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Game Console Developer LInfinium Labs Gets $44 Million

Authored by Mark Hefflinger on April 22, 2004 - 3:38am.
Sarasota, Fla. -- Infinium Labs, developer of a PC-based broadband gaming console, announced on Thursday that it landed a $44 million stock purchase agreement, replacing a previously announced placement valued at $15 million. New investor HaDavar HaNachon joined SBI-USA and Infinium Investment Partners, an affiliate of Trilogy Capital Partners, in the increased commitments. Florida-based Infinium, which yesterday was sued by partner DiStream over payments for using that company's technology, said that it expects the new funds to be sufficient to launch its Phantom game console during the 2004 holiday season.
tags: Infinium | Raise | Game Developer | Labs |

DiStream Sues Phantom Game Console Developer Infinium Labs

Authored by Mark Hefflinger on April 21, 2004 - 3:58am.
Jacksonville, Fla. -- Digital Interactive Systems (DiStream), a developer of digital content delivery technology, announced on Wednesday that it has filed suit against Infinium Labs, developer of a PC-based broadband gaming console, over alleged breaches of agreements allowing Infinium use of DiStream technology and expertise. In its suit, DiStream says that Infinium used its servers and encryption technology in the development of its gaming device, and then failed to compensate DiStream with promised company shares or cash consideration. DiStream seeks an injunction against the upcoming launch of the Phantom console. Infinium, which plans to display its device publicly at the E3 Expo next month, has also recently been involved with lawsuits from a former executive over compensation, and with an online journalist over allegedly libelous statements made against the company.
tags: Games | DiStream | Laws | Labs |