IPIX RAISES $10 MILLION

By: Staff Reports Web Image Company Is Restructuring


(The Hollywood Reporter) Publicly traded Internet Pictures Corp., or
iPix, raised $10 million from Paradigm Capital Partners and the
Memphis Angels, an angel investment group launched by venture
capital firm Paradigm. The private funding is a first step toward
the company's goal of raising $30 million by summer's end, enough
to finance its restructuring and take iPix to profitability, the
company said.

Donald Strickland becomes iPix CEO, while former chairman and CEO
James Phillips becomes chairman emeritus. Paradigm and Angel
executives, including former America Online president and chief
operating officer Bill Razzouk, will fill four of iPix's seven
board seats.

IPix technology is used to create rich video content at Web
sites. Paramount Pictures recently used 360-degree imaging
technology from iPix in the creation of the Web site for its
upcoming feature "Tomb Raider."

Many newspaper Web sites use iPix for special editorial sections
and realty classifieds.



Copyright 2001, Editor & Publisher.