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09 OCTOBER 2008, SINGAPORE - INFOCOMM ASIA HOLDINGS ON TRACK TO FULFILL ITS “ONE MARKET ONE ASIA” VISION AS IT IS SET TO EXCEED REVENUE TARGET OF S$20 MILLION FOR FY2008 AND HAS APPOINTED LAZARD TO LOOK AT NEXT STAGE OF GROWTH
Infocomm Asia Holdings Pte Ltd (“IAHGames”), a major online game Publisher and Operator in South East Asia, is on target to achieve and exceed its projection of S$20 million in revenue for FY2008.
* Generated record turnover of S$11 million in H1FY08
* Forecasts 20% higher revenues for H2FY08 from holiday season sales and new game releases
* Further revenue increase in FY2009 from new AAA-rated games
As of 30 June 2008, it has already achieved a turnover of S$11 million, or more than half of its target revenue for FY08. The strong first half results reflects the success of the Group’s strategy in bringing the world’s best games to South East Asia.
Said IAHGames’ Chief Executive Officer, Mr. Roland Ong, “Our record half-year revenue of S$11 million – has exceeded our own target. We are confident of surpassing the S$20 million that we had forecasted last year for the whole of FY2008. Indeed, we expect to exceed our revenues by 20% in the second half of the year with the commercial release of more new games.
IAHGames CEO Roland Ong speaks at a press conference as Lazard Asia Managing Director Harish Parameswar looks on. IAHGames revealed they will be working with Lazard Asia as the company continues to grow.
In Q1 this year, the company secured an agreement with US-based NASDAQ-listed Take-Two Interactive Software, Inc. to distribute certain of its blockbuster games in South East Asia. These games include the record-breaking Grand Theft Auto IV, Midnight Club: Los Angeles, BioShock® for the PLAYSTATION®3 system, NBA® 2K9 and other popular triple A-rated titles. Grand Theft Auto IV broke all-time entertainment sales records within 24 hours of its launch, selling approximately 3.6 million units . The game claims to achieve two world records:
* Highest Revenue Generated by an Entertainment Product in 24 Hours
* Highest Grossing Video Game in 24 Hours
IAH expects its performance to continue its uptrend in the second half of 2008 with the launch of Grand Theft Auto IV (PC version), and the highly anticipated Midnight Club: Los Angeles, BioShock for the PLAYSTATION 3 system and NBA 2K9.
Said Mr Ong, “We are on track to realize IAHGames’ “One Market One Asia” vision. Our recent performance demonstrates our ability to deliver on our promises and our potential to create even greater value for the long term. We have delivered solid financial results and expanded our portfolio of leading titles. We also worked hard to expand our distribution network with top games operators in the region. We are ready for our next phase of growth, hence we have appointed Lazard, to evaluate various strategic options including partnerships with and fund raising from potential investors.”
Lazard is one of the world's pre-eminent independent financial advisory and asset management firms, providing advice on mergers and acquisitions, restructuring and capital investment, as well as strategic financial services to corporations and governments.
Said Lazard Asia’s Managing Director, Mr. Harish Parameswar, “We are delighted to work with a strong and experienced team at IAH led by industry veterans like Roland.”
Future Outlook and Expansion Plans
The South East Asian online games market is expected to grow by 17% per annum. The introduction of new game genres, increased broadband subscription and the proliferation of Internet cafes will be key drivers going forward. Asia Pacific also continues to be one of the fastest growing video game markets globally and is expected to reach US$18.9 billion in size by 2011, growing at about 10% per annum.
IAHGames is optimistic of doubling its revenue for FY2009, with the company realizing its revenue from sales of the EA SPORTS™ FIFA Online 2 for the full year, and from the launches of more games throughout FY09. The company will also benefit from its established distribution channels in South East Asia. Another AAA online title for IAH offering is Dragonica, one of the top anticipated games of the year. It is a 3D fantasy, action-oriented MMORPG developed by Barunson Interactive and published by various publishers including THQ Inc. (for the United States) and NCSoft (for South Korea).
About Infocomm Asia Holdings Pte Ltd
Based in Singapore, IAHGames is a leading publisher, operator and distributor of online games in South East Asia. IAHGames currently hosts award-winning titles such as Dragonica, EA SPORTS™ FIFA Online 2, Granado Espada, Top Speed, Hellgate: London, and certain packaged goods titles from global publisher Take-Two Interactive Software, including hits such as Grand Theft Auto IV and an upcoming title from the blockbuster Midnight Club series. Leveraging on Singapore’s strategic geographical location and advanced IT infrastructure, IAHGames continues to strengthen its position to consolidate the world’s fastest growing online games market while helping publishers and developers bring the world’s best games to South East Asia.
For more information please visit www.iahgames.com.
About Lazard
Lazard, one of the world’s preeminent financial advisory and asset management firms, operates from 40 cities across 23 countries in North America, Europe, Australia, Asia, Central and South America. The firm provides advice on mergers and acquisitions, restructuring and capital raising, as well as asset management services, to corporations, partnerships, institutions, governments and individuals.
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