief executive officer,
has signed multi-year employment and stock lock-up agreements and has been
named chief executive officer of the Company.
The Company intends that Shin Tanabe, executive director of TDK Recording
Media Europe, S.A., will be appointed as the President and Chief Operating
Officer of the Company, and will oversee the Company's worldwide interests in
the video game business. Tanabe will coordinate worldwide operations from the
Company's Southern California facility.
"I am pleased to announce the birth of our new company," commented Vincent
Bitetti, Chief Executive Officer of TDK Mediactive Inc. "Our business plan is
on track to restore company fundamentals and participate significantly in the
coming years' forecasted explosion in home entertainment."
"I am looking forward to my continuing business relationship with Mr. Bitetti
and the management team," commented Shin Tanabe, President and Chief Operating
Officer of TDK Mediactive Inc. "TDK USA will assist us with certain
operational resources and TDK Recording Media Europe will share development
costs for all platforms under existing distribution arrangements."
Tanabe continued, "This business requires significant resources, creativity
and a worldwide business plan to succeed and I am excited to be joining the
North American effort."
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About TDK USA Corporation
TDK USA Corporation ("TUC"), founded in 1981, is a wholly owned subsidiary of
TDK Corporation TDK and the parent company of TDK's 11 U.S. subsidiaries.
Through these U.S. 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. More
information on TUC is available through TDK's worldwide Web site at
www.tdk.com
About TDK Europe
TDK Recording Media Europe, S.A. is the TDK's Recording Media and Systems
Business group headquarter in Europe. Its European distribution covers all
channels including Hypermarkets, supermarkets, record/video stores,
electronics stores, department stores, kiosks, bookstores and others,
throughout Europe.
The digital contents business unit, TDK Mediactive, was founded on June 1,
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. The TDK Mediactive business
unit for the European market is located at the European headquarters 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 TDK Mediactive Inc. North America
Headquartered in Calabasas, TDK Mediactive Inc. is a high-quality publisher of
interactive software for personal computers and console systems. The Company
is a comprehensive software studio, producing products based on original and
licensed content derived from major motion pictures, video franchises, popular
literature and popular culture.
The Company has exclusive technology and content licenses with Sony
Entertainment Corporation of America, Microsoft, Nintendo of America,
Universal Studios, The Harvey Entertainment Co., R & S Trading, New Line
Cinema, Signature Networks and others. More information on TDK Mediactive,
Inc. and its products is available through its worldwide web site at www.tdk-
mediactive.com
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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. Risk
factors include substantial dilution to existing shareholders and changes in
the Company's public warrants. 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.
CONTACT: Sound Source Interactive Inc., Calabasas
Vincent Bitetti, 818/878-0505, ext
