SAN CARLOS, Calif.--(BUSINESS WIRE)--May 11, 2000--
Intel Internet Media Services will provide ImaginOn's ImOn.comTV(TM) Internet Television Network customers with the highest quality streaming media.
ImaginOn, Inc. (NASDAQ: IMON) (www.imaginon.com) today announced that it will use Intel(R) Internet Media Services to provide its ImOn.comTV(TM) Internet Television Network customers with reliable worldwide distribution of interactive digital video streams. Intel Internet Media Services will supply high quality, reliable service for ImaginOn's broadband Internet television viewers. "Interactive television will become one of the major applications of the broadband Internet era," said Mike Witteman, director of service technology, Intel Internet Media Services. "The success of this application will depend in large part on high performance media distribution and that's what Intel Internet Media Services will deliver to customers."
SAN CARLOS, Calif.--(BUSINESS WIRE)--May 10, 2000--
Company schedules investor telephone and Internet conference call for 5:00PM EDT on May 31, 2000; call is open to the first 200 individuals who call before 5:00 PM on the day of the call; from within the United States, individuals must call 1-800-492-5642 and from outside the United States, individuals must call 1-212-748-2220; Conference call will be simultaneously broadcast over the Internet by VCall.
ImaginOn, Inc. (NASDAQ:IMON - news; www.imaginon.com) today announced preliminary financial results for the first quarter ended March 31, 2000. Final results for the quarter may change prior to the company's 10-Q filing with the Securities and Exchange Commission.
ImaginOn achieved net revenue for the quarter of $76,912 compared to $13,701 in 1999. The Company's net loss for the quarter was $2,029,341, up from a net loss of $1,721,301 in the first quarter of 1999. Including amortization of the discount and dividends on the company's convertible preferred stock, the net loss applicable to common shareholder's for the quarter was $2,266,008, or $.05 per share, down from $2,554,634, or $.08 per share, in 1999.
According to ImaginOn Chief Executive Officer David Schwartz, ``The increased loss reflects significant investments in sales, marketing, R&D and the cost of building the infrastructure associated with the recent launch of our ImOn.comTV(a) interactive Internet 'television station in a box' at both the National Association of Broadcasters and Spring Internet World conventions.''
ImaginOn Chief Financial Officer Jim Newcomb stated that the Company's balance sheet remained in good condition, with over $3.6 million of cash and total current assets that were more than three times current liabilities. ``ImaginOn remains in a strong position to capitalize on the many market opportunities that have appeared since the introduction of ImOn.comTV at the end of 1999,'' said Newcomb.
During the first quarter, ImaginOn raised an additional $950,000 of equity capital, increasing the total amount of equity raised since the Company's inception in 1996 to $12.6 million. Also during the quarter, ImaginOn redeemed the remaining outstanding shares of its Series F convertible preferred stock, plus accrued dividends for $2.4 million. With the completion of this transaction, the company's capitalization is comprised solely of common stock and warrants.
Shortly after the end of the quarter, on April 7, 2000, ImaginOn held its first annual meeting of shareholders since becoming public in early 1999. All three measures put before the shareholders for approval - election of directors, approval and adoption of ImaginOn's 1999 Equity Incentive Plan, and an increase in the Company's authorized common stock from 50 million to 100 million shares - were approved at the meeting.
In the case of the third measure, increasing the number of authorized shares, it should be noted that none of these shares have been issued.
Persons within the United States wishing to participate in the May 31, 2000 conference call must call 1 (800) 492-5642 shortly before 5:00 PM EDT on the day of the call. Once they place the call, interested participants should hold for the operator and request access to the ``ImaginOn Town Meeting.'' From outside the United States, people must call 1 (212) 748-2220.
Investors and other interested parties that wish to listen to the conference call over the Internet can do so through Vcall at http://www.vcall.com. To listen to the live call, individuals should go to the Web site at least 15 minutes early to register, download and install any necessary audio software.
For those who cannot listen to the live broadcast, a replay will be available shortly after the call and an audio transcript will be available 48 hours later at http://www.imaginon.com.
ImaginOn, Inc. is an information technology company focused on developing and marketing broadband interactive Internet television products. ImOn.comTV, ImaginOn's lead product, is a turnkey package that enables any Web site to present an interactive Internet television console within a standard browser window on any suitably connected computer. The ImOn.comTV virtual console offers its users video on demand, viewer directed branching video, automated Web researching, and many additional features customized for individual clients. The company's objective is to deliver Internet television to anyone and everyone who wants to communicate, entertain, inform, educate and promote e-commerce in a new way for a new era of interactive communications.