I just received this email...
Project Update #38: Thank you Backers!
Posted by Mike Kennedy Black heart (cards) Like
Some of you may have already heard the news, we've been purchased by GameStop Corp. Thank you for backing us and making this a dream come true! Press Release below.
GRAPEVINE, Texas--(BUSINESS WIRE )--GameStop Corp. (NYSE: GME), the world's largest video game and entertainment software retailer, today announced it has entered into an agreement to acquire GameGavel LLC., parent company of RETRO video game magazine and gaming auction site GameGavel.com, a leading destination for core gamers representing the fast-growing media and gaming market. Currently, the magazine site hosts 3 million monthly visiter who spend approximately 12 million hours per month on its pages. RETRO has a circulation of 27 thousand and will operate as a wholly-owned subsidiary of GameStop Corp. while maintaining its current offices in Los Angeles, Calif.
The transaction is expected to close on or about April. 1, 2014, subject to customary closing conditions, with the company remaining under the leadership of its co-founders, Mike Kennedy, Mark Kaminski and Brandon Justice.
GameGavels's unique digital platform allows consumers to discover great games that can be enjoyed via retro devices. Acquiring GameGavel LLC., strengthens GameStops digital platform and its commitment to become the gaming aggregator of choice.
J. Paul Raines, Chief Executive Officer of GameStop, said, GameGavel advances GameStops digital strategy by providing a gaming auction platform for casual, classic and retro games that can be promoted and played by our existing gamers. We welcome the GameGavel team to the GameStop family.
GameStop President Tony Bartel added, Combining GameGavels expansive auction site with our well known consumer brand, powerful marketing and strong customer relationships, means that even more gamers will be able to enjoy their games anytime, anywhere and on any device.
RETRO co-founder Mark Kaminski expressed his excitement regarding the acquisition and offered that, To date, our companys unique DNA has given more than 8,500,000 gamers the a chance sell their, reach a huge audience and make money from over 30,000 old games. This includes access to a robust community features such as leaderboards, player achievements, profiles, multiplayer, dedicated game forums, and a site-wide leveling system. Our community will only be enhanced with GameStops close relationship with millions of passionate gamers.
Since launching its website in 2008, GameGavel.com has proven extremely popular with gamers who have embraced more classic and hard to find out of print games, such as beat-em-ups, schmups, adventure, RPG and platforming games. Likewise, shopper have found GameGavels revenue-sharing business plan attractive compared to the cost of selling their products on shady craigslist sites or paying high mark-ups on ebay.
About GameStop Corp. Headquartered in Grapevine, TX, GameStop Corp., a Fortune 500 and S&P 500 company, is the world's largest video game and entertainment software retailer. The company operates 6,486 retail stores in 17 countries worldwide. The company also operates an e-commerce site, GameStop.com, and publishes Game Informer(R) magazine, a leading multi-platform video game publication. GameStop Corp. sells new and used video game software, hardware and accessories for video game systems from Sony, Nintendo, and Microsoft. In addition, the company sells PC entertainment software, related accessories and other merchandise. General information on GameStop Corp. can be obtained at the company's corporate website:
http://www.gamestopcorp.com .
About GameGavel LLC. Since launch, GameGavel has grown to over 9,000 members, has hosted over 800,000 auction listings and has sold nearly $450K in merchandise. GameGavel currently registers 75-150 new members each month with little to no marketing and has over 7,800 Facebook fans. At this time, GameGavel is the most successful and only dedicated video gaming auction and marketplace website in the world.
Safe Harbor This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may include, but are not limited to, the outlook for fiscal 2014, future financial and operating results, the company's plans, objectives, expectations and intentions, and other statements that are not historical facts. Such statements are based upon the current beliefs and expectations of GameStop's management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. GameStop undertakes no obligation to publicly update or revise any forward-looking statements. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: the risk that the proposed transaction may not be consummated or the timing to consummate it may change; GameStops ability to effectively integrate the merged business and to achieve the value creation contemplated by the proposed transaction; the inability to obtain sufficient quantities of product to meet consumer demand, including console hardware; the timing of release of video game titles for next generation consoles; the risks associated with expanded international operations;the impact of increased competition and changing technology, including alternative methods of distribution, in the video game industry; and economic and other events that could reduce or impact consumer demand. Additional factors that could cause GameStop's results to differ materially from those described in the forward-looking statements can be found in GameStop's Annual Report on Form 10-K for the fiscal year ended January 30, 2014 filed with the SEC and available at the SEC's Internet site at
http://www.sec.gov or
http://investor.gamestop.com ... and yes this is a April Fools Joke!
Contacts
Chris Olivera
Vice President,
Corporate Communications and Public Affairs
GameStop Corp. (817) 792-7182
or
Mike Kennedy
President
GameGavel LLC
(949) 842-7196