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INTERACTIVE MEDIA TECHNOLOGIES FILES PETITION UNDER CHAPTER 11 OF THE BANKRUPTCY CODE

 INTERACTIVE MEDIA TECHNOLOGIES FILES PETITION
 UNDER CHAPTER 11 OF THE BANKRUPTCY CODE
 SCOTTSDALE, Ariz., March 5 /PRNewswire/ -- Interactive Media Technologies Inc. (NASDAQ: IMTX) reported that it filed a petition pursuant to Chapter 11 of the bankruptcy code with the U.S. Bankruptcy Court in Phoenix on March 4.
 The company stated that it had been experiencing severe liquidity and cash flow problems because of the weight of its financial obligations and the slower-than-expected development of sales of the company's principal product, the IMTX 8000. In addition, the company's efforts to seek additional debt and/or equity financing had only met with limited success, and the prospects for further funding appeared to be insufficient to avoid the bankruptcy filing.
 The company reported that it expects to seek court approval for unsecured borrowings to support operations as a debtor-in-possession while it implements its reorganization plan.
 -0- 3/5/92
 /CONTACT: Arethea Erwin of Interactive Media Technologies, 602-443-3093/
 (IMTX) CO: Interactive Media Technologies Inc. ST: Arizona IN: SU: BCY


KJ-AL -- LA003 -- 5315 03/05/92 09:30 EST
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Publication:PR Newswire
Date:Mar 5, 1992
Words:175
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