Close...
It came out just before the Game Boy Advance. So SNK had little support and folks weren't much interested in it because they thought Nintendo was going to release something MAJOR. But as it turned out, the first edition of the Game Boy Advance was pretty crappy. It had no backlight, and that made playing action games on it difficult. The NGPC was a great system for fast action fighting games, and Card Fighters Clash was amazing.
Still, SNK figured they wouldn't have a market and ran out of money. Then there was some wierdness where they kinda went out of business, Aruze bought them, went out of business again, and then the employees who had left when Aruze bought them had formed Playmore. And Playmore bought SNK. So SNK Playmore was born, but it's really just SNK. Crazy.