Artifact Entertainment Files For Reorganization
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ARTIFACT ENTERTAINMENT FILES FOR VOLUNTARY REORGANIZATION UNDER CHAPTER 11 TO RESTRUCTURE DEBT
Horizons: Empire of Istaria Game Fans Will Experience No Interruption in Play; Within Horizons, It's Business As Usual
July 19, 2004, Mesa, Ariz. - Artifact Entertainment, developers of the award-winning massively multiplayer online role-playing game (MMORPG) Horizons: Empire of Istaria, announced today that to restructure its debt and strengthen its competitive position, the Company has filed a voluntary petition for reorganization under Chapter 11 of the U.S. Bankruptcy Code. This action was primarily due to an inability to reach a mutually satisfactory agreement with a key vendor.
The company is also in active discussions with other gaming industry players, with due diligence underway by a seriously interested company that may make an offer to acquire the assets of the company, and retain key staff to maintain operations of its Horizons game. Horizons has a worldwide following and is played by tens-of-thousands of fans in nearly 40 countries spanning territories in Asia, Europe and North America. Players are able to download Horizons for a free seven-day trial and subsequently subscribe to the game for a one-, three-, six or 12-month commitment period.
Artifact Entertainment President and Creative Director, David Bowman, said, "Artifact Entertainment is a wonderfully creative company. We have an excellent game subscriber base through our Horizons property. We have been taking prudent steps to improve cash flow during the past seven months. Unfortunately, we have not yet been able to reach a satisfactory agreement with a key vendor. We strongly reiterate that Horizons fans and their game play will not be affected by the Chapter 11 filing."
About Artifact Entertainment
Artifact Entertainment, founded in November 1999, is a privately held software development company currently focused on the subscription-based massively multiplayer online game, Horizons: Empire of Istaria. Its mission is to provide subscription-based quality online entertainment experiences using superior technology, proven design methods, broad market appeal, customer satisfaction and the highest quality staff. To find out more about Artifact Entertainment, visit www.artifact-entertainment.com.
About "Horizons"
Developed by Artifact Entertainment and published by Atari, the MMPORPG Horizons: Empire of Istaria launched in December 2003 and currently boasts an avid following of tens-of-thousands of players worldwide. The ability to dynamically add content coupled with a first-rate crafting system has provided Horizons fans with uniquely changing game experiences. Players are also able to take on 11 fantasy roles ranging from dragon and elf to fiend and half-giant while meeting friends that circle the globe. For more information on Horizons visit www.istaria.com.
