SCHEDULE 14A (Rule 14a-101) INFORMATION REQUIRED IN PROXY STATEMENT SCHEDULE 14A INFORMATION Proxy Statement Pursuant to Section 14(a) Filed by the Registrant / / Filed by a Party other than the Registrant: /X/ Check the appropriate box: / / Preliminary Proxy Statement / / Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) / / Definitive Proxy Statement /X/ Definitive Additional Materials / / Soliciting Material Pursuant to Section 240.14a-11(c) or Section 240.14a-12 INTERACTIVE NETWORK, INC. (Name of Registrant as Specified In Its Charter) INTERACTIVE NETWORK INDEPENDENT SHAREHOLDERS COMMITTEE (Name of Persons(s) Filing Proxy Statement) Payment of Filing Fee (Check the appropriate box): /X/ No fee required. / / Fee computed on table below per Exchange Act Rules 14a-6(i)(4) and 0-11. (1) Title of each class of securities to which transaction applies: (2) Aggregate number of securities to which transaction applies: (3) Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11: (4) Proposed maximum aggregate value of transaction: (5) Total fee paid: / / Fee paid previously with preliminary materials: / / Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the form or schedule and the date of its filing. (1) Amount Previously Paid: (2) Form, Schedule or Registration Statement No.: (3) Filing Party: (4) Date Filed: -2- NEWS RELEASE FOR IMMEDIATE RELEASE --------------------- For further information, call: Robert Hesse Interactive Network Independent Shareholders Committee (201) 567-4415 Alan Miller Innisfree M&A Incorporated (212) 750-5833 INTERACTIVE NETWORK INDEPENDENT SHAREHOLDER COMMITTEE WINS SUPPORT OF BOTH LEADING VOTING ADVISORY SERVICES SHAREHOLDERS URGED TO ELECT DISSIDENT NOMINEES TENAFLY, NEW JERSEY(June 27, 2000)--The Interactive Network Independent Shareholders Committee today announced that Institutional Shareholder Services (ISS), the nation's leading institutional shareholder advisory firm, serving more than 700 institutional and corporate clients, has recommended that shareholders support the Committee's proposal to increase the Board size and that shareholders vote FOR all five of the Committee's nominees. Interactive Network, Inc.'s (OTC BB: INNN) Annual Meeting of Shareholders is scheduled for June 30, 2000. In making its recommendation, ISS stated, "The issues raised by the Committee surrounding the exclusive licensing arrangement with TWIN, as well as Dr. Brown's remarks on exclusivity versus nonexclusivity, also suggest the need for greater technical expertise on the Board." (Dr. Brown was management's spokesperson to ISS.) ISS further stated, "Contrary to management's assertions, we do not view the dissident agenda as simply taking over the company, but rather ensuring that INNN's most valuable asset--its intellectual property--is being developed and exploited in ways that are in shareholders' best interests. We therefore support the Committee's proposals to expand the board to nine members and to add the dissident nominees." fn(1) Last week, Proxy Monitor, another leading voting advisory firm, had also recommended its clients vote to expand the board and to support the Committee's nominees. Proxy Monitor stated in its report, "We too conclude that the Committee's nominees appear to be better positioned to guide the company into a difficult future." fn(2) Bob Hesse, speaking on behalf of the Committee, stated, "We are very pleased that ISS and (MORE) Proxy Monitor have supported the Committee's nominees. These organizations have strong reputations for advocacy of shareholder rights in their roles as independent advisors to institutional investors and professional money managers." The Committee was formed in an effort to add depth and additional expertise to the Company's Board of Directors and to improve INNN's management. The Committee is currently waging a proxy contest, seeking to increase the size of INNN's Board to allow for the election of the Committee's five experienced nominees. fn(1) ISS Report dated June 26, 2000, by Shirley Westcott, Chief Policy Advisor. fn(2) Proxy Monitor Report of June 23, 2000. (Permission to quote from the reports by ISS and Proxy Monitor has neither been sought nor obtained.) # # #