ITNI - Subject 31855
I-transaction.net Inc, Announces Acquisition of Dynamic Visions, Ltd.
NEW YORK--(BUSINESS WIRE)--Dec. 2, 1999--I-transaction.net Inc. (OTCBB: ITNI - news) is pleased to announce that it has acquired 100% of the common shares of Dynamic Visions, Ltd., a developer, manufacturer and retailer of high-end 3D virtual reality arcade systems for total consideration of 700,000 shares of the common stock of ITNI.
Dynamic Vision's Orion Game System is outfitted with the latest in 3D and virtual reality (VR) gaming gear, software and hardware. Orion offers its players a completely futuristic and interactive gaming experience and is currently in use at various top entertainment facilities and theme parks worldwide. Players stand on a 10-square-foot platform equipped with the necessary VR headgear and peripherals and play action-adventure games such as the soon to be released, ''Die By The Sword'. Orion Game Systems can be networked to other systems within the same location or to others across the country via modem and sophisticated telephony networks. Current programming and development strategy will bring the systems to the World Wide Web using a centralized gaming server and affiliated web site. This Internet business initiative will result in many e-commerce possibilities, as members of the web site would pay fees. Online merchandise, pay-per-use transactions and play passes would account for a significant portion of the overall revenue. The website is located at www.dynavis.com.
''The acquisition of Dynamic will allow us to become an innovator in the hugely lucrative industry of interactive entertainment and e-commerce,' said David Bruce, Director. ''We are very excited about the possibilities of developing the next wave of interactive multi-player Internet and location based arcade competition.'
ITNI develops and deploys business-to-business and consumer-to-business e-commerce solutions in addition to acting as the back-end of such systems, processing transactions. Phoenix offers EDI, electronic funds transfer, and advertising and marketing database support. The website is located at www.i-transaction.net
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Contact:
Dynamic Visions Ltd.
Randy Lebow,LLB, 905/793-6586
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