Mad Catz Shareholders Approve Stock Option Plan

    SAN DIEGO, October 2 /CNW/ - Mad Catz Interactive, Inc. ("Mad Catz" or
"the Company") (AMEX/TSX: MCZ), a leading third-party interactive
entertainment accessory provider, announced today that its shareholders voted
to approve a proposal relating to the adoption of the Mad Catz Interactive,
Inc. Stock Option Plan - 2007 (the "Plan").

    As previously announced, the Company adjourned its September 7, 2007
Annual and Special Meeting of Shareholders until October 2, 2007 to consider
and vote upon a proposal relating to the adoption of the Plan and the grant
under the Plan of options to purchase 1,000,000 shares of common stock, as
described in the Proxy Circular and Proxy Statement of the Company sent to
shareholders on or about August 13, 2007. Following the adjournment of the
September 7, 2007 Annual and Special Meeting of Shareholders, Mad Catz
modified the Plan to establish an aggregate maximum number of 6,500,000 shares
of common stock eligible for grant under the Plan (rather than the proposed
12% of Mad Catz' outstanding common stock on a continual basis). The newly
approved Plan also formalizes the option grant procedures for non-employee
Directors to limit grants to 100,000 shares of common stock upon becoming a
member of the Board of Directors and an annual grant of 25,000 shares of
common stock on the date of each Annual Meeting of Shareholders. The Plan
previously did not include such a limitation. Additionally, the Company
withdrew a proposal included in the Proxy Circular and Proxy Statement sent to
shareholders on or about August 13, 2007 to extend the term of exercise for
certain outstanding stock options previously granted by the Company.

    As previously reported, each of the five director nominees was also
elected to the Company's Board of Directors for a one-year term until the 2008
Annual Meeting of Shareholders. The five member board includes four directors
who are considered independent under the corporate governance standards of the
American Stock Exchange. Shareholders also appointed KPMG, LLP as the
Company's Independent Registered Public Accounting Firm and Auditor with
authorization to the Company's Board of Directors to fix the remuneration of
the auditor.

    Geofrey Myers, Non-Executive Chairman of the Board commented, "The Board
believes the outcome of the Annual and Special Meeting of Shareholders
represents the best interests of our shareholders. We are actively pursuing
our strategies to build shareholder value by leveraging the Company's core
competencies in the design, development, manufacturing, marketing and
distribution of interactive entertainment accessories and products. The
appointment of qualified, independent directors, leading auditors and approval
of the Mad Catz Interactive, Inc. Stock Option Plan - 2007 are all important
elements in our overall approach to achieving our goals."

    About Mad Catz Interactive, Inc.

    Mad Catz is a leading provider of innovative peripherals for the
worldwide interactive entertainment industry. Mad Catz designs and markets
accessories for video game systems and publishes video game software,
including the industry leading GameShark brand of video game enhancements. Mad
Catz has distribution through most leading retailers offering interactive
entertainment products. Mad Catz has its operating headquarters in San Diego,
California and offices in Canada, Europe and Asia. For additional information
go to

    Safe Harbor for Forward Looking Statements: This press release contains
forward-looking statements about the Company's business prospects that involve
substantial risks and uncertainties. The Company assumes no obligation to
update the forward-looking statements contained in this press release as a
result of new information or future events or developments except as required
by law. You can identify these statements by the fact that they use words such
as "anticipate," "estimate," "expect," "project," "intend," "should," "plan,"
"goal," "believe," and other words and terms of similar meaning in connection
with any discussion of future operating or financial performance. Among the
factors that could cause actual results to differ materially are the
following: the ability to maintain or renew the Company's licenses;
competitive developments affecting the Company's current products; first party
price reductions; the ability to successfully market both new and existing
products domestically and internationally; difficulties or delays in
manufacturing; or a downturn in the market or industry. A further list and
description of these risks, uncertainties and other matters can be found in
the Company's reports filed with the Securities and Exchange Commission and
the Canadian Securities Administrators.

For further information:

For further information: Mad Catz Interactive, Inc. Stewart Halpern,
800-831-1442 Chief Financial Officer or Jaffoni & Collins Incorporated Joseph
Jaffoni/David Jacoby, 212-835-8500

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