Trouble brewing at iEN?

[-lynx-]

got this e-mail today:
 

Friday December 15, 12:05 pm Eastern Time

Press Release

iEntertainment Network Announces Restructuring In Drive
Towards Sustained Profitability

RESEARCH TRIANGLE PARK AREA, N.C.--(BUSINESS WIRE)--Dec. 15,
2000--iEntertainment
Network, Inc. (NASDAQ: IENT - news), an online media company providing
evergreen entertainment
content across a wide network of owned and affiliated Internet
properties, today announced steps to
refocus its resources on its established pay-for-play division.

``The iEN board of directors has mandated an objective to deliver an
operating profit in all four quarters
during calendar 2001. Given the track record of our pay-for-play group
and the scheduled introduction of
exciting new releases in 2001, we have determined that the path to
sustained profitability will require keen
focus in this area,'' said Mike Pearce, iEN CEO. ``iEN plans also to
continue generating significant
revenue from advertising-supported gaming environments. We intend to
participate in the overall recovery
of online advertising markets, which many industry analysts foresee
occurring in the second half of
2001.''

As a result of the increased focus on profitability and pay-for-play
gaming revenue, the company
eliminated 33 positions, many of whom were assigned to supporting the
effort in advertising-related game
environments. ``It's unfortunate that many good people are being
released and through no fault of their
own,'' said Pearce. ``Internet companies, particularly content-oriented
dot coms, are experiencing a very
challenging marketplace. While not unexpected in a maturing industry, it
is nonetheless painful for those
affected at scores of Internet firms across the country.''

Allan Kalbarczyk, company controller since its inception, has assumed
coordination of iEN financial
activities. Prior to joining the company, he served as Director of
Corporate Accounting at publicly-held
MicroProse Corporation, a pioneer in interactive games. He takes over
for Robert Hart, who will remain
a consultant to the company through March 2001. ``Bob joined iEN as part
of the new senior
management team in the early fall of 1999. In November of 1999, the
company completed a successful
recapitalization, which was followed by release of the qualified opinion
previously assigned to the
company's financial statements by its auditors. Revenue resumed a growth
trajectory in Q1 of 2000 and
iEN recorded an operating profit in Q2 of 2000. Bob played an integral
role in repositioning the company
as a viable participant in the online media space,'' stated Pearce. ``I
speak for everyone at iEN in wishing
him well in his future endeavors.''

iEntertainment Network, Inc. (NASDAQ: IENT - news), founded in 1994 and
located in Research
Triangle Park, NC, is a leading provider of online entertainment media
solutions, tools and content for
ISP's portals, communities and e-commerce sites. iEntertainment Network
currently serves both English
and Spanish language audiences. The Company operates multiple online
entertainment properties for key
partners including AT&T WorldNet® Service's GameHub.net
(http://www.gamehub.net), and
EarthLink's Games Arena (http://www.thegamesarena.com). iEntertainment
Network has strategic
relationships with AT&T (NYSE: T - news), EarthLink (NASDAQ: ELNK -
news), as well as other
content and service providers. For more information, call (919)-461-0722
or visit our website at
(http://www.ient.com). AT&T WorldNet is a registered service mark of
AT&T.

Forward-Looking Statements: Except for the descriptions of historical
facts contained herein, statements
in this news release concerning future results, performance or
expectations are forward-looking
statements, including without limitation, statements about revenue
growth and profitability. Actual results,
performance or developments could differ materially from those expressed
or implied by such
forward-looking statements as a result of known or unknown risks,
uncertainties and other factors
including those described from time to time in the company's filings
with the Securities and Exchange
Commission, under ``Risk Factors'' and elsewhere, including risks
relating to history of operating losses,
change in business, failing to secure timely or adequate financing,
delays in development and introduction
of new products, dependence on new product introductions which achieve
significant market acceptance
and the uncertainties of consumer preferences, the rate and degree of
market acceptance of online
gaming, dependence on third party software developers for significant
portion of new products, risks of
rapid technological change and platform changes, intense competition,
dependence upon third party
distribution and other risks. We undertake no obligation to update any
forward-looking statements as a
result of new information, future events or otherwise, unless required
by law.

Contact:

     iEntertainment Network, Inc.
     Michael Pearce, 919/461-0722 ext. 3109

I hope they'll finish WBIII

[Maverick]

Lotta words there but not much in the way of information.

Leads to more questions than it answers.

Mav

[Westy]

 Well. 30+ folks layed off, inuendoes of more changes of that sort to follow from Hotseat over in AGW and the stock is less then 50cents per share. Add in they have no money left and?????   Big changes are coming over there.

 -Westy