Acclaim raises $13.0 Million

Acclaim raises $13.0 Million

Global video entertainment software developer and publisher, Acclaim Entertainment Inc., announced on Monday that it raised $13.0 million as a result of the sale of common stock and the prepayment of notes from each of the Company's Co-Chairmen. The funding was completed on June 5, 2003. "We are pleased to announce the completion of this transaction, which strengthens our organization going forward," said Rod Cousens, Chief Executive Officer of Acclaim. Gregory Fischbach and James Scoroposki, Co-Chairmen for Acclaim, each prepaid $2.0 million ($4.0 million in total) of their outstanding notes due to the Company on August 31, 2003, for the purchase of common stock upon the exercise of their warrants.