Deal Will Strengthen the Presence of EA Mobile in Asia and Expand its Development and Publishing Teams as the Global Mobile Leader
REDWOOD CITY, Calif. & SEOUL, Korea, May 21, 2008 (BUSINESS WIRE) -- Electronic Arts Inc. (NASDAQ:ERTS) today announced that it had
agreed to acquire the assets of Hands-On Mobile Korea, a leading
Korean mobile developer and publisher, best known for its mobile
role-playing game, Heroes Lore. Upon completion of the acquisition,
the former Hands-On Mobile Korea team will become EA Mobile Korea and
will play a strategic role in the EA Mobile™ Asia development and
publishing growth plans. The acquisition is subject to customary
closing conditions and is expected to be completed by the end of this
fiscal quarter. Hands-On Mobile Korea is a subsidiary of parent
company Hands-On Mobile™, based in the United States.
"This acquisition is a major milestone in growing our mobile
business in Asia," said Barry Cottle, Senior Vice President and
General Manager EA Mobile. "Hands-On Mobile Korea brings us a great
leadership team, proven studio talent, and outstanding carrier and OEM
handset manufacturer relationships."
"We are excited about joining EA Mobile and its mission to bring
to market some of the world's most innovative, cutting-edge and
commercially proven mobile games and applications," said Gilbert Kim,
CEO of Hands-On Mobile Korea, who will become head of EA Mobile, Korea
Division. "Korea is one of the most ubiquitous entertainment markets
in the world, and we look forward to continually pushing the edge with
our partners here to enrich the mobile user experience across all
aspects of daily life."
Following completion of the acquisition, Hands-On Mobile Korea
will continue to be managed by Gilbert Kim as head of the EA Mobile,
Korea division. The studio will remain in Korea with growth planned
for both the development and publishing teams, and will work within
the management structure of the EA Mobile Asia Publishing
organization.
Financial terms of the acquisition were not disclosed. EA does not
expect the acquisition to impact the company's fiscal year 2009
financial guidance.
About Hands-On Mobile Inc.
Hands-On Mobile, Inc. is the world's leading developer of
connected games and applications. Established in 2001, with operations
on four continents, Hands-On Mobile develops and distributes mobile
content to more than 200 of the world's leading operators in 60
countries. Hands-On Mobile provides operators and their customers with
the world's best entertainment brands and content. The company's
diverse catalogue includes games, applications and personalization
suites from top brands such as Activision, Billboard, CBS, LEGO,
Marvel, NBA, NBC Universal, Paramount Pictures, and World Poker Tour.
The Hands-On Mobile Developer Network (HDN) brings mobile development
to the masses enabling developers to create and distribute mobile
applications through Hands-On Mobile's core platform and ecosystem.
Hands-On Mobile is a U.S. corporation with headquarters in San
Francisco and offices in San Diego, California; London and Manchester,
England; Krakow, Poland; Sao Paulo, Brazil; Shanghai and Beijing,
China; and Seoul, Korea. For more information about Hands-On Mobile
please visit www.HandsOn.com.
Hands-On Mobile is a trademark of Hands-On Mobile, Inc.
About Electronic Arts
Electronic Arts Inc. (EA), headquartered in Redwood City,
California, is the world's leading interactive entertainment software
company. Founded in 1982, the company develops, publishes, and
distributes interactive software worldwide for video game systems,
personal computers, cellular handsets and the Internet. Electronic
Arts markets its products under four brand names: EA SPORTS™,
EA™, EA SPORTS Freestyle™ and POGO™. In fiscal 2008, EA
posted GAAP net revenue of USD 3.67 billion and had 27 titles that
sold more than one million copies. EA's homepage and online game site
is www.ea.com. More information about EA's products and full text of
press releases can be found on the Internet at http://info.ea.com.
EA, EA SPORTS, EA SPORTS Freestyle and POGO are trademarks or
registered trademarks of Electronic Arts Inc. in the U.S. and/or other
countries
Safe Harbor For Forward-Looking Statements
Some statements set forth in this release, including those
regarding EA's pending acquisition of Hands-On Mobile and the expected
impact of the acquisition on EA's strategic and operational plans and
financial results, contain forward-looking statements that are subject
to change. Statements including words such as "anticipate," "believe,"
"estimate" or "expect" and statements in the future tense are
forward-looking statements. These forward-looking statements are
subject to risks and uncertainties that could cause actual events or
actual future results to differ materially from the expectations set
forth in the forward-looking statements. Some of the factors which
could cause results to differ materially from the expectations
expressed in these forward-looking statements include the following:
the satisfaction of customary closing conditions and receipt of
necessary regulatory approvals; the possibility that the acquisition
will not be consummated or that the consummation may be delayed; the
effect of the announcement of the acquisition on EA's and Hands-On
Mobile's strategic relationships, operating results and business
generally, including the ability to retain key employees; general
economic conditions; and other factors described in EA's SEC filings
(including EA's Annual Report on Form 10-K for the year ended March
31, 2007 and Quarterly report on Form 10-Q for the quarter ended
December 31, 2007). If any of these risks or uncertainties
materialize, the acquisition may not be consummated or may not be
consummated on the anticipated terms, the potential benefits of the
acquisition may not be realized, EA's operating results and financial
performance could suffer, and actual results could differ materially
from the expectations described in these forward-looking statements.
EA assumes no obligation to update these forward-looking statements.
SOURCE: Electronic Arts Inc.
EA Corporate Communications
Mariam Sughayer, +1 650-628-7245
msughayer@ea.com
EA Communications Asia
Daphne Chua, +65 8157 7635
dchua@ea.com
EA Investor Relations
Tricia Gugler, +1 650-628-7327
tgugler@ea.com