Sony said in May it would release the PS3 next year, complete with a graphics chip with 300 million transistors. That means the console will have more processing power than Microsoft's Xbox, Nintendo's Game Cube and the PlayStation 2 combined. Sony's alliance with Epic Games gives it sub-licensing rights of Unreal Engine 3, a complete games development framework that includes a programmable shaders tool, physics engine and GUI-based physics attribution tool. "We're very happy to have a strategic licensing agreement with Epic Games," said Masa Chatani, corporate executive and CTO of Sony Computer Entertainment. "The power of Unreal Engine 3 demonstrated at E3 was so highly received. By providing the outstanding content development technology of Unreal Engine 3 for the PS3 developer community, we believe that many high quality content maximizing the power of PS3 will become available."