SOURCE: Red Mile Entertainment
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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.