Infinium Labs to become Phantom Entertainment?
Developer of Phantom gaming service and Lapboard peripheral to change name pending stockholder approval; former CEO sues company.
Infinium Labs has endured no small amount of criticism for its choice of "Phantom" as the name of its yet-to-materialize gaming console. Originally announced in 2002, the Phantom has been subject to endless delays, false starts, numerous changes to Infinium Labs' executive roster, and even a scandal or two.
But now the company has told investors that it plans to change its name...to Phantom Entertainment, Inc. Infinium has called a special stockholders' meeting for July 13 in Tampa, Florida, where the company hopes they will vote in favor of the name change. In the SEC filing detailing the meeting, the company gave the following reasoning for the switch:
"The Board of Directors believes that the name change would be in the best interests of the Company because the new name better reflects the long-term growth strategy of the Company."
The filing also mentions another development in the Infinium Labs saga, a lawsuit brought against the company by its former CEO Kevin Bachus. According to the filing, Bachus sued the company in March for almost $51,000 in "unpaid wages and accrued and unpaid personal time off." Infinium Labs said it "plans to defend itself vigorously in this matter."
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