SCHEDULE 14A
(Rule 14a-101)
INFORMATION REQUIRED IN PROXY STATEMENT
SCHEDULE 14A INFORMATION
Proxy Statement Pursuant to Section 14(a)
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Section 240.14a-12
INTERACTIVE NETWORK, INC.
(Name of Registrant as Specified In Its Charter)
INTERACTIVE NETWORK INDEPENDENT SHAREHOLDERS COMMITTEE
(Name of Persons(s) Filing Proxy Statement)
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and 0-11.
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computed pursuant to Exchange Act Rule 0-11:
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NEWS RELEASE FOR IMMEDIATE RELEASE
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For further information, call:
Robert Hesse
Interactive Network Independent
Shareholders Committee
(201) 567-4415
Alan Miller
Innisfree M&A Incorporated
(212) 750-5833
Shareholder Committee calls upon Interactive Network ("INNN")
to defer shareholder vote on exclusive patent transfer
TENAFLY, NEW JERSEY(June 22, 2000)--The Interactive Network Independent
Shareholders Committee today called upon Interactive Network, Inc. (OTC BB:
INNN) to postpone the shareholder vote on Proposal #3, the proposal to approve
the grant to TWIN Entertainment, Inc. of an "exclusive" license to use INNN's
intellectual property, at INNN's upcoming Annual Meeting of Shareholders,
scheduled for June 30, 2000.
The Committee noted that INNN's Board and management have disclosed no fairness
opinion in connection with the grant of the exclusive license to Twin
Entertainment. The Committee is requesting that INNN retain an investment
banking firm or other qualified experts to provide INNN's shareholders with such
an opinion and to otherwise provide such additional information as may be
necessary to enable the shareholders to make an informed decision on this
exclusive transfer of intellectual property.
The Committee was formed in an effort to add depth and additional expertise to
the Company's Board of Directors and to improve INNN's management. The Committee
is currently waging a proxy contest, seeking to increase the size of INNN's
Board to allow for the election of the Committee's five experienced nominees.
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