Wednesday November 6, 08:05 pm Eastern Time
SOURCE: GameTech International, Inc.
GameTech International
Acquires International Gaming Systems
RENO, Nev., November 6, 2002 – GameTech International, Inc. (Nasdaq: GMTC), a
leading supplier of electronic fixed base bingo equipment, announced that the
company has entered into an agreement to acquire the assets of International
Gaming Systems, LLC, (IGS) owners and developers of Cadillac Bingo® in an all
cash transaction. IGS manufactures and distributes fixed base electronic bingo
devices, primarily in Mississippi and New York.
Clare Thiesen, GameTech’s Chief Executive Officer stated, “The addition of the
Cadillac product line will complement GameTech’s product line and we anticipate
will boost revenue and add to our bottom line results. We are also pleased to
announce that Stephen Patton and Joseph Lerner, founders and principals of IGS,
will join GameTech, assuming management positions in Research and Development.”
GameTech International, Inc. is a leading supplier of a comprehensive line of
electronic bingo equipment, including hand-held bingo units, fixed base units
and turnkey accounting and management software. The Company supports its bingo
operator customers with products that increase play, revenues and profits, and
software customized to enhance management and operations, all backed by
unparalleled customer service.
Certain statements contained in this document may be deemed to be
forward-looking statements under federal securities laws, and GameTech intended
that such forward- looking statements be subject to the safe harbor created
thereby. Such forward-looking statements include, but are not limited to,
expectations regarding the ongoing performance of IGS and GameTech’s ability to
successfully assume IGS’ contractual relationships, as well as the financial
growth and operating results of the Company. GameTech cautions that these
statements are qualified by important factors that could cause actual results to
differ materially from those reflected by the forward-looking statements
contained herein. Such factors include, but are not limited to (a) changes in
the markets for the Company's products; (b) the failure of new products to
deliver commercially acceptable performance; (c) changes in the regulatory
environment for the Company's products and the ability of the Company and its
products to be licensed; and (d) the ability of GameTech's management,
individually or collectively, to guide the Company in a successful manner.
Additional information on these risk factors that could potentially affect the
Company's financial results may be found in documents filed by the Company with
the Securities & Exchange Commission.
Source: GameTech International, Inc.