Game developer and publisher Conspiracy Entertainment Corp. today publicized that it has eliminated $2.6 million of its debt through a contract with Swing! Media AG. The Santa Monica, Calif.-based company added that it will receive the U.S. and European publishing rights for a soon-to-be-announced game, a much-needed step toward financial progress the company could not have made with its previous debt.
"In the past few months we have removed over $3.8 million in debt from our books, and our balance sheet is now in order. We are now poised and ready to concentrate in generating revenues for the remainder of 2004," said Keith Tanaka, CFO, according to Business Wire.
The company will release further details of the two announcements in its next quarterly report.