Namco announced a new subsidiary company in Japan today called Monolith Soft. With a 30 million yen (about US$283,000) capital investment (90 percent of which was supplied by Namco), the company was created to expand Namco's software lineup for the consumer game market. This is also the first time Namco has created a subsidiary company for software development.
Two former Square employees were chosen to run Monolith Soft. Hirohide Sugiyama takes the position of chairman of the board of directors, and Tetsuya Takahashi (director of Square's popular RPG Xenogears), takes the position as vice chairman of the board of directors. Others in the board of directors include Yoichi Haraguchi and Shigeru Yokoyama from Namco.
Monolith Soft is currently planning the development of a new RPG series scheduled for a release in December 2001 in Japan. The company is expecting sales of more than one million copies.