Yesterday, we reported that Intellivision Entertainment's Tommy Tallarico had been replaced as CEO by chief revenue officer Phil Adam in order to "better align" company resources with "new challenges."
One of those new challenges may be keeping the company afloat, as an SEC filing shared on the firm's website earlier this week suggests that it has made no revenue since its resurrection in 2018 and may not be able to operate beyond July of this year (thanks, GI.biz).
The filing goes through the various risks associated with investing in a firm like Intellivision. The fact that any investment carries an inherent degree of risk is perhaps obvious, but other parts of the filing shed a light on the company's current predicament.
For example, the filing points out that we may never see a "fully operational" Amico console:
It is possible that there may never be a fully operational Intellivision Amico. It is possible that the failure to release the product is the result of a change in business model upon [the] company's making a determination that the business model, or some other factor, will not be in the best interest of [the] company and its stockholders/members/creditors.
Elsewhere, the filing states that Intellivision – which Tallarico revived in 2018 – has not generated any profit since it was resurrected and has instead "sustained losses since inception." Significant debts are also disclosed, including an "aggregate of $3.1 million in outstanding loans" from its board members.
Intellivision has already run several investment drives which have raised around $17 million towards the cost of designing, manufacturing and marketing the Amico console, as well as paying for the development of software. The firm is now seeking a further $5 million, which would "approximately seven to nine months." If only a minimum of $10,000 is raised from its campaign, the company would "only have operating cash for one to two months."
The filing also points out that Intellivision has spent $1.35 million in "pre-payments for electronic components to Ark Electronics USA" but an ongoing contract dispute means that "the disposition of those funds are potentially at risk."
The Amico was been delayed three times (the original launch was supposed to happen in October 2020) and, as of February 2022, the console still doesn't have a solid launch date.
Tallarico's role switch within the company is believed to be related to the fact that he is now looking after his terminally ill father at home:
This article was originally published by nintendolife.com on Wed 9th February, 2022.
Yeaaaah that might not be such a bad thing haha
Just forget the Amico idea.
This modern digital age is shameless.
It looks like the unholy offspring of an iPod Classic and a Dreamcast. Theirs was a love that could not be.
If people didn't see the massive VAPORWARE! subtext of the console's marketing, they can't be helped. There were dozens of red flags. That any question of these was shot down or deleted in Intellivision forums should have confirmed this.
EDIT: They're now saying they want to release their games as NFT's 🤣🤣🤣. It's almost comedic at this point. Anyone who gives them a nickel now should seek medical treatment.
Color me surprised said no one ever! The real shock is the talent behind the console, they had some major power players behind the scenes but even then I was EXTREMELY skeptical.
I'm convinced the only people interested in this were:
1) Boomers with existing collections who saw this as an uber niche product that would be a 'super rare' console to pass down to whomever inherits their collection
2) YTers who got clicks rubbishing it.
It's never a bad thing to have more choices, but this just doesn't seem to have much of an inroad. It's largely targeting a market Nintendo has cornered — and at a roughly comparable price — and by the time it releases it will also be competing against PlayStation, Xbox and the Steam Deck. Realistically, how much buy-in could there be?
Wow you do surprise me. The fact they’re wanting to move into NFTs doesn’t surprise me either. Charlatans.
I feel like their advertisement claims a market need that actually isn't there. There are plenty of opportunities for Couch coop and local gaming still
No, you can't be serious! But really, anyone in the know on the Amico has LONG known this system has been dead in the water for more than a year.
SouljaBoy is coming to help in 3, 2,1…
Not too surprised. Now let's see Earthworm Jim 4 on Switch!
These half-console indie machines just don't work.
I mean, of course it may never see release. That’s what a risk is.
If they had said it would likely never see release that would be a different matter.
@Muddy_4_Ever haven’t NFT’s been part of their business model for a while?
looked really bad from the off, just release a 'classic' console and call it a day xD
Yikes...never thought this thing would be any good, but I was pretty sure it would launch and then immediately fade into obscurity like the Atari did.
