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WirelessDevNet.com Press Release
Mobile Game Publisher And Developer Reaxion Closes $2 Million in Series a Financing
SEATTLE, WA - September 2, 2005 - Reaxion Corporation, a market-leading publisher and developer of mobile games, today announced it has closed two million dollars in Series A financing with i-Hatch Ventures, a $100M early stage venture fund which specializes in the mobile data services industry.
i-Hatch was attracted to Reaxion's growth potential and its proven ability to create compelling cell phone games that run on a wide variety of handsets and carriers.
Since its founding in 2001, Reaxion has built a solid portfolio of award-winning titles. This round of financing will allow the company to deepen its 2005-2006 product pipeline and expand its distribution and marketing capabilities on a global basis. Reaxion's successful branded titles include Paramount's The Longest Yard and Nickelodeon's Bleeposaurus.
In addition, Minigolf 2, Mahjong Deluxe and Pro Curling are examples of Reaxion's own growing list of dynamic self-published titles.
“Reaxion is on track to quadruple our game catalog in the next year,” said Misha Lyalin, president and CEO for Reaxion. “Our partnership with i-Hatch will allow us to expand our self-publishing efforts, while strengthening our already solid relationships with the mobile operators and suppliers. We are extremely excited about working with i-Hatch because of their impressive track record of building high-potential start-ups into mature and lucrative businesses.”
“We've been impressed with what Reaxion has been able to achieve with no outside funding. The Company's deep portfolio of award winning titles and its strong carrier relationships made Reaxion a solid investment opportunity. Together, I'm confident that we can grow Reaxion into a highly profitable and market-leading mobile publisher,” said Brad Farkas, General Partner of i¬ Hatch Ventures. “In addition, Reaxion's growing portfolio of technology assets including its Gamarama™ multiplayer engine and Multimedia Content Delivery Platform™ gives the Company a competitive advantage that few can match. We feel these combined strengths make Reaxion a high-value player in the mobile gaming space.”
The exact terms of this agreement are confidential. For more information on Reaxion, visit www.reaxion.com.
About Reaxion
Founded in 2001, Seattle-based Reaxion is a market leading publisher and developer of cutting edge 3D, 2D and multiplayer mobile games. With titles available through more than 50 top CDMA and GSM wireless carriers, Reaxion has access to over 160 million subscribers worldwide. Our mission is to create games featuring engaging situations, dazzling graphics, dynamic gaming communities and top entertainment brands. As a mobile entertainment publisher and developer, Reaxion makes it easy for established entertainment companies, including Paramount, Warner Music Group and Nickelodeon, to take their content and license assets to the mobile market. Reaxion has published successful titles including Fight Hard 3D, Pro Curling, Mahjong and Minigolf. For more information on the Reaxion, visit Reaxion's Web site at www.reaxion.com.
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