SouthPeak Forms Publicly Held SouthPeak Interactive Corporation

Publisher SouthPeak (Two Worlds), in partnership with Global Services Partners, has announced it has formed a new publicly held company, SouthPeak Interactive Corporation, and said the new company expects $30 million in sales at the end of its current fiscal year, up 140 percent from the year prior. SouthPeak says going public will help it "access the public markets to accelerate its growth strategy and take advantage of strong industry growth trends." Current SouthPeak execs Terry Phillips and Melanie Mroz are due to become chairman and CEO, respectively, and together with other management will own 42 percent of the corporation. SouthPeak has recently published the open-world RPG Two Worlds, action adventure Monster Madness, and GBA and DS titles Juka and the Monophonic Mencace and Scurge: Hive. The company is expected to soon launch PS2 footracer Iridium Runners and designer toy creator Shawnimals' DS platformer Ninja Town. Said Phillips, "This transaction brings SouthPeak public at an opportune moment in the video game industry. Overall industry sales are growing rapidly and the customer base is diversifying, opening up significant opportunity for new video game products. SouthPeak is very well positioned to deliver unique and profitable game concepts and drive substantial stockholder value as a result."