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eGames Announces Completion of Debt Financing(June 06, 2011)
LANGHORNE, Pa., June 6, 2011 (GLOBE NEWSWIRE) -- eGames, Inc. (Pink Sheets:EGAM), a developer and publisher of casual games for social networks, PC, Nintendo DS and Wii, iPhone and the Internet, today announced that it has completed a debt financing on June 3, 2011, in which eGames received gross proceeds of $400,000 in exchange for entering into a Senior Secured Promissory Note in the principal amount of $400,000 and a two-year Warrant to purchase 400,000 shares of eGames Common Stock.
The Company intends to use the net cash proceeds from the debt financing to fund product development of future game titles for social networks and for general working capital requirements.
About eGames, Inc.
eGames, Inc., headquartered in Langhorne, Pennsylvania, develops and publishes casual games for leading social networks, the PC, Nintendo DS and Wii, iPhone, and the Internet. Additional information regarding eGames, Inc. can be found at http://www.egames.com.
The eGames Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=7123
Forward-Looking Statement Safe Harbor
This press release contains certain forward-looking statements, including without limitation, statements regarding: our intention to use the net cash proceeds from the debt financing to fund product development of future game titles for social networks and for general working capital requirements. The Company cautions readers that the risks and uncertainties that may affect the Company's future results and performance include, but are not limited to, delays in the development of future titles; inability to fund continued development of future titles; technical and other issues that may delay or halt development of future titles; the failure of new titles to sell well or achieve placement on social networks; our inability to enter into and maintain commercially successful publishing, licensing and distribution relationships; and an increase in competition; as well as the risks and uncertainties discussed under the heading "Factors Affecting Future Performance" in the Company's Annual Report for the fiscal year ended June 30, 2010 as posted on the Company's website and on www.pinksheets.com.
CONTACT: eGames, Inc.
Jerry Klein, President & CEO
(215) 750-6606 (Ext. 118)
Tom Murphy, Vice President & CFO
(215) 750-6606 (Ext. 113)
Related Keywords: ELECTRONICS, ENTERTAINMENT, FINANCING AGREEMENTSInternet, Digital Media Software, Communications, Digital Audio, Web, iPods, iphone, Inc., Apple Computer, Games, Internet Technology, Game Technology, Entertainment, Internet, Other,