10T Asia undergoes restructuring process to focus on investments and executive production of third-party handheld, console and online game titles.
FOR IMMEDIATE RELEASE
Singapore, 27 March 2008 - 10TACLE STUDIOS PTE LTD (10T Asia), a leading developer and producer of high-end computer and video games is seeing the departure of their Chief Executive Officer (Asia Pacific), Mr. Aroon Tan.
Since its incorporation in 2004, the Asian headquarters for its German public-listed parent company 10TACLE STUDIOS AG (Darmstadt, Germany) has been led by the sure hand of Mr. Tan, who is moving on to pursue his personal evangelistic interest in nextgeneration virtual worlds. Whilst 10T Asia has accepted the resignation of its pioneer and founder with deep regret, 10T Asia looks forward to working closely with Mr. Tan in a series of up-and-coming virtual world and online media projects.
Taking over the reins at 10T Asia will be the shareholders’ unanimous choice, Mr Alex Loo, who will become Managing Director with immediate effect. Mr Loo was previously the Director of Corporate Planning and the Acting Director of Finance over the past 2 years. Mr. Loo looks forward to supporting Mr. Tan’s new venture and other trail blazing companies by focusing the 10T Asia business towards investing and providing executive production services to third-party creators of sophisticated digital media content. Taking into account the explosive growth of credible and highly talented studios in the region and the partnership with the Asia Games&Media Private Equity Fund, 10T Asia is streamlining corporate focus to form an agile business entity intent on identifying and investing into the most promising and potentially profitable up-and-coming studios and game titles in order to maximise stakeholder values. Mr. Loo maintains that the ability to constantly adapt to the landscape of the effervescent digital media market will create long term value through strategic realignment of business operations. Already on the cards are potential investments into locally produced handheld titles and the attraction of an overseas studio to set up base in Singapore to begin pre-production of an?? MMO game.
In light of front-line research predicting double-digit annual growth for the video gaming industry in Asia Pacific, reaching $18.8 billion in 2011 (Source: Pricewaterhouse-
Coopers LLP), 10T Asia looks forward to being a nerve centre for the growth of this industry in Asia, by taking advantage of its comprehensive networks and expertise.
‘Asia Games Fund looks forward to working with the new management on the exciting local projects and to capitalise on the games boom in Asia’– Mr. Raphael Tham, Director– AGMPE Fund
‘As our Asian Headquarters, 10T Asia has contributed hugely to the bottom line of the group for 2007 and we are confident that with this refocus, the new team will continue to spearhead our expansion into the whole of Asia’– Mr. Kay Kr?mer, Nominee Director– 10TACLE STUDIOS AG
‘10T Asia was borne out of the strength of the industry, and with this refocusing of the business, 10T Asia continues to involve and revolve around what unique Asia is offering to the world. I believe we will continue to add value to each new product from conception to launch and by building up strong alliances in the region, we will be in tandem with the explosive growth of the online digital media and games industry.’– Mr. Alex Loo, Managing Director - 10TACLE STUDIOS PTE LTD
For further information:
10TACLE STUDIOS PTE LTD
Ph: 6221 2478