Interactive Magic moves to acquire MPG-Net

Interactive Magic, a leading Internet gaming service, announced today the completion of an offering of $4 million in aggregate principal amount of Convertible Notes. The net proceeds of the offering will be used for working capital and to support corporate development activities. Interactive Magic has signed a definitive agreement to acquire MPG-Net and expects to use a portion of these proceeds to continue its Internet acquisition strategy with the assistance of Gerard Klauer Mattison & Company.

For January 1999, this is the business side of gaming doing what it always does: studios forming, publishers moving money around, lawsuits flying, and everyone promising the next big thing. Somewhere in that mess, players eventually get the games. Maybe.