Software vaporware is a common thing, but it has been quite some time since we've seen hardware vaporware.
All they had to do was make an updated remake of Atlantis for the eshop. Give me an online leaderboard & I might have grabbed it for old time's sake.
Now don’t get me wrong, I do feel like this will never see the day or will sell so little that it basically hasn’t seen the day (maybe to a vtech type audience?).
I feel bad for the software devs. Hopefully they can sell their games somewhere else.
@Muddy_4_Ever It's always been comedic. I remember when the former CEO went after me on AtariAge for a comment I made here in this comment section. His cultists then proceeded to wonder about my mental health and parental status for questioning such a great product. Looks like I was right all along.
The real Amico was the friends we made along the way laughing at this failure.
@Broosh That was my exact thought as well. That was the only thing about the Amico I cared about.
@Brady1138 I don't know about that. My Evercade is awesome. How much more life it has? Debatable. Which is a shame because if it got more indie and publisher support it could be even more amazing.
Honestly, I was interested in this as an easy to play alternative for my daughter and me to mess around with. Also, I would like to see somebody outside of the big three succeed in the hardware realm.
Don’t waste your money! Oh you have……no ones gonna buy this baby monitor.
Who didn’t see this coming?
That's a product with barely any marketing appeal. I mean, it's a $250 Wii clone without the games that made the Wii worth a purchase, in a world where eveyone already owns a Switch as a family console. What's the point here? Play Earthworm Jim 3?
So no Earthworm Jim 4 after all?
I never had an interest in it anyway, so no big loss.
A real shocker. They should just do NFTs like other companies since they can't seem to make a product.
Oh nooo... Anyway...
@rushiosan Exactly. Perfect summary of how this was a ridiculous idea from day 1. One can also buy a cheap PS4/Xbone for a similar price, and gets hundreds more, better games.
Maybe Tommy can get back to focusing on Video Games Live now. We're past due for a new level.
Monday - Tommy steps down
Tuesday - Intellivision admits the Amico is a pipe dream
Friday - The company folds after being sued by investors and pre- orders.
WE ALL SAW THIS COMING
only the cult wants this now. anyone else buys switch to play with the family.
I think their new shtick is "NFT's as cartridges" or some nonsense like that. It's just stuff being thrown against the wall at this point.
As if people didn't already knew that the whole thing was a scam.
so no rocco botte taking a whizz on it like the ouya?
I’m sure Tommy is an okay guy, but I never got the feeling he was trustworthy.
Excited for the Wha Happun? Episode on this dumpster fire lmao, serves them right!
@fortius54 Apparently he said some really racist [email protected]%t not too long ago
Intellivision stayed in business for decades before Tommy showed up.
@Funneefox Maybe he’s not a good guy then. Either way, untrustworthy seems to fit.
This has been a hilarious story to follow, my heart hurts for all who are forced to work on this dumpster fire of a project, they should just abandon it and bring that philosophy elsewhere not in outdated gaming hardware and boring games that are even surpassed by free mobile games
The set of games looks really promising for me and my kids to play together, and I really like their overall mission. I don't know why Intellivision doesn't just become a publisher for their games (or collections of their games) across current platforms. Would it be their entire vision? No, but it would probably help them reach a wider audience with a lower barrier to entry.
looks like those old wireless homephones of the 80's
Pat and long hair ginger called it years ago.
This whole disaster is a dumpster fire. Who, exactly, was asking for the return of Intellivison? That console was popular for a year, maybe two, before the crash of 83. No one was clamoring for its return. The Wii was a once in a lifetime success. While it is perhaps my least favorite console ever produced by Nintendo, I can see why it appealed to so many non-gamers. The motion controls, while flawed, were groundbreaking. Wii Sports was easy for anyone to pick up and play. Mobile games were not a thing yet when it came out. It was the right place, at the right time, with the right gimmick, to launch itself to success. The Intellivision was never going to even come close to sniffing that type success.
Tommy could probably get a job at the new G4 network. It needs all the help it can get right now.
