Online game developer Icarus gets $ 1.1 million-News and observer

Studios Online Games developerIcarus resulted in 1.1 million USD in new funding from the maker, collector of toys and action figures.

The transaction makes based on the New Jersey company, National Association of collectibles Entertainment, owner of most of the activities of the Cary 40-employee and provide much-needed "financial stability," said Stephen Gentzler, the accounting officer Icarus.

At the same time as Cary-gaming company Fallen Earth, which has 14 employees and is an affiliated company with the title shared by investors, has become an independent company, "said Gentzler. Both companies will retain their local presence.

They are part of the blossoming industry triangle video game, which contains dozens of small enterprises and capture the biggest players. The largest is based in Cary, Epic Games, best known for his series of "Gears of War", which sold more than 12 million copies.

In may, the financial woes on Icarus and Fallen Earth triggered major restructuring this involved laying off 75 workers and coincided with the resignation of co-founder and CEO Jim Hettinger, North Dakota.

That restructuring was in the context of recession induced recession in the sale of video games. The latest data from market researcher NPD Group Show retail video games, software and accessories rose 3 percent in February compared to the previous year.

Icarus focuses primarily on the development of online games for other persons who have been reluctant to commit themselves to the Icarus taking into account its financial matters, said Gentzler. The company's latest game, developed for mark Ecko Entertainment, this is a video game version of the hit Showtime series "Dexter."

Contract with national Entertainment "gives us the financial stability," said Gentzler. "We have some cash in the Bank and the new owner of the majority ... is financially stable and will support the business."

National Entertainment President, Lax Chandra, could not be reached for comment. The company produces data and collectibles from a long list of popular Entertainment franchises, such as the movies "Harry Potter" and "Pirates of the Caribbean", thanks to a license from the entertainment business.

More jobs expected

Icarus develop version online game national Entertainment "heroclix", which features heroes of comics and is scheduled to be released next month, said Gentzler.

Icarus expects to expand its workforce as the lands of new businesses. "We have several contracts until now," said Gentzler.

In conjunction with its new aid to the cash Icarus also converted 7 of millions of dollars from an existing debt into equity, said Gentzler.

Phil Hall, CEO of Icarus and Brad Lineberger, Chief Technical Officer of the company's remaining activities. Gentzler, said he will be departing after a transitional period as part of the consolidation of financial operations, but expects it to remain the principal accounting officer of the Fallen Earth on the basis of the agreement.

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