Today Spacetec IMC announced that in an "executive management realignment" Dennis Gain, the CEO, president, and founder, will resign - effective immediately. Ray Boelig, the vice president and COO, has been promoted to president in Gain's place.

　　Dennis Gain had this to say about his resignation: "I am enormously proud of what has been achieved by Spacetec IMC during my seven-year tenure as CEO. Spacetec IMC has evolved from a start-up business with a nascent technology to a world-renown company whose products are used for a diversity of applications ranging from the design of automobile and aircraft parts to the playing of the most sophisticated games over the Internet. In light of our current opportunities, it is the right time for new leadership at Spacetec IMC that can guide the company to new levels of growth and achievement."

　　This news follows a correction made yesterday about Spacetec IMC's third-quarter results, which revealed that the three-dimensional games and application peripheral company now says it lost US$811,000 instead of having a net income of $5,000. Spacetec IMC also expects a loss in the fourth quarter as well.

　　Spacetec IMC not only makes the unusual but fairly popular SpaceOrb 360 for the consumer games market, it also creates and develops hardware for McDonnell Douglas and NASA, among other companies.