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February 13, 2006

Funding for Infinium

Posted by Kim Peterson at 10:41 AM

Infinium Labs, the Seattle-based maker of the much-delayed Phantom game console, released more details of its business in a securities filing today.

The console will be called the Phantom Lapboard, the company said. It will have a 360-degree rotating keyboard for PC gaming, a 30-foot wireless range, an integrated mousepad and keys optimized for playing games. No launch timeframe was given.

Infinium reported an agreement with San Francisco-based Golden Gate Investors in which Golden Gate will receive a warrant to purchase Infinium's common stock, which is traded over the counter. Infinium will receive as much as $1.1 million in return.

Company Chairman Timothy Roberts is under investigation by the Securities and Exchange Commission, possibly because of ties to a phony fax scheme. Infinium had to retstate its financial statements over six quarters, and its well known chief executive, Xbox co-founder Kevin Bachus, resigned in November.

This story has more information about Infinium's legal and financial problems.

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