<P> In 1992, Gunpei Yokoi and the rest of R&D 1 began planning on a new virtual reality console to be called the Virtual Boy . Hiroshi Yamauchi also bought majority shares of the Seattle Mariners in 1992 . By May 1993, Nintendo had reportedly become one of the top ten leading companies in the world . </P> <P> In 1993, Nintendo announced plans to develop a new 64 - bit console codenamed Project Reality that would be capable of rendering fully 3D environments and characters . In 1994, Nintendo also claimed that Project Reality would be renamed Ultra 64 in the US . The Ultra 64 moniker was unveiled in arcades on the Nintendo branded fighting game Killer Instinct and the racing game Cruisin' USA . Killer Instinct was later released on the SNES . Soon after, Nintendo realized they had mistakenly chosen a name for their new console that the Konami corporation owned the rights to . Specifically, only Konami would have the rights to release games for the new system called Ultra Football, Ultra Tennis, etc . Therefore, in 1995 Nintendo changed the final name of the system to the Nintendo 64, and announced that it would be released in 1996 . They later showed previews of the system and several games, including Super Mario 64, to the media and public . 1995 is also the year that Nintendo purchased part of Rare . </P> <P> In 1994, after many years of Nintendo's products being distributed in Australia by Mattel since the NES in 1985, Nintendo opened its Australian headquarters and its first Managing Directors were Graham Kerry, who moved along from Mattel Australia as Managing Director and Susumu Tanaka of Nintendo UK Ltd . </P> <P> In 1995, Nintendo released the Virtual Boy in Japan . The console sold poorly, but Nintendo still said they had hope for it and continued to release several other games and attempted a release in the US, which was another disaster . </P>

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