LANGHORNE, Pa., Nov. 14, 2006 (PRIMEZONE) -- eGames, Inc. (OTCBB:EGAM), a publisher of consumer entertainment PC software games, announced that the Company has filed a Form 15 with the Securities and Exchange Commission to deregister the Company's Common Stock and suspend its reporting obligations under the Securities Exchange Act of 1934, as amended. The Company expects the deregistration to become effective within 90 days of filing with the SEC. As a result of the filing of the Form 15, the Company's obligation to file certain reports and forms, including Forms 10-KSB, 10-QSB and 8-K, with the SEC has been suspended.
Gerald W. Klein, President and CEO of eGames, stated, "Our decision to deregister is driven by our goal to reduce current expense and to avoid future expenses related to additional auditing requirements created by the Sarbanes-Oxley Act. The Company expects to continue to provide quarterly and annual financial information on its website and also to issue press releases with relevant announcements about its business in the future."
The Company's Common Stock is expected to be quoted on the Pink Sheets(r), an electronic quotation service for over-the-counter securities. The Pink Sheets is a provider of pricing and financial information for the over-the-counter securities markets. It is a centralized quotation service that collects and publishes market maker quotes in real time primarily through its website, www.pinksheets.com. The Company intends to provide to the public information for market makers to be able to quote the Company's Common Stock on the Pink Sheets, but can give no assurances that any broker will make a market in the Company's Common Stock.
About eGames, Inc.
eGames, Inc., headquartered in Langhorne, Pennsylvania, publishes and markets a diversified line of interactive entertainment titles which now include the eGames(tm), Cinemaware(r) and Cinemaware Marquee(tm) brands. Additional information regarding eGames, Inc. can be found at www.egames.com.
Forward-Looking Statement Safe Harbor:
This press release contains certain forward-looking statements, including without limitation, statements regarding the Company's expectations that its shares will be quoted on the Pink Sheets, and the Company's expectation that it will continue to provide quarterly and annual financial information on its website and also to issue press releases with relevant announcements about its business in the future. The Company cautions readers that the risks and uncertainties that may affect the Company's future results and performance include, but are not limited to, the risks and uncertainties discussed under the heading "Liquidity Risk" in Management's Discussion and Analysis and "Factors Affecting Future Performance" in the Company's Annual Report on Form 10-KSB for the fiscal year ended June 30, 2006 as filed with the Securities and Exchange Commission.