WHY IENT WENT PRIVATE - a bit of history and IENT has a long history!
iEntertainment Network To Proceed as Private Company; Company Positioning for Growth
CARY, N.C.--(BUSINESS WIRE)--March 31, 2003--iEntertainment Network,(OTCBB:IENT), the award-winning developer of the popular WarBirds TotalSim series, announced today that to position the company to focus on Company growth, IENT has filed to take the Company private.
Citing the potential for significant cost savings to operate as a private company, iEntertainment Network, Inc. filed a Form 15 with the SEC to voluntarily deregister its shares of common stock under the Securities Exchange Act of 1934. Accordingly, the shares of common stock of iEntertainment Network will no longer be quoted for trading on the NASDAQ OTCBB or any other public market or exchange. Deregistration will reduce the information that iEntertainment Network must furnish to shareholders and to the SEC and would relieve it from being subject to various SEC rules.
IENT has, over the last 15 months, introduced new products, launched new retail versions of its award winning games, reduced liabilities, and begun the process of licensing its valuable Patent on Internet Games. IENT plans to continue to introduce new products, to license games for online distribution (like the recent http://www.HelbreathUSA.com release), and position itself for either an eventual re-entry into the capital markets, or an acquisition by a larger game company. "We have made great progress at IENT. This action will enable us to use our resources on focused efforts to grow company revenue and only spend resources on those functions that can significantly increase the value of the company," says JW Wild Bill Stealey, CEO of IENT.
About iEntertainment Network
iEntertainment Network (OTCBB:IENT)(www.ient.com), founded in 1994, became publicly traded on the NASDAQ exchange in 1998 and quickly emerged as a leading provider of online entertainment communities and publisher of core and co-branded gaming content. WarBirds, IENT's premiere massively multiplayer flight simulation software, has won numerous awards around the world for Best Online Simulation Game and attracts players from over 70 countries.
IENT's Internet online patent, Number: 6,042,477, Minimizing Latency Technology can be found at IENT's corporate website, www.IENT.com.
Forward Looking Statement for IENT:
Statements in this news release pertaining to iEntertainment Network, Inc. are forward-looking statements. Actual results, performance or developments could differ materially from those expressed or implied by such forward-looking statements.
CONTACT:
iEntertainment Network
Phil Hall, 919/678-8301
PHall@ient.com
JW Stealey, 919/678-8301
JWStealey@ient.com
www.ient.com
