SOURCE: Interactive Games Inc.

May 12, 2005 10:21 ET

Interactive Games Signs Letter of Intent to Acquire Assets of Entertainment Broker Inc. and Premiere Gaming and Entertainment Ticket Portal www.EntertainmentBroker.com

FT LAUDERDALE, FL -- (MARKET WIRE) -- May 12, 2005 -- Interactive Games Inc. (OTC BB: IGAM) a developer and licensor of interactive casino technologies and mobile gaming applications is pleased to announce the signing of a Letter of Intent to acquire the assets of New York based Entertainment Broker Inc., a privately held entertainment and e-commerce company. As part of the acquisition, Interactive Entertainment Group Inc., a wholly owned subsidiary of Interactive Games, will now own the trademarked portal site www.EntertainmentBroker.com, a premiere Gaming and Entertainment Online Ticket Portal generating in excess of $1,000,000 in revenue through the sale of tickets to sporting, musical and theater events across the country.

The acquisition demonstrates execution of Interactive Games' emerging strategy to access specialty vertical markets within the casino and entertainment sectors. By utilizing casino gaming screens on slot machine, video poker terminals, Internet kiosks and casino-based ATMs to promote sporting, concert and show events offered through EntertainmentBroker.com, Interactive Games will seamlessly expand on underserved vertical markets and capitalize on new market opportunities that will subsequently grow revenues

The intended terms of the transaction include 100% of EntertainmentBroker stock for unregistered shares of IGAM. The details and signing of a definitive agreement covering the acquisition, sale of assets and merger will be subject to normal closing conditions and is estimated to be finalized within 30 days.

"We are thrilled to combine Interactive Games leadership, vision and talent with Entertainmentbroker.com's client base, revenues, product offerings and infrastructure to create powerful new offerings and growth opportunities within gaming and entertainment," said Robert Brois, President of Interactive Entertainment Group and founder of EntertainmentBroker.com. "This acquisition aligns perfectly with our strategy to rapidly enter specialty, underserved vertical markets in gaming and entertainment and leverage our gaming technology platforms to build on our business infrastructure. The addition of EntertainmentBroker.com and the site-specific promotion capabilities that the online entertainment division brings, will allow us to grow revenue even faster. We are delighted to team with EntertainmentBroker.com and have the ability to more resourcefully bring new value and services to our clients," added Adam Wasserman, CFO for Interactive Games.

About Interactive Games

Interactive Games, Inc. (OTC BB: IGAM), www.interactivegamesinc.com, is a developer and licensor of interactive casino technologies and slot machine games to the rapidly growing Native American Class II, Class III and mobile gaming markets. Interactive Games has entered into license and distribution agreements with Ed McMahon for the Interactive Games "Million Dollar Madness Class III Slot Machine," BestBet Media, Spin Inc. and other third-party manufacturers and distributors, in which the company has the right to market, sublicense and distribute gaming products under the Interactive Games brand. Please visit www.igmobilegames.com for a free download of wireless casino games and www.igslotmachines.com for a real-time inventory of Interactive Games product offerings.

About EntertainmentBroker.com

www.EntertainmentBroker.com provides quality service to its customers, for all major sporting, music and theatrical events who can now purchase tickets from work or home 24 Hours a day, in under 2 minutes. Customers may avoid long lines and secure their seats in advance through secure online purchases, fax or EntertainmentBroker's call center. Clients of EntertainmentBroker derive the benefit of centralized control of total ticket inventory and accounting information and market research data. Our goal is to provide fast, courteous, secure service at a competitive price for people who are looking for premium tickets in or close to the front row for all sporting, music and theatrical events across the country. EntertainmentBroker.com provides you with the exact same Tickets you will find on other Websites, but at a lower price and without any hidden service charges... Compare & Save!

The statements included in this press release concerning predictions of economic performance and management's plans and objectives constitute forward-looking statements made pursuant to the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. These statements involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, factors detailed in Interactive Games Inc.'s Securities and Exchange Commission filings; economic downturns affecting the operations of Interactive Games, Inc. and its subsidiaries; the inability to initiate or complete any contemplated restructuring, offering, acquisition, disposition or other transaction; adverse financial performance by Interactive Games, Inc. or its subsidiaries; the inability to successfully introduce new products or services; the inability to reduce interest costs; and the unavailability of financing to complete management's plans and objectives. Historical financial results are not an indicator of future financial performance. The forward-looking statements contained in this press release speak only as of the date hereof and Interactive Games, Inc. disclaims any intent or obligation to update these forward-looking statements.

Contact Information

  • Contact:
    Interactive Games, Inc.
    1.866.568.GAME
    For Investor Relations
    Michael Friedman 866.540.2677