AKLM Acclaim Entertainment (MM)

Acclaim Entertainment, Inc. Makes Announcement in Accordance With Nasdaq Marketplace Rule 4350(b) GLEN COVE, N.Y., July 9 /PRNewswire-FirstCall/ -- In compliance with NASDAQ Marketplace rule 4350 (b) Acclaim Entertainment, Inc. (NASDAQ:AKLM) today announced that its independent auditors, KPMG, LLP, have included in their independent auditor's report dated June 29, 2004 an explanatory paragraph relating to the Company's ability to continue as a going concern. The auditor's report is contained within the Company's annual report on Form 10-K filed with the Securities and Exchange Commission on July 1, 2004. This explanatory paragraph is not a new qualification, as KPMG's independent auditor reports have included a going concern qualification relating to the Company's financial statements, for each of the Company's past four fiscal years ending August 31, 2001 and 2002 and March 31, 2003 and 2004. About Acclaim Entertainment Based in Glen Cove, N.Y., Acclaim Entertainment, Inc., is a worldwide developer, publisher and mass marketer of software for use with interactive entertainment game consoles including those manufactured by Nintendo, Sony Computer Entertainment and Microsoft Corporation as well as personal computer hardware systems. Acclaim owns and operates five studios located in the United States and the United Kingdom, and publishes and distributes its software through its subsidiaries in North America, the United Kingdom, Australia, Germany, France and Spain. The Company uses regional distributors worldwide. Acclaim also distributes entertainment software for other publishers worldwide, publishes software gaming strategy guides and issues "special edition" comic magazines periodically. Acclaim's corporate headquarters are in Glen Cove, New York and Acclaim's common stock is publicly traded on NASDAQ.SC under the symbol AKLM. For more information please visit our website at http://www.acclaim.com/. The statements contained in this release which are not historical facts are "forward-looking statements." Acclaim cautions readers of this press release that a number of important factors could cause Acclaim's actual future results to differ materially from those expressed in any such forward-looking statements. These important factors, including, without limitation, the financial strength of the interactive entertainment industry, dependence on new product introductions and the ability to maintain the scheduling of such introductions, technological changes, dependence on major platform manufacturers and other factors that could affect Acclaim, are described in Acclaim's Annual Report on Form 10-K for the fiscal year ended March 31, 2004, which was filed with the United States Securities and Exchange Commission. Readers of this press release are referred to such filing. Furthermore, Acclaim's consolidated balance sheet as of March 31, 2003 and the consolidated statements of stockholders' (deficit) equity for the seven months ended March 31, 2003 and each of the years in the two-year period ended August 31, 2002, the consolidated statement of cash flows for each of the years in the two-year period ended August 31, 2002 and consolidated statement of operations for the year ended August 31, 2001 have been restated. Please see Note 2 (Restatement) to Acclaim's Consolidated Financial Statements in its Form 10-K for the fiscal year ended March 31, 2004. Media Contact: Financial Contact: Alan B. Lewis Gerard F. Agoglia Acclaim Entertainment, Inc. Acclaim Entertainment, Inc. (516) 656-5000 (516) 656-5000 DATASOURCE: Acclaim Entertainment, Inc. CONTACT: Media - Alan B. Lewis, , or Financial - Gerard F. Agoglia, , both of Acclaim Entertainment, Inc., +1-516-656-5000 Web site: http://www.acclaim.com/

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