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To: Jenna who wrote (23130)	1/27/1999 2:16:00 PM
From: jccodez	Respond to of 120523

IMGK - News not on Yahoo yet. Interactive Magic Signs Definitive Agreement to Acquire Full Service Interactive Entertainment Destination Site Business Wire - January 27, 1999 13:26 RESEARCH TRIANGLE PARK, N.C.--(BUSINESS WIRE)--Jan. 27, 1999-- Interactive Magic (Nasdaq: IMGK) announced today that it is operating a Full Service Interactive Entertainment Destination Site, which provides complete Internet community features including chat, personality features, Internet e-commerce, news and interactive gaming. I-Magic has signed a definitive agreement to acquire MPG-Net and the GameHub ( www.gamehub.net ), the preferred provider for online games for AT&T WorldNet Service. GameHub takes advantage of MPG-Net's proprietary Internet software, the ICONS system, which provides a wide variety of Internet advertising, marketing, and e-commerce features. J.W. Stealey, Interactive Magic's Chairman and Chief Executive Officer commented, "By providing mass-market games, news, e-commerce, along with the social interaction of group chat, GameHub becomes a huge asset for our growing Internet entertainment services. GameHub will also allow our customers to play top-selling titles developed outside of Interactive Magic's network. Interactive Magic remains focused on leveraging our full-service capabilities into the most powerful Internet gaming service. We have aggressively established a global customer base across more than seventy countries. The MPG-Net acquisition is the first in a series of Internet acquisitions that Interactive Magic is evaluating and expects to close in 1999 with the assistance of Gerard Klauer Mattison & Company." Between the GameHub and iMagic Online, the Company's existing online gaming service, Interactive Magic now owns a broad array of online gaming technologies (including the Company's proprietary MEGAplayer(tm) and MEGAvoice(tm) capabilities) and online gaming content (including the award winning WarBirds online game.) MPG-Net's ICONS technology now allows Interactive Magic to work with the computer game industry's best selling CD ROM game publishers and to host multiplayer versions of games like Unreal and Total Annihilation, which are currently in play at the GameHub service. Interactive Magic has strategic or OEM/bundling arrangements with numerous companies including Microsoft (Nasdaq: MSFT), GTE (NYSE: GTE), America Online (NYSE: AOL), Earthlink (Nasdaq: ELNK), Columbia House, Software-Of-The-Month Club, Diamond Multimedia (Nasdaq: DIMD), Thrustmaster (Nasdaq: TMSR), Logitech (Nasdaq: LOGIY), Enlight Software (Seven Kingdoms/Capitalism), Sinister Games (Shadow Company) and Topware Interactive (Knights & Merchants). Interactive Magic has established sales and marketing operations in the UK and Germany. Interactive Magic, Inc. (Nasdaq: IMGK) is based in the Research Triangle Park area of North Carolina and is a leading developer and publisher of Internet and hot PC CD-ROM computer games. Interactive Magic owns iMagic Online(SM), a pay-for-play online service with customers from more than 70 countries. Interactive Magic's PC CD-ROM titles are marketed and distributed through more than 15,000 foreign and domestic software outlets. For more information, contact Dave Murray at dmurray@imagicgames.com or call (919) 461-0722 ext. 3013. For Interactive Magic Investor Relations information please contact Corey Cutler of Dewe Rogerson at (212) 688-6840. Forward-Looking Statements: The foregoing may contain "forward looking statements" which are based on management's beliefs as well as on a number of assumptions concerning future events made by and information currently available to management. Readers are cautioned not to put undue reliance on such forward looking statements, which are not a guarantee of performance and are subject to a number of uncertainties and other factors, many of which are outside Interactive Magic's control, that could cause actual results to differ materially from such statements. For a more detailed description of the factors that could cause such a difference, please see Interactive Magic's filings with the Securities and Exchange Commission. Interactive Magic disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. CONTACT: Interactive Magic Inc., Research Triangle Park Dave Murray, 919/461-0722, ext. 3013 or Dewe Rogerson Inc. Corey Cutler or Peter Molineaux, 212/688-6840