Interplay and Masthead Studios to Jointly Develop Massively Multiplayer Online Game announces development details about Project: V13, the MMOG widely understood to be Fallout Online, the MMORPG that Interplay retains rights to create, provided it meets certain standards. Word is:

BEVERLY HILLS, Calif., April 2 /PRNewswire-FirstCall/ -- Interplay Entertainment Corp. (OTC Bulletin Board: IPLY - News) announced today that the company has signed a binding letter of intent with Masthead Studios to fund the development of a Massively Multiplayer Online Game (MMOG), code named "Project: V13."

The game has been in design and development at Interplay since November 2007. Masthead and Interplay teams will work together under the direction and control of Interplay to complete development of the project.

As a part of the agreement, the game will utilize Masthead's proprietary tools and MMOG technology developed for Masthead's "Earthrise" project.

Commenting on the announcement, Interplay Chairman and Chief Executive Officer Herve Caen said, "We are looking forward to turning the vision of our game designers into a compelling online gaming experience. The planning and design completed for Project: V13 thus far, combined with Masthead's resources, tools, and growing team of dedicated MMOG developers, will bring this unique game to reality."

Masthead Studios President Atanas Atanasov said, "This arrangement is ideal because it leverages the technology our professionals have specifically built for advanced Massively Multiplayer Online Games into what we expect will be a groundbreaking Interplay gaming title."