Date: Fri, 21 Nov 1997 04:14:55 GMT Server: NCSA/1.5 Content-type: text/html Last-modified: Mon, 08 Sep 1997 23:15:41 GMT Content-length: 4594
Acres Gaming Announces Initial Order from IGT
Corvallis, Oregon - October 31, 1996 -- Acres Gaming (Nasdaq--AGAM) today announced that it has received an initial order under its strategic alliance with International Game Technology (NYSE--IGT). The order is valued at approximately $6.1 million and is scheduled for delivery in December, 1996 through February, 1997. The order is for Acres Concept III player tracking components for use in new IGT Smart System( installations and for sound kits for use in new IGT games.
In August, 1996, Acres Gaming and IGT announced a strategic alliance under which the Companies will work together in several product areas. In addition to the use of Acres player tracking components and game enhancement products such as included in this order, Acres Gaming is forming a new division dedicated to developing proprietary games. The new division will create specialty games, using IGT equipment as the foundation, which Acres Gaming will install under leasing and/or revenue sharing agreements with casinos throughout the world. The companies will also work together to develop upgrade modules to retrofit the large installed base of games already connected to IGT's Smart System and Acres Gaming will develop promotions for use on IGT's Wide Area Network that supports the highly successful "Megabucks," "QuarterMania" and other progressive jackpot promotions.
"Our excitement about the possibilities of working with IGT continues to grow," said Joe Huseonica, President of Acres Gaming. "We are very pleased to have this initial order. It serves as confirmation of the rapid progress the companies are making in integrating our products and providing the gaming industry with state-of-the-art products featuring Acres Bonusing Technology."
The August, 1996 letter of intent to implement a strategic alliance with IGT includes a $5 million investment from IGT in return for newly issued shares of Acres 3% convertible preferred stock, with a twelve-month option to invest an additional $5 million. IGT will have the right to elect one member of Acres Gaming's Board of Directors. Closing of the investment transaction is subject to the approval of the new class of preferred stock by Acres Gaming shareholders at its annual meeting on November 12, execution of definitive agreements, and approval of gaming and other regulatory authorities.
Acres Gaming is the gaming industry leader in providing state-of-the-art tools which game manufacturers and casinos can use to increase the playability and entertainment value of their slot games while supporting more efficient and profitable casino operations.
For Information, Contact:
Bob Brown
Chief Financial Officer
Acres Gaming (541) 753-7648