Infinium Labs Receives $5 Million Funding Commitment to Start Phantom Lapboard Manufacturing
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, Infinium's 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. "Infinium's 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 www.phantom.net.
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