Infinium Labs taking after Acclaim in more than one way...

[Ed Oscuro]

...but didn't we already know that?

Copied verbatim off the Gamasutra website:

SEC Filing Reveals Possible Infinium Cash Crisis

The latest Securities and Exchange Commission filing for Infinium Labs, makers of the Phantom games console, reveals that the company has only $134,226 in its bank account, and a working capital deficiency of $3,962,226. The discrepancy between these two amounts suggests that the company may be drastically short of working capital.

By its own estimates, the company will have operating costs of over $68 million during the next twelve months, and plans to sell only $35 million worth of product. However, the company has stated that "start-ups often push the limits of their balance sheets" and that it "intends to pursue negotiations with its bridge lenders to cover their notes to equity to reduce each outlays for the debt service."

Further on in the statement is the admission that, "As reflected in the accompanying financial statements, the Company is in the development stage with no sales, a working capital deficiency of $3,962,226. This raises substantial doubt about its liability to continue as a going concern. The ability of the Company to continue as a going concern is dependent on the Company's ability to raise additional capital and implement its business plan."

The Phantom gaming service is currently due to go live on 18th November 2004 in the US.
[i]-David Jenkins

(For an extra chuckle, my original topic title was going to be "Infinium Labs fast on the heels of Acclaim," but I couldn't spell "heels" any way other than "hells...")

[The Manimal]

Interesting. Looks like they won't get off the ground. A bird without wings.

[Ed Oscuro]

Why the smile?

a.) People are out of a lot of money over this.
b.) That guy's a semi-coherent jackass, and has to kill a dog before he can orgasm (not really on either count but I hope this makes it clear whom I'm talking about); but the worst part is his PR style is tainting the industry and the very business model they're after.
c.) I don't just want to play Unreal Tournament 2K4 on my teevee...I...*break up into cracking angsty teen voice*...NEEED...*rise to squeal*...my UT2K4!!!

In all seriousness, it sucks when people pull some wild stunt in industry, promising something they really have no hope of achieving (of any sort, really) because that gives people a good reason not to throw more money at the problem :(

Yet we'll see...they might pull it off in the short run, and isn't that equally scary? Then people would start throwing their money at competitors that'll never turn a profit.

[max 330 mega]

can we say prototypes will most likely surface? i think so

[-hellvin-]

I don't think this will see the light of day in any way shape or form. I don't even think they've ever worked on it. Roberts history is made up of these kinds of financial catastrophies.

[GaijinPunch]

Bad idea from the get go. Why is everyone so surprised?

[maxlords]

I'm sure as hell not surprised. And I don't feel pity for ANY of the friggin MORONS that invested in it. If they knew diddly squat, they'd have known better. Screw people with more money than brains.

As for Infinium....screw them too. The market would NOT have borne their product...we all know it...why don't they?

[Hovoc]

A gaming console that plays games from walmart's 9.99 rack


where do i sign up.


now, i feel that if they programed code, and had you download the code and have the console render the code, then they could produce new content without worrying about absurdly huge downloads.


but what do i know? apparently crap titles from wally world will be a better seller

[RCM]

Wow, I have had dealings with the infinium people and the DisCover people. One of them is based in Israel or something. Too bad. Not unexpected.

THE ONE, THE ONLY- RCM

[Ed Oscuro]

now, i feel that if they programed code, and had you download the code and have the console render the code, then they could produce new content without worrying about absurdly huge downloads.

Huh?

[Raedon]

They can make $200 of that back if they sell me a prototype.. That would be a great item for any collection.

"Remember that Phantom console from 2003 that was the joke of every tech site for a year? I got the proto unit."

I'll bet you'd open it up and there would be a note saying "!"

[Raedon]

Also, what you do is get investers with a product that, "can't loose you old fart." take the money.. develop but only just enough to avoid legal troubles. These guys just make 3 million. great racket.