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Infinium Announces Name Change, Stock Increase Plans
by Simon Carless
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May 26, 2006
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Troubled former Infinium Phantom 'console' developer and current Lapboard accessory creator Infinium Labs has announced, via an SEC filing, that it plans to change the company name and double the amount of outstanding shares issued, and will vote on these changes at a stockholder meeting in July.
The company, which recently signed an agreement with hardware manufacturer Itron Technology to manufacture the Phantom Lapboard, a combination keyboard/mouse peripheral for PCs first announced by the company at the end of last year, is best known for its much-vaunted Phantom gaming service, which still has yet to launch.
However, the recent indictment of former CEO of Seattle-based Infinium Labs Timothy Roberts for running a scheme to artificially inflate the company’s stock may have contributed to the company's wish to change the company's name from Infinium Lab, Inc. to Phantom Entertainment, Inc. According to the filing: "The Board of Directors believes that the name change would be in the best interests of the Company because the new name better reflects the long-term growth strategy of the Company."
In addition, it's revealed that: "Our Board of Directors has unanimously approved, subject to stockholder approval, an amendment to our Certificate of Incorporation to increase the number of authorized shares of Common Stock from 600,000,000 to 1,200,000,000... The Board believes that the increase in authorized common shares would provide the Company greater flexibility with respect to the Company's capital structure for such purposes as additional equity financing, and stock based acquisitions."
In other words, the company wants to raise additional financing through another 600 million shares, and will need the approval of shareholder in a meeting in Tampa, Florida on Thursday, July 13 to do so.
Finally, multiple updates on lawsuits revealed a particular notable new one: "In March 2006, Kevin Bachus sued Infinium Labs, Inc., and its directors as well as other parties related to unpaid wages and accrued and unpaid personal time off totaling $50,997 in the Superior Court for the State of Washington, in and for the County of King. The Company plans to defend itself vigorously in this matter." Bachus is the former CEO of the company, now directing Nival Interactive's worldwide operations.
A separate SEC filing released on May 22nd has updated those interested on Infinium's parlous state of accounts: "Our loss from operations for the quarter ended March 31, 2006 was $2,752,327. Our loss from operations for the year ended December 31, 2005 was $29,814,606. At March 31, 2006, we had a working capital deficit of $11,523,869 and accumulated losses since inception of $69,331,794. In their report on our audited financial statements for the year ended December 31, 2005, our independent auditors expressed substantial doubt about our ability to continue as a going concern."
[UPDATE - 05/28/06, 8.15am PST - corrected specifics of Kevin Bachus' new role at Nival, where he directs worldwide operations, including those in the U.S.]
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