Maui, Hawaii, March 18, 2002 -- The Maui Aloha
Investment Fund LLC, a seed-level investment fund created
to attract new and existing technology companies to Maui,
announced today that it is holding an open call for business
plans to develop major-platform-based video games suitable
for mainstream consumer retail sales. The Hawaii International
Video Game Development Competition is the first of several
initiatives by the Maui Aloha Investment Fund LLC (www.mauialohafund.com).
The call for entries for the Hawaii International Video
Game Development Competition begins March 18, 2002; the
deadline for entries is May 15, 2002. Five winning submissions
will be selected by June 15, 2002. Winners will be awarded
assistance and support to complete the game plan, recruit
and staff a development team, and secure a publishing
contract. In exchange for a funding contract, winning
entrants will be required to develop the game software
in Maui, leveraging on-island resources and professionals.
In addition, winners will appear on a future edition of
the PBS TV show "Computer Chronicles".
"Based on 1999, 2000 and 2001 video game sales and
video game console shipments from Microsoft, Sony and
Nintendo, which have risen consistently and significantly,
we expect major new sales of video games in the Christmas
2002 and 2003 seasons," said Ken Coleman, Maui Aloha
Investment Fund LLC advisor and Acclaim board member.
According to a research report released by NPDFunworld,
the U.S. video game industry generated $4.3 billion in
revenue in the first nine months of 2001, up 34 percent
from the same period a year earlier, largely driven by
sales of the Sony Playstation. In addition, sales by number
of units for game hardware, software and accessories rose
12 percent for the first nine months of 2001. Moreover,
the organization forecasted that the launch of Microsoft's
Xbox and Nintendo's GameCube would likely surpass 1999's
record $6.1 billion in U.S. revenue. (Source: Reuters,
November 14, 2001, http://news.com.com/2100-1040-276050.html?legacy=cnet)
"The Hawaii International Video Game Development
Competition meets the objectives of the Maui Aloha Investment
Fund LLC, because the competition will bring high tech
resources and high tech managerial experience to Maui's
graphic arts, programming and video development community,
to help create high tech business and career opportunities,"
said David Fradin, co-founder of the Maui Aloha Investment
Fund LP. In addition, costs in the game development should
qualify for the new State of Hawaii tax incentives --
the unprecedented initiatives enacted in June 2001 to
encourage high-tech jobs and high-tech corporate development.
About the Hawaii International Video Game Development
Plans should include a description of the concept, game
play mechanics, technical feasibility, authors' capabilities
and experience, and a development plan. For additional
details about the competition please visit www.mauialohafund.com/game.asp.
Entrants will submit plans to David Fisher, director
of the Maui office of the Hawaii Small Business Development
Center (SBDC) Network at 808-875-2402 or through http://www.hawaii-sbdc.org.
About the Maui Aloha Investment Fund
The Maui Aloha Investment Fund LLC, formed in 2001, is
a seed-level investment fund created to attract new and
existing technology companies to Maui, Hawaii For more
information about the Fund, please visit www.mauialohafund.com.
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