Real Time Worlds Receives Next-Stage Funding for GBP 1.05 Million

Business Wire, May 13, 2004

Business Editors/High-Tech Writers

E3Expo 2004

LOS ANGELES--(BUSINESS WIRE)--May 13, 2004

Company, whose founders include creators of "Grand Theft Auto"

and "Lemmings," will use the investment to penetrate multiplayer,

online gaming market

Real Time Worlds, the Scottish-based games development studio, today announced an investment of GBP 1.05 million ($1.75 million) by the Helsinki-based CIM Venture Fund for Creative Industries and Scottish Enterprise. The funding will be used to deliver new technologies, including two upcoming titles, one of which will be the company's first offering into the online games market.

Real Time Worlds, founded in March 2002, is led by three game industry veterans who are responsible for some of the world's most popular games. David Jones, founder of DMA Designs, developed "Grand Theft Auto" and "Lemmings." "Grand Theft Auto" has become one of the most successful series of games in the world with the original and its sequels selling approximately 20 million copies across multiple platforms. Ian Hetherington, former managing director of Sony Computer Entertainment Europe, founded Psygnosis, one of the United Kingdom's first videogames publishers, responsible for "Wipeout" and "Destruction Derby." Tony Harman, former director of development and acquisition for Nintendo of America, was the executive producer of the "Donkey Kong Country" franchise.

"The creative abilities of Real Time World's management team combined with their stellar achievements in gaming make this company an exciting and critical investment target," said Eero Iloniemi, partner at Creative Industries Management. "Real Time Worlds is now poised to be a pioneer in the industry's next evolution - online gaming."

The company is currently developing two titles, including one for a major global partner to be announced shortly and a title for its emerging online unit. Each title will contain the same ground-breaking content for which the company is revered. The company has been advised by games specialist McCabe's throughout this funding round and plans to use part of the funding to expand its engineering and creative staff.

"Real Time Worlds stands as an example of the creative talent in the Scottish gaming community," said David Jones of Real Time Worlds. "With this investment, Real Time Worlds is set to bring the level of quality, exciting games to the multi-player, online gaming market."

The company, which has 40 employees, is part of the gaming community in Dundee, Tayside, Scotland. Dundee's mix of industry, government and academic institutions and resources has made it a key location in the world's gaming industry. Real Time Worlds is using this environment to develop the next level of gaming content and intellectual property.

"Over the past 10 years, Scotland has proven itself a powerhouse in the international gaming industry," said Andrea Young, investment manager at Scottish Enterprise. "We are pleased to support the next wave of innovation through this investment in Real Time Worlds. With its combination of cutting-edge technology and the talent of its management team, Real Time Worlds is an example of the best that Dundee has to offer."