As for Earthworm Jim, bundle the new game with the classics and release it as a collection for Switch, PS4, Xbox and PC.
So they admit that it was a scam and those people who pre-ordered will never get their console? I knew from day one that this thing would end up been the Coleco Chameleon part two. I'm just glad the Atari VCS isn't a scam and that console got much more heat than the Intellivision Amico but still manage to exist. Of all the consoles that died after the great videogame crash of 1983, only Atari survived. Intellivision, Colecovision, and Magnavox Odyssey all died and I believe if those got revive nowadays it'll probably for scam purposes and not trustworthy like Atari, Nintendo, Sega, SNK, and Hudson who are the real legit gaming companies that does treat their customers much better.
Gosh, you mean to tell me the promise of an exclusive Earthworm Jim 4 was not enough to keep this laughable console afloat? A console that insisted on using mobile phones as its primary controllers?
Color me surprised.
And just like that, everyone's suspicions on this console are starting to come true, with it being nothing more, than overly hyped vaporware.
It's a shame. I didn't ever see it becoming a success but wanted to be proved wrong. With them talking about NFTs last year, it seems they were clutching at straws for a long time already.
Would it have been released if the pandemic hadn't happened? The pandemic could have been the nail in the coffin.
I just don't get who it's for. They're basically mobile games, all 'family friendly' meaning no big titles or action RPG, FPS, adventure games will come to it. The concept is cool but I don't really see anyone purchasing it as their 'game console'
@Funneefox Racist or making fun of disadvantaged people or something, I vaguely recall.
Wait, sorry, I was thinking of another word, so?
All you haters and losers are gonna feel silly when Mr. Tallarico rolls up in his Lambo to show off the totally real console. And who's that riding shotgun? Well thats an NFT of a 3 frame Earthworm Jim run cycle, my dude. Read 'em and weep.
Going up to 350......
Strange, hasn't NintendoLife been shilling for this scam company up until just now?
@AlexHarford Video games are booming during the pandemic. Blaming the pandemic is just like blaming everything else. It was a dumb idea from day 1.
That lady in the video who keeps saying Intellivision reminds me of the Ouya CEO always repeating: "I want the games on the T E L E V I S I O N". It's identical. Any coincidence?
@ElBowserino The chip shortage is well known and hasn't just affected the Amico, and Intellivision were partly relying on instore displays. Admittedly they were far from the only issues, but it's possible the eye had to be taken off things like getting the OS ready to sort out the parts shortages.
Oh. It's not coming out
@KingMike yeeeeeeeaaaaahhh maybe he should’ve just stuck to music and kept his gaping mouth shut. Yikes….
Honestly baffled that they would allow themselves to sustain so much debt making a console that was so clearly a niche product.
@Nintendan64 - Yep. That was my thought from the start; a revamped Intellivision console that stays true to the original design, make it online, put the entire library on it in HD, plus, updated versions that all have a consistent and non-crappy art style. Oh, and make Earthworm Jim your flagship launch title, FFS.
No Amico? My jaw's hittin' the floor!
Wow first I've heard of this and yet its not surprising that lost all investors money with this vaporware. Who in the world thought this was a good idea? You want family fun you just get a Switch, which also appeases all kinds of gamers. How did they think a product like this targeting ONLY family gaming would make sense.
It's like Tommy Douchearico forgets that Nintendo exists. He may hate them, but not everyone is an ignorant as him. Plus after Nintendo's Direct today, rofl goodnight Amico, and good riddance.
No more cordless phone console for family game night? Grandma’s gonna be sad.. Cancel that, Wii Sports is making its comeback, grandma rejoice
To be honest, this was doomed form the start. Even if it releases, it won't be profitable and will be a complete waste of time and money for everyone involved in it's development.
What a huge surprise.
Seemed like a bad idea from the start and my interest dropped when it was stated the system would have no M-rated games. Just dumb to limit the library like that.
Its a shame, really wanted this to be released, despite all the (massive) odds.
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