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Phantom loses chairman, gains funding

updated 12:25 pm EDT, Tue July 10, 2007

Phantom loses chairman

Phantom Entertainment, the developers of the never-released Phantom Game Console, has made two announcements indicating conflicting directions for the company. The first is the resignation of Timothy Roberts, the company's Chairman of the Board, who states that he is moving on to "an exciting new opportunity." Roberts has presided over the company since 2004, when the company had first promised the Phantom and was known as Infinium Labs; Roberts was deposed as CEO after May of 2006, when the Securities and Exchange Commission accused him of artificially inflating stock value by hyping the Phantom prematurely.

Despite having never released a product, a more positive turn for the company has come in the form of a new loan. The $1.3-million agreement with the European Linley Management should give the company money to manufacture the Phantom Lapboard and Mouse, salvaged remains of the Game Console. The company now hopes to ship products in the fourth quarter of this year; this marks another delay however, as the Lapboard was originally due last November.



By Electronista Staff
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