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Infinium Gets $5 Million Funding Commitment
by Simon Carless
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January 25, 2006
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Theoretical Phantom Game Service and current Phantom Lapboard creator Infinium Labs has announced that it has received a $5 million dollar funding commitment from Golden Gate Investors.
The funding, which comes in the form of a convertible debenture and warrant, and allows for an initial funding payment of $625,000, with an eventual exercising of up to $5M in convertible debt. will allow Infinium to start manufacturing and marketing its PC Lapboard peripheral.
The PC peripheral, which is being billed by Infinium as "the first device to allow gamers to comfortably use a mouse and keyboard from their couch", rotates for left and right-handed users and also inclines on a 90-degree angle, with a hard surface below for the Phantom Mouse.
Greg Koler, Infinium's CEO and President, commented of the funding: "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."
However, with a recent financial statement revealing that Infinium Labs still "has recurring losses from inception of $57,570,723, has a working capital deficiency of $10,085,662, a stockholders deficiency of $9,470,271 and has a negative cash flow from operations of $14,888,265 from inception", and will need to pay significant cash amounts to game licensors and Phantom hardware contractors, the Game Service itself may have to wait a little longer before getting officially under way.
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