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News   Take-Two Gettin' Busy
- Posted By Mike Schneider, 08.16.2001

If one thing is for certain, Take-Two is would be an interesting investment right now...


NEW YORK--(BUSINESS WIRE)--Aug. 16, 2001--Take-Two Interactive Software, Inc. (NASDAQ:TTWO) today announced that effective July 31, 2001 it completed the sale of the U.K. Jack of All Games fulfillment operations to Freightmaster Services, a U.K. based leader in the field of warehousing, fulfillment, distribution and logistics.

In connection with the sale, Freightmaster Services will act as the exclusive UK product fulfillment house for Take-Two's products for the next three years. Freightmaster Services will also continue to provide fulfillment and distribution services for other third-party console publishers.

As a result of the transaction, Take-Two expects to record a non-operating gain in its fiscal third quarter ended July 31, 2001 of approximately $700,000 net of tax, or $0.02 per fully diluted share. During the past 12 months U.K Jack of All Games recorded revenues of approximately $5 million and generated a net loss.

"This transaction is representative of management's continuing focus on the expansion of Take-Two's core publishing business in Europe," said Kelly Sumner, Chief Executive Officer of Take-Two Interactive Software. "The utilization of Freightmaster's services and expertise will provide us a cost effective manner to maximize our fulfillment capabilities in the U.K. as our product range continues to expand."

"We are delighted to have been able to join with the management of U.K. Jack of All Games in completing this exciting acquisition," stated Jim Templeton, Chairman of Freightmaster Services. "We look forward to providing an exceptional service to the industry in the future. We wish to assure both old and new customers that we, together with U.K. Jack of All Games management, are fully committed and dedicated to this goal."


This is all coming in a build up for their August 29th third quarter financial report.

Source: Business Wire