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Interactive Games updates merger status15 March 2007WEST PALM BEACH, Florida -- (PRESS RELEASE) -- Interactive Games, Inc. (the "Company" or "Interactive") (OTCBB: IGAM) announced today that execution of a definitive agreement for the previously announced non-binding Letter of Intent with Nuvo Solar Energy, Inc. ("Nuvo"), a development stage company based in Centennial, Colorado, will be delayed as certain principals of the Company have been traveling abroad. The parties anticipate the agreement will be completed by early April as all substantial contract terms have been agreed to by Nuvo and Interactive. Under the proposed terms of the agreement, Interactive plans to acquire all of the issued and outstanding capital stock of Nuvo in a tax-free exchange for approximately two-thirds of the outstanding common stock of Interactive on a post-closing basis. Completion of the transaction is subject to customary closing conditions including, but not limited to, negotiation and execution of the definitive agreement, receipt of audited Nuvo financial statements, completion of contemplated restructuring conditions, and any necessary board of director or stockholder approvals. |