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SEATTLE, January 25 /PRNewswire-FirstCall/ -- Infinium Labs, Inc. (OTC
BB: IFLB), developers of the first end-to-end, on-demand game service for
delivery to the living room which allows consumers to try/rent/buy any game,
any time from the convenience of their living rooms, announced today that it
has received a $5 million dollar funding commitment from Golden Gate
Investors in the form of a convertible debenture and warrant.
"This commitment gives the Company a funding path to begin manufacturing
the Phantom Lapboard and to launch marketing and sales for the lapboard which
we target for mid 2006 allowing us to start building our manufacturing lines
this year, and continue our initiative to launch the Phantom Game Service,"
noted Greg Koler, Infiniums CEO and President.
The Phantom Lapboard was nominated at the 2004 E3 show along side
Nintendo and Sony for the "BEST OF SHOW" category. It received tremendous
response from the 20k plus attendees that visited our exhibit as being the
first device to allow gamers to comfortably use a mouse and keyboard from
their couch. The peripheral rotates for left and right-handed users and also
inclines on a 90-degree angle with a hard surface below for the Phantom
Mouse. Consumers have stated that they love the feel of this device; it keeps
their hands closer together and provides a better gaming experience. Other
applications for this device are geared towards the new digital media centers
being developed by companies like Intel and Gateway.
We are currently working with distributors, VAR resellers and e-tailers
to start distribution of the Phantom Lapboard, which will be announced in the
first half of 2006.
"The Phantom Lapboard and Game Service are attractive investments in new
consumer products and services for hedge fund investors," a Golden Gate
Investors spokesperson said. "Infiniums new management team has delivered on
its short term goals and we are excited to be involved with the company in
taking in the on-line gaming industry."
Under terms of the financing, $625,000 dollars will be funded immediately
in three tranches; 1. Closing 2. Filing of a registration statement, and 3.
Effectiveness of the registration statement. - that triggers Infinium Labs
ability to exercise up to $5M in convertible debt.
About Infinium Labs
Infinium Labs (OTCBB:IFLB) is in development of The Phantom Game Service,
anticipated to be the first end-to-end, on-demand game service for delivery
to the living room. Delivered over broadband, the Phantom Game Service is
designed to offer casual and avid gamers a broad library of titles, available
anytime, day or night. For more information, please visit http://www.phantom.net.
Safe Harbor Statement
Certain statements included in this press release may constitute
forward-looking statements. Actual results could differ materially from such
statements expressed or implied herein as a result of a variety of factors
including, but not limited to: the development of the Infinium Labs
technology, ability to secure additional financing, the successful marketing
and distribution of the Phantom Game Service, acceptance by the market of
Infinium Labs, products and technology, competition and timing of projects
and trends in the gaming industry, as well as other factors expressed from
time to time in filings Infinium Labs will make with the Securities and
Exchange Commission (the "SEC"). As a result, this press release should be
read in conjunction with periodic filings Infinium Labs makes with the SEC.
The forward looking statements contained herein are made only as of the date
of this press release, and Infinium Labs undertakes no obligation to publicly
update such forward looking statements to reflect subsequent events or
circumstances.
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