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Volition: THQ Buys Volition

Posted by WildWolf:

Its official. Here's the full press release:

THQ Acquires Revolutionary Game Developer Volition

CALABASAS HILLS, Calif.--(BUSINESS WIRE)--Sept. 5, 2000--THQ Inc. (Nasdaq:THQI - news) today announced that it has acquired revolutionary game developer Volition Inc.

As consideration for the transaction, THQ issued approximately 890,100 shares of common stock, assumed existing Volition stock options providing for the future issuance of approximately 109,900 shares of THQ common stock, and assumed approximately $500,000 in net liabilities. The acquisition was consummated on Aug. 31, 2000, and will be accounted for as a pooling of interests.

Volition, located in Champaign, Ill., is a leading high-technology game developer for next-generation console systems and PC. A spin-off of Parallax Software Corp., the Volition team is best known for the top-selling, critically acclaimed ``Descent'' and ``Freespace'' PC game franchises. Led by industry veteran Mike Kulas, who will continue to manage Volition as its president, Volition will contribute significantly to THQ's PlayStation 2, X-Box and PC product lines.

Volition is currently working with THQ to develop ``Summoner'' and ``Red Faction'' for release on both the PlayStation 2 Computer Entertainment System and PC. THQ will release ``Summoner'' for PlayStation 2 in fall 2000 and PC in the first quarter of 2001. ``Red Faction'' for PlayStation 2 and PC is scheduled for release in 2001.

In connection with this transaction, THQ subsequently will acquire Volition's matching service, Parallax Online, which offers support for Volition's current and future games.

``Volition is a strategic addition to THQ's business,'' stated Brian Farrell, president and CEO, THQ. ``Their technological capability and creative talent have brought about some of the most original, innovative gameplay in the industry. We look forward to the PlayStation 2 and PC launches of `Summoner' and `Red Faction' and many more contributions from the Volition teams.''

``We have worked as a developer with THQ for a long time and we know this will be a perfect fit,'' said Michael Kulas, president, Volition. ``THQ has great people who understand the creative process, and we look forward to developing many great games with them.''

Volition Inc., which includes many of the founders of Parallax Software Corp., develops cutting-edge original content for major console systems and PC. For more information on Volition and games currently in development by Volition, visit [url="http://www.volition-inc.com."]www.volition-inc.com.[/url]

THQ Inc. develops, publishes and distributes interactive entertainment software for a variety of hardware platforms including PC CD-ROM, and those manufactured by Sega, Microsoft, Nintendo and Sony. The THQ Web site is located at [url="http://www.thq.com."]www.thq.com.[/url]

The statements contained in this release that are not historical facts may be deemed to constitute forward-looking statements. Actual results may differ materially from those projected in such statements due to a number of risks and uncertainties, including, without limitation, demand and competition for the company's products and other risks and uncertainties detailed in the company's filings with the Securities and Exchange Commission, and as more specifically set forth in the company's report on Form 8-K, filed on March 21, 2000.