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FOR
IMMEDIATE RELEASE
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Miacomet
acquires ACT LABS to create gaming hardware powerhouse
Springfield, MA. December 6, 2000 - Miacomet Inc.
announced today that it has signed a letter of agreement
to acquire 100% of Vancouver based ACT LABS Ltd., a technology
development house and provider of leading PC and console
gaming hardware. ACT LABS Ltd. will become a wholly owned
subsidiary of Miacomet Inc.
As a result of this acquisition, Miacomet has acquired
the leading PC and console hardware development house
responsible for the award-winning Force RS force-feedback
racing system and the RS Shifter, an independent stick
shifter accessory. ACT LABS is known for its extensive
industry contacts as well as its ability to attract game
support for unique and innovative devices.
Miacomet's spatial sensory patents cover a range of hardware
gaming technologies for use with golf, pool, snowboarding,
fishing, and baseball simulations. ACT LABS will contribute
its in-house development expertise to generate multi-platform
products based on Miacomet's proprietary technologies.
"ACT LABS' experienced engineering and development team
will bring our technologies to market quickly," states
Keith Adams, President of Miacomet. " In addition, they
have the resources to evangelize software developers to
support our ground-breaking products."
" The coming together of Miacomet and ACT LABS represents
a significant change in the future of gaming controllers
and what consumers can expect from their video game experience,
" says Alex Pui, President of ACT LABS and now Chief Operating
Officer of Miacomet. " With the support of an unnamed
strategic partner, Miacomet will be releasing a number
of products supporting next generation gaming platforms
in the summer of 2001."
The acquisition, which will be accounted for as a purchase,
is subject to certain closing conditions including satisfactory
completion of due diligence by each party, approval of
each party's Board of Directors, approval of each party's
shareholders, and execution of the Definitive Agreement.
The acquisition is expected to close in the first quarter
of 2001.
Contact: Keith Adams, President
Tel: (413) 787-2500 x103
E-mail: kadams@miacomet.com
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