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Microcap & Penny Stocks : ITOY - Imagin.Net and Virtual Games, Inc -- Ignore unavailable to you. Want to Upgrade?

To: Dave Gore who wrote (91)	3/1/1999 7:44:00 AM
From: Big Bamboo	Read Replies (1) \| Respond to of 340

Friday February 26, 4:14 pm Eastern Time Company Press Release Shareholders Change Directors and the Direction of Imagin.net, Inc. SAN JOSE, Calif.--(BUSINESS WIRE)--Feb. 26, 1999--''Imagin.net, Inc. (OTC BB:ITOY) today announced that its directors and officers have voluntarily resigned, and that its shareholders have elected a fresh slate of directors to bring a new direction and new technology to the Company,'' said James Ray, President of Silicon Valley New Issues, Inc., majority shareholder of the Company. ''During the tenure of the former directors and officers, the Company made no sales of product based on the proprietary technology developed by the former President. The Company will conduct no further marketing of products or services based on that technology. ''To provide a new bearing for the Company, shareholders elected Bruce Klein, Donald MacIntyre and Richard DiNapoli as its directors and have approved the complete acquisition of Virtual Games, Inc. based in San Jose, California. Mr. Klein will serve as Imagin.net's new President and Chief Executive Officer,'' added Mr. Ray. Virtual Games, Inc. has developed and fully-demonstrated a proprietary virtual reality immersion game platform called the VRX-633(TM) which allows players to visualize, manipulate and interact in a computer-generated, artificial world. The product uniquely integrates in real time the elements of 6 degrees of mechanical freedom (including 360 degrees of horizontal rotation) with 3D dual-LCD display panels and 3D surround sound. The product uses the same proprietary flat panel color display technology presently in use on the Space Shuttle, and on Boeing 777 and F-16 fighter aircraft. Target markets for the VRX-633(TM) include large arcade equipment distributors and direct sales to entertainment centers, arcades, casinos and movie theater complexes. According to PlayMeter Magazine, the coin-operated entertainment industry annually grosses an estimated $16-billion worldwide. Bruce Klein comes to his new CEO position having served for the past two years as Chief Operating Officer at Virtual Games' former parent company, Multichip Assembly Inc. Previously, Mr. Klein operated an independent sales representation organization for five of IBM's contract manufacturing divisions, and closed more than $900 million in orders in its first year. He has also held management positions in sales and marketing at Texas Instruments, National Semiconductor and Raytheon Semiconductor. A seasoned engineer, Mr. Klein brings strong technical and operations management experience to Imagin.net. Certain statements within this press release may be forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are inherently uncertain, and actual results and activities may differ materially from those estimated or projected. Factors that could cause or contribute to such differences include, among others: acceptance of the Company's virtual reality technology by the arcade game industry; keen competition from better financed competitors, particularly three major game makers; the Company's ability to obtain sufficient additional capital for product development and marketing; and the Company's ability to attract and maintain a competent new management and sales team. For further information contact: Gerard D'Amaro at Market Solutions at 516/367-0363.