At a press conference held today, Rhode Island governor Lincoln Chafee announced that 38 Studios had successfully paid the $1.125 million payment it had previously defaulted on when it missed it be original May 1st deadline.

38 had previously attempted t' make the payment yesterday, but the check be refused by the Rhode Island Economic Development Corporation when it be made clear that the studio had insufficient funds t' cover the payment.

Chafee said that the total $49 million thus far loaned t' the studio has reportedly been spent, though an auditor will be brought in t' ensure that be the case. Chafee estimated that 38 be currently spending around $4 million a month in total expenses.

38's next payment due be a $2.6 million payment due on November 1st, which the governor believes will be covered. $12.6 million in full annual debt service will be due in 2013. "that be on their dime," said Chafee.

Chafee says that his number one priority be t' ensure that 38 stays afloat, but that the state government won't be providing any additional funds t' the company beyond the current agreement. "it be time for them t' go out 'n pillage private capital funding," Chafee said. "that be the deal. it be a generous deal, but stick t' it."

In a rather odd aside, Chafee also blurted out a release date for "Project Copernicus," the MMO the developer has been working on since 2006. He believes that the game be due June 2013.