To build a successful and profitable company, it is important to have management that has been financially successful.
Before Bill got the lifelong game bug, he was Group Director of Business Development at General Instruments Corporation . At various times during his career, Bill has also held management consulting positions with Strategic Marketing Consultants , Cresap , McCormick and Paget , and McKinsey & Co. He spent six years as an operational pilot in the United States Air Force teaching hundreds of pilots how to fly, and for a time was assigned to the Joint Chiefs of Staff at the Pentagon while in active USAF Reserves.
Through a SECURITIES PURCHASE AND EXCHANGE AGREEMENT, DATED December 18, 2001, J. W. Stealey bought back the company he founded from RGC International Investors, LDC.
http://www.otcmarkets.com/edgar/GetFilingHtml...ID=1712437
IENT was incorporated under the laws of the State of Maryland on June 16, 1994 under the name "SP Enterprises, Inc." and changed its name to "Interactive Magic, Inc." in March 1996. On July 1, 1998, the Company reincorporated in North Carolina, and subsequently changed its name to "iEntertainment Network, Inc." on December 30, 1999. The Company's address is 124 Quade Drive, Cary, North Carolina 27513, and its telephone number is (919) 678-8301.
On March 31, 2000, IENT traded at $6.69. By June 30, 2000, it had dropped to under $2.00. On March 26, 2002, the closing price of the Company's common stock on the OTC Bulletin Board(R) was $0.12 per share.
IENT introduced its first large-scale online multi-player game ("WarBirds(TM)") in April 1997 following the acquisition of
Interactive Creations, Inc. ("ICI"). WarBirds(TM), an award winning World War II air combat simulation game, has logged
over 2.5 million hours of online game time with players in more than 70 countries.
Name of Beneficial Owner Shares Owned(1) Percent of Class(1) ---------------- -------------- ------------------- J.W. Stealey (2) 12,199,617(2) 36% W. Joseph McClelland 151,500(3) * Daniel R. Young 1,125,000(4) 3% David H Kestel 138,500(5) * Michael Pearce 533,334(5) 2% All directors and executive officers as a group(6) 14,147,951 41% (7 persons) |
There were 33,480,515 shares of common stock outstanding on March 26, 2002. Includes 125,000 shares subject to options exercisable
within sixty (60) days and 236,389 shares subject to warrants exercisable within sixty (60) days. Excludes 125,000 shares owned by wife, Denise Stealey.
Excludes 600,000 shares held in trusts for Mr. Stealey's children. Mr. Stealey has neither voting power nor dispositive power over the shares held
in the trusts. Mr. Stealey disclaims beneficial ownership of the shares owned by his wife and held in trust for his children.
The following table sets forth certain information as of March 26, 2002 regarding the only shareholders known to us to be the beneficial owners of more than five percent (5%) of our common stock.
Name and Address of Amount and Nature of
Beneficial Owner Beneficial Ownership Percent of Class
------------------- -------------------- ----------------
Vertical Financial Holdings 4,283,549(1) 12.8%
c/o Orida Capital USA, Inc.
70 East 55th Street, 24th Floor
New York, New York 10022
RGC International Investors, LDC 3,344,704 9.9%
c/o Rose Glen Capital Management, LP
Three Bala Plaza East, Suite 200
251 St. Asaphs Road
Bala Cynwyd, Pennsylvania 19004
|
(1) Includes 1,698,171 shares owned by entities beneficially owned by Vertical Financial Holdings and 1,220,084 shares owned by other entities over which Vertical Financial Holdings has voting power pursuant to a proxy agreement.
31
Item 12. Certain Relationships and Related Transactions
On June 30, 2000, the Company and Vertical Financial Holdings entered into a Stock Purchase Agreement. Vertical Financial Holdings purchased 600,000 shares of the Company's Common Stock for a purchase price of $600,000.
In December 2001, the Company completed the following transactions:
1. The Company issued and sold 10,000,000 shares of common stock to J.W. Stealey, John Cay and Daniel Young under the terms of the Securities Purchase and Exchange Agreement dated December 18, 2001 in exchange for $300,000 in cash the cancellation of 3,910.844 shares of the Company's Series D Preferred Stock held by such purchasers. Mr. Stealey was and is the Company's largest stockholder. As a condition to and immediately following the closing of this financing, Mr. Stealey was appointed Chief Executive Officer and Chairman of the Board of Directors of the Company and Mr. Young was appointed to the Board of Directors of the Company. The Company agreed to register the shares issued in the financing upon request by the investors.
John W. and his wife, Denise, purchased their home at 206 Cherwell Dr. in Cary, N.C. in Dec. of 2006.
Legal: LO153 WESSEX SUB P5 SC2 93-1545&95-1645
They also owned a home in Sarasota, per the Purchase Agreement.
John W. Stealey
Business Address: 8110 Perry Maxwell Circle, Sarasota, FL 34240
Present Principal Employment: President of IamGame, Inc., an internet gaming business with its principal
place of business at 8110 Perry Maxwell Circle, Sarasota, FL 34240
This is a 4 bedroom, 4 bath home, 4317 SqFt on a 0.72 acre lot, built in 1995.
