SOURCE: Red Mile Entertainment

March 05, 2008 09:00 ET

Red Mile Entertainment Restructures Operations; Appoints Simon Price as President

SAUSALITO, CA--(Marketwire - March 5, 2008) - Red Mile Entertainment (OTCBB: RDML), a worldwide developer and publisher of interactive entertainment software, today announced that it is restructuring its operations.

"We are going through a significant reorganization and changing our product distribution strategy," said Chester Aldridge, CEO. "We are restructuring our operations to substantially reduce operating costs and optimize our distribution model so that we can deploy a greater proportion of our capital into product development and maximize the value of the properties we own or control."

As part of the restructuring process, Red Mile has appointed Simon Price as its new President. Mr. Price replaces Glenn Wong, who resigned from the Company effective February 29, 2008. Mr. Price has served Red Mile in a consulting role since the company's formation in 2004. He has assisted the company in its efforts to identify and secure rights to key franchise titles, and has provided support on product development strategy. As part of the restructuring plan, the Company's Chief Financial Officer, Ben Zadik, resigned effective March 1, 2008, but will remain with the company in a consulting role for at least the next 60 days.

"Red Mile is at a critical stage in its progression as a publisher of world-class game franchises," said Mr. Price. "We are making changes to streamline costs while increasing our focus on the development of high-quality games. I am excited to have the opportunity to work with Chester and the Red Mile team during this transition."

Prior to joining Red Mile, Mr. Price was a market analyst with International Development Group, a video game consulting company based in San Francisco, California, where he consulted for leading video game publishers, hardware manufacturers, retailers and investment banks. Mr. Price remains on the IDG advisory team.

About Red Mile Entertainment, Inc.

Red Mile Entertainment, Inc. is a worldwide developer and publisher of interactive-entertainment software. Red Mile creates, incubates, and licenses premier intellectual properties and develops products for console video-game systems, personal computers, and other interactive entertainment platforms. For more information about Red Mile Entertainment, Inc. please visit our web site at http://www.redmileentertainment.com.

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