Bugeye Technologies Inc., a manufacturer of innovative displays for arcade games and simulation devices, announced that the company has closed its first round for common stock investors. The company reached its target investment level more rapidly than expected and raised the maximum amount by August 25, 2003. These funds are sufficient for Bugeye to complete its spinout from the Boeing Company, establish independent operations, and begin manufacturing and sale of Bugeye products. Bugeye products utilize Boeing patented technology.
Initially, Bugeye Technologies Inc. (Bugeye) plans to manufacture products for the coin-op amusement and PC game centre markets. Bugeye Technologies has manufactured a 6-window coin-op simulator that uses innovative display technology to produce a continuous virtual image. This product provides game players with an immersive feel with more powerful depth and peripheral cues. Bugeye's first product features the game BlazeTM, a flight-based, combat simulation game set in a series of landscapes with four levels that include shooting at helicopters in canyons, flying through lava levels with glowing boulders firing back, a moonscape with alien craft and shock wave explosions, and high-flying jets over tree-lined textured terrain with water.
BlazeTM takes fullest advantage of the Bugeye hardware and provides intense and exciting game play that immerses the player into a powerfully exciting visual experience. A market test is underway at Aladdin's Castle at Capital Mall in Jefferson City, Missouri, a site operated by Namco America and selected for its suitability and specific characteristics as a market test site.
Bugeye's launch is a result of the Boeing Chairman's Innovation Initiative effort to develop new ventures to apply innovative technologies to new markets. Bugeye is utilizing jet fighter pilot combat simulation technology to develop entertainment and training products.
Bugeye products will be sold mainly through distributors, but direct-to-retail purchases are available on their website,
www.bugeyetech.com.
