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ImaginOn, Inc. (NASDAQ: IMON) ( today announced that its ImOn.comTV(TM) interactive Internet "television station in a box" will be the Internet television system that powers the launch of the American Arts Network -- the first dedicated arts Internet television site and the first entity to establish a comprehensive Internet-based method for funding the arts. According to David Perry, President of American Arts Network, based in Leesburg, Virginia, the official launch of the new broadband American Arts Network Internet TV channel is scheduled for September. "However, this month we plan to launch a preview of the site that will be fully powered by ImOn.comTV."

In discussing the financial results for the year, Newcomb noted that ImaginOn is in a strong financial position and ready for the launch of the Company's ImOn.comTV(TM) product at the National Association of Broadcasters Convention and Exhibition in April. "Our financing efforts for the year were successful. As a result, ImaginOn had current assets of $7.1 million at year end, including $5.0 million in cash, and a stock proceeds receivable of $2.0 million. This compares to where we stood last year when current assets were only $24,000. ImaginOn is also entirely debt-free, as compared to the end of 1998, when the Company's indebtedness was $1.6 million," said Newcomb.

ImaginOn, Inc. is an information technology company focused on developing and marketing broadband Internet television products. ImOn.comTV, ImaginOn's lead product, is a licensed turnkey package that enables any Website to present an interactive 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 searching, and many additional features customized for individual licensees. The company's objective is to deliver Internet television to anyone and everyone who wants to communicate, entertain, inform, educate or market in a new way for the new era of interactive communications.

Market Capitalization $144.5M

Shares Outstanding 41.3M

Float 29.7M