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Infinium Labs Owes $4 Million, Requires $68 Million to Stay Afloat
nz17 writes "Looks like Infinium Labs, 'maker' of the Phantom game console, can't manage its debt. According to GameSpot, the company's recently filed Securities and Exchange Commission papers show that Infinium currently owes $4 million as a capital deficiency, but requires an estimated additional $68 million to continue work until the end of 2006. However, Infinium remains chipper in the face of oppression, as it estimates its first year of sales will garner $35 million in revenue. Will the Phantom console launch on the projected date of November 18th, 2004, or will the system live up to its name?"
or will the system live up to its name?
These guys have sued people for slanderous statements in the past.
they dont have 68m in debt, they would need 68 million to operate for those couple of years.
(to buy those consoles before selling them for example, it takes a lot of mone up front)
world was created 5 seconds before this post as it is.
The thing is, they don't have the rights to any games that they can verify yet. So far, they've claimed that Starcraft: Ghost, Fallout BOS, UT2k4, Doom 3, Diablo 2, and probably a dozen other games were to be in their launch lineup. The catch is, you send an email to id, Interplay (when it was still around), or Blizzard, and they say they don't have plans to release their games on the Phantom (usually with the "at this time" qualification attached).
Not to toot my own horn, but Whereisphantom.com has posted detailed information about this last month. If you want the latest news about Infinium Labs, you need to start visiting WIP regularly. Already today we have breaking news of another company suing them in small claims court and their CFO threatning harm to the owner over a small billing issue.
Just because Gamespot finally gets around to posting information doesn't mean that it's news. It's rather old news to be sure.