HONG KONG and LOS ANGELES, April 18, 2011 /PRNewswire-Asia/ -- Artificial Life, Inc. (OTC BB: ALIF), a leading provider of award-winning mobile technology and applications (the "Company"), announced that it has learned that a purported securities class action lawsuit was filed on April 15, 2011 against the Company and its CEO.
The Company (ALIF) assumes that the allegations are without merit and intends to vigorously defend itself. The Company is currently preparing a motion to dismiss the lawsuit in due course.
The management of the Company does not assume that these legal proceedings will distract it from its usual course of business.
"We will defend the Company against any false claims and accusations and will use all available means to do so," said Eberhard Schoeneburg, CEO of Artificial Life, Inc.
About Artificial Life, Inc.
Artificial Life, Inc. has been a pioneer in artificial intelligence and mobile technology since its inception in Boston in 1994. We are a public US corporation (OTC BB: ALIF) with listing on the Frankfurt Stock Exchange (Frankfurt: AIF.F; Xetra: AIF.DE) and headquarters and production center in Hong Kong. We have additional offices in Berlin, Germany (EMEA headquarters) and Tokyo, Japan and Santa Monica, USA. Currently our main business areas are: high quality (3D) interactive (massive multiplayer) mobile games, mobile participation television, mobile business applications, our powerful mobile commerce technology platform OPUS-M™ and our green IT solutions provided by Green Cortex, Inc. We have won many industry awards for our outstanding technology and products.
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements include, without limitation, statements regarding our future results of operations, financial condition and business prospects. In some cases, you can identify forward-looking statements by terminology such as "may", "will", "should", "expect", "intend", "plan", "anticipate", "believe", "estimate", "predict", "potential", "continue" or the negative of these terms or other comparable terminology. Although such statements are based on our own information and information from other sources we believe to be reliable, you should not place undue reliance on them. These statements involve risks and uncertainties, and actual market trends or our actual results of operations, financial condition or business prospects may differ materially from those expressed or implied in these forward looking statements for a variety of reasons. Potential risks and uncertainties include, but are not limited to, our ability to obtain additional funding to operate and grow our business; the unproven potential of our mobile gaming business model; our ability to do timely regulatory filings, our ability to assign a new audit company, changing consumer preferences and uncertainty of market acceptance of our products; timely adoption and availability of 3G mobile technology; market acceptance for use of mobile handheld devices to play the interactive games; unpredictable mobile game development schedules; our reliance on a relatively small number of brands; our ability to license brands from others; our dependence upon resellers and telecommunication carriers and operators to distribute our products; our ability to successfully develop, introduce, and sell new or enhanced products in a timely manner; and the timing of new product announcements or introductions by us or by our competitors. For additional discussion of these risks and uncertainties and other factors, please see the documents we file from time to time with the Securities and Exchange Commission, including our Annual Report on Form 10-KSB filed on March 16, 2010. We assume no obligation to update any forward-looking statements, which apply only as of the date of this press release.
For more information on ARTIFICIAL LIFE, INC., please contact:
SOURCE Artificial Life, Inc.