DIGITAL ENTERTAINMENT PIONEER TELLTALE, INC. INCREASES FUNDING TO $1.4 MILLION
Keiretsu Forum contributes to successful bridge round
FOR IMMEDIATE RELEASE
SAN RAFAEL, CA, February 28, 2006 -- Telltale, Inc., a rapidly growing digital entertainment pioneer, today announced that it has closed a $825,000 Convertible Bridge Note. The nation's largest angel investment network, the Keiretsu Forum, made significant contributions to this funding initiative. This brings Telltale's total seed funding to $1.4 million, enabling the company to expand its innovative entertainment initiatives through investments in additional popular licenses, technology development, and marketing. Telltale has been assisted by the financial advisory firm avanceventures in the acquisition of all seed funding.
"The Internet is revolutionizing media and content distribution in the multi-billion dollar entertainment industry: music, video, shopping, games -- you name it!" said Dan Connors, CEO of Telltale, Inc. "With our first titles based on Jeff Smith's popular comic books, Telltale is releasing accessible, innovative, interactive stories for the masses. This expansion funding gives us the ability to move even more aggressively in key areas of our business and further accelerate our company's strategy and growth."
"Here is a great example of the Keiretsu Forum ecosystem in action," said Colin Wiel, Chapter President of Keiretsu Forum San Francisco. "Matthew Le Merle, a Keiretsu Forum member and also the Chairman of Telltale, introduced the company to Keiretsu Forum. Keiretsu Forum members recognized a fantastic investment opportunity, and stepped forward with funding."
Telltale delivers high caliber entertainment experiences which feature engaging stories, strong characters, and rich environments. In 2005, Telltale released its first major downloadable episodic title Bone: Out from Boneville and is currently preparing the next installment for release this spring. Adding to their portfolio of great licenses, Telltale has formed an alliance with Steve Purcell to create new Sam & Max adventures. Telltale is also bringing characters and storylines from television's most popular show to life in CSI: 3 Dimensions of Murder, which Ubisoft will publish this spring. With Telltale's new Arcade, launched this past January, the company expands it's presence in the rapidly growing casual games market, which has a compound annual growth rate of nearly 200% according to estimates from industry analysts at IDC.
"Telltale represents one of those rare opportunities when a seasoned team launches a new company into an emerging industry just as it begins to take off. In just the twelve or so months since Telltale was founded, we have seen an explosion of interest in digital content and the downloadable model. Telltale is at the forefront of this transformation." said Matthew Le Merle, Chairman of Telltale.
About Telltale, Inc.
Telltale delivers Tales for Your Imagination -- high caliber interactive entertainment which features engaging stories, strong characters, and rich environments. A new era of interactive entertainment is emerging, with customers expecting more from their investment in play time. Telltale is developing and deploying cinematic quality animation and storytelling technologies, to create entertaining and exciting interactive adventures which meet these new expectations. Staffed with long time industry veterans, Telltale is currently creating tales based on Jeff Smith's Bone series, Steve Purcell's Sam & Max characters and television's popular CSI program in partnership with Ubisoft. Telltale offers content development and custom publishing services for license-holders interested in adapting their properties for interactive delivery. Telltale has created innovative tools, designed specifically for rapid development of high quality, space-efficient titles for digital distribution. Telltale titles can be downloaded from its website powered by Digital River, as well as online partners such as Yahoo! Games, Big Fish Games, Direct2Drive, Trymedia Systems, Boonty, and CNET. To learn more about Telltale, please visit: www.telltalegames.com
About Keiretsu Forum
Keiretsu Forum is North America's largest angel investor network with over 400 accredited private equity investors, venture capitalists and corporate/institutional investors. Keiretsu Forum members invest in high-quality, diverse investment opportunities - collaborating on due diligence but making individual investment decisions. The Forum has thirteen chapters in the United States and Canada that provide early-stage and seed capital in the range of $250K-$1.5MM. Through the Keiretsu Forum Charitable Foundation, Keiretsu Forum members support local communities in providing more than $250K in gifts annually to worthy causes. For additional information, please visit www.keiretsuforum.com.
avance, headquartered in San Rafael, California, is a business valuation, management consulting and mergers and acquisition firm focused on helping privately held companies maximize their financial objectives. avance assists its clients with capital formation, mergers and acquisitions, joint ventures and alliances. avance brings fundraising capabilities to ensure its clients' achieve their objectives. To learn more about avance, please visit: www.avanceventures.com
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under securities laws of any such state or jurisdiction.
Forward Looking Statements
This press release contains forward-looking statements made in reliance upon the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The statements contained herein which are not historical facts are considered forward-looking statements under federal securities laws. Such forward-looking statements are based on the beliefs of our management as well as assumptions made by and information currently available to them. Telltale undertakes no obligation to update such forward-looking statements. Actual results may vary significantly from these forward-looking statements based on a variety of factors.