Laser Storm Inc. Announces Acquisition Of Coral Springs, Fla. Location
DENVER--(BUSINESS WIRE)--Nov. 12, 1996--Laser Storm Inc. (NASDAQ:LAZR, LAZRW) on Tuesday announced that it has acquired its first Florida based location in Coral Springs.
The acquisition was a stock and cash transaction. Further financial terms were not disclosed.
The Coral Springs facility was acquired from a Laser Storm third party operator and is one of Laser Storm's top grossing independently operated locations. This stand alone facility currently contains a Galactic Marauders arena with arcade, party rooms and food service.
John McNutt, vice president of finance states: "We are pleased to have acquired the Coral Springs location in Florida. This facility has generated approximately $400,000 in revenue over the past twelve months. We expect that the Coral Springs location will continue to be a high revenue generating facility for the company."
Bob Cooney, chief executive officer of Laser Storm Inc. states: "Florida is a key market for us and the Coral Springs acquisition represents a significant milestone in building our market share in Florida. This deal moves us toward our goal of owning and operating eight to ten stores by the end of 1996. We expect to expand our number of Florida locations during the remainder of 1996 and into 1997. As part of this effort, the Coral Springs facility will serve as Laser Storm's regional office for our Florida locations."
Cooney added: "We will be able to enhance our existing relationship with Namco Cybertainment by using Namco games in the arcade. In addition, the facility is large enough to build a second arena which is in the plans for the near future."
Laser Storm is an operator of themed laser tag arenas, and is a leading manufacturer, designer, developer and distributor of innovative themed laser tag games and systems for the rapidly-growing location-based entertainment industry. Laser Storm has sold over 180 Laser Storm systems worldwide.
The company intends to expand it's revenue base by adding to its company operated facilities through new-location development and by signing license agreements to create new laser tag themed games such as those based on X-Men from Marvel Entertainment Group and the blockbuster movie StarGate.