News

GameCom, Ferris merger approved

March 12, 2002

ARLINGTON, Texas - Finally given the chance after a week's delay, shareholders in interactive gaming kiosk designer GameCom Inc. (OTCBB:GAMZ) approved the company's planned merger with virtual reality entertainment company Ferris Productions Inc. on Sept. 21.

The merger is expected to formally take place during the final week of September with the filing of papers in Texas and Delaware. The merger company, GameCom/Ferris, will be headquartered in Arlington, Texas, with operations based in Phoenix.

The shareholder's meeting had been scheduled for Sept. 14. But the terrorist attack in New York City and Washington D.C. on Sept. 11 forced the meeting to be delayed a week.

GameCom/Ferris officials said the merged company would move quickly to consolidate its position in the video gaming, entertainment, and advertising and promotion markets.

"The merger of GameCom and Ferris is a powerful combination with endless opportunities to pursue," L. Kelly Jones, GameCom/Ferris chief executive officer, said in a news release. "Unlike most companies, our primary challenge is prioritizing these opportunities, rather than seeking new ones."

GameCom and Ferris signed a letter of intent to merge on April 18, one day after Ferris said it terminated a letter of intent with Entertainment Technologies & Programs Inc. (ETPI). ETPI filed suit to block the GameCom/Ferris merger. In mid-September, Ferris and GameCom planned to file a motion asking that the suit be dismissed.

In early morning trading on Sept. 24, GameCom was unchanged at 27 cents per share.