Koler Officially Named As Infinium Labs Head

Officials from Infinium Labs have officially named Greg Koler as the company’s CEO and president with full board approval. He will also assume the position of interim CFO Officer and board officer. Koler, a former director of Sony Computer Entertainment Europe and the company’s European consultant, was appointed as interim CEO, CFO, president and board officer in November last year following the departure of Kevin Bachus. "I am delighted to be officially joining the extremely talented international management team to lead Infinium Labs. The Phantom Game Service has an unparalleled legacy of boldness, innovation and great opportunities for the online video games market sector. Together we look forward to joining our strengths in engineering and technology with a sales and marketing driven presence to deliver the most advanced online video game service and devices for consumers... I know all of us in management are committed to achieving that goal in launching the Phantom Game Service to market this 2006," said Koler. Continued revelations over the company’s financial situation, though, find Koler taking over the reigns at an especially difficult time. As recently revealed, the company may not have enough capital to manufacture and market the Phantom Lapboard wireless keyboard and mouse, let alone the much delayed Phantom Game Service. The company’s recently re-issued 10-QSB/A financial report revealed that the company had begun defaulting on its short-term loans, including game licensing agreements with Riverdeep, Codemasters, Atari and Eidos Interactive – as well as around $2.35 million in payroll taxes and penalties to the IRS. Overall the company has recurring losses from inception of $57,570,723, a working capital deficiency of $10,085,662, a stockholders deficiency of $9,470,271 and a negative cash flow from operations of $14,888,265 from inception.