Maui, Hawaii and Saratoga, California, February 17, 2005 – Maui, Hawaii and Saratoga, California, February 22, 2005, Maui Games announced today that it has received a “comfort letter” from the State of Hawaii’s Department of Taxation giving it the status of a Qualified High Tech Business (QHTB). Hawaiian investors who purchase equity in QHTB corporations receive State tax credits for helping to create jobs and foster economic growth in Hawaii.
“MauiGames plans to hire artists and programmers that are currently in Hawaii, formerly lived in Hawaii, and/or would like to live in Hawaii to work on its line of cell phone games,” said David Fradin, president of MauiGames. “Since game development can be done with small teams of programmers and artists working in a “virtual” fashion, people can work in Hawaii, enjoy Hawaii’s high quality of life, yet still compete in the global technology arena,” Fradin continued.
MauiGames has targeted the rapidly growing cell phone game, applications, wallpaper, and ringtones businesses. In 2003, according to the research firms Gallup and Scarborough, over 37 million Americans were playing games on their cell phones. This number is projected by Wireless Game Developer Review to grow 25-35% annually through 2008. Sony On-Line Entertainment projects the market size to be $9 Billion by 2009. MauiGames estimates about 300 million game-enabled cell phones are currently in distribution worldwide, and over the next 18 months, MauiGames expects that over 80% of cell phones in use will be game-enabled.
MauiGames was initially supported by the Maui Aloha Investment Fund, a venture capital investment firm promoting Hawaiian-based participation in emerging markets. “Historically, angel and venture capital investors obtain the best returns when the companies they help finance are targeting large potential markets and are posed to grow fast within those markets. Maui Aloha has taken that strategy with us. Other investment firms have supported cell phone game developers including Digital Chocolate and Jamdat, who recently concluded an $84 million IPO. Obviously, they’re in on a good thing,” Fradin noted.
To learn more about MauiGames, visit us on the web at www.mauigames.us
MauiGames is a premier content developer for the rapidly growing mobile gaming and applications market. Founded in April 2002 by successful game developers and high-tech veterans, MauiGames focuses on innovation and excellence, developing mobile applications that capture the mind and heart. The company has attracted world-class game development talent, from artists to engineers, and has developed proprietary technology to deliver advertising embedded in games.
“Maui Games na ka oi.”