Conspiracy Entertainment Holdings, Inc. Provides Corporate Update
LOS ANGELES, Jun 24, 2010 (BUSINESS WIRE) -- Conspiracy Entertainment Holdings, Inc. ("Conspiracy Entertainment") (OTCBB: CPYE), through its wholly owned subsidiary, Conspiracy Entertainment Corporation, a developer, publisher and marketer of interactive entertainment software in North America and Western Europe, provides investors and the investment community a corporate update and outlook ahead.
"As the Electronic Entertainment Expo tradeshow has just concluded, I feel that now would be a great time to catch up with our shareholders and report what we have been working on since 4th quarter of '09 as well as provide some information on what we can look forward to in the upcoming months," commented Sirus Ahmadi, CEO of Conspiracy Entertainment.
Over the last six months, the Company has been in a restructuring mode in an effort to improve the capital structure of the Company as well as provide funding opportunities that would enable us to continue growing organically. The one-for-three reverse stock split that became effective on April 22, 2010, reduced the total number of shares outstanding from approximately 75 million to approximately 25 million.
The Company's revenues for the fiscal year that ended December 31, 2009 were $9,600,592 with a gross profit of $1,764,221, compared to revenues of $10,905,490 for the fiscal year that ended December 31, 2008 with a gross profit of $1,986,165. Although the Company did not beat previous fiscal revenue numbers, management continues to have a great positive outlook for the years to come as more and more titles are becoming in demand for multiple platforms.
The Company has been hard at work developing a portfolio of titles for 2010/2011 for most major game platforms and personal computers; releasing Virtual Villagers (DS) and Geon Cube (Wii) in first quarter this year and America's Next Top Model (DS and Wii), based on the popular television series, just a few weeks ago. America's Next Top Model Wii was our largest initial Wii order in quite some time. America's Next Top Model DS had a very strong initial order as well.
The Company has also released a repackaged version of the Think Logic Trainer titles released last year, now branded as thinkSMART Family (DS and Wii) and Kids (DS only), which did more than twice the number of units sold under the original packaging. The Company is anticipating strong sales and reorders throughout the remainder of the year for all of these titles as well as continued sales for Real Heroes: Firefighter (Wii) that was recognized as one of the top 5 shooting games on the Wii for 2009 by IGN Magazine.
Ahmadi added, "We are very pleased with the continued growth of our Company as we are becoming recognized in the gaming industry as a competitive developer, publisher and marketer of video games. We appreciate the support from our shareholders and we will continue to do our best to improve shareholder value through the end of 2010."
About Conspiracy Entertainment Holdings, Inc.
Conspiracy Entertainment Holdings, Inc., through its wholly owned subsidiary, Conspiracy Entertainment Corporation, is a developer, publisher and marketer of entertainment software in North America and Western Europe. The Company develops and licenses properties from several sources, including global entertainment and media companies and publishes software for DVD media, wireless devices, personal computers and video game consoles, including those manufactured by Nintendo, Sony Computer Entertainment, Inc., and Microsoft Corporation. Conspiracy Entertainment was founded in 1997 and is based in Santa Monica, CA.
Forward-Looking Statements
Under The Private Securities Litigation Reform Act of 1995: The statements in the press release that relate to the Company's expectations with regard to the future impact on the Company's results from new products in development are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are subject to risks and uncertainties. Words such as "expects", "intends", "plans", "may", "could", "should", "anticipates", "likely", "believes" and words of similar import also identify forward-looking statements. Forward-looking statements are based on current facts and analyses and other information that are based on forecasts of future results, estimates of amounts not yet determined and assumptions of management. Readers are urged not to place undue reliance on the forward-looking statements, which speak only as of the date of this release. We assume no obligation to update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this release. Additional information on risks and other factors that may affect the business and financial results of Conspiracy Entertainment Holdings, Inc. can be found in the filings of Conspiracy Entertainment Holdings, Inc. with the U.S. Securities and Exchange Commission.
SOURCE: Conspiracy Entertainment Holdings, Inc.
CONTACT:
Conspiracy Entertainment Holdings, Inc. Investor Relations, 516-482-0155 IR@conspiracygames.com
Copyright Business Wire 2010
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KEYWORD: United States
North America
California
INDUSTRY KEYWORD: Entertainment
Electronic Games
Technology
Other Entertainment
Consumer Electronics
Hardware
Software
Other Technology
Social Media
Communications
Other Communications
SUBJECT CODE: Share Issue
