Advanced Gaming Technology Announces Confirmation of Plan of Reorganization.LAS VEGAS--(BUSINESS WIRE)--June 30, 1999-- Advanced Gaming Technology Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:AGTI) today announced that the company's plan of reorganization was confirmed on June 29, 1999 by the U.S. Bankruptcy Court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. in the District of Las Vegas Las Vegas (läs vā`gəs), city (1990 pop. 258,295), seat of Clark co., S Nev.; inc. 1911. It is the largest city in Nevada and the center of one of the fastest-growing urban areas in the United States. . The company anticipates that the effective date of the plan will be July 29, 1999. The company had filed for reorganization under Chapter 11 of the U.S. Bankruptcy Code Bankruptcy Code may refer to:
The plan authorizes the company to issue 25 million shares of new common stock. Approximately 18 million of the new shares will be issued on the effective date. A "disputed claims reserve" of approximately 7 million shares will be established to allow for disputed claims that might subsequently be approved by Final Order of the Court. Unsecured creditors Unsecured Creditor An individual or institution that lends money without obtaining specified assets as collateral. This poses a higher risk to the creditor because they have nothing to fall back on should the borrower default on the loan. A debenture holder is an unsecured creditor. holding allowed claims will be issued 1.88 shares of new common stock for each $1 of allowed claim. Based on current estimates, the company expects shareholders of record on July 29, 1999 to receive 1 share of new common stock in exchange for each 66 shares currently owned. Approximately 115 million shares of the company's common stock are outstanding at this time. The new common stock will continue to trade under the symbol "AGTI" on the OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. . AGT's Chairman and Chief Executive Officer Dan Scott ''This article or section is being rewritten at Daniel "Dan" Robert Scott is a fictional character on the television show One Tree Hill played by Paul Johansson. ''I should apologize. But I won't. stated: "Management is excited to have completed the difficult reorganization process so that all efforts can now focus on execution of the company's new business strategy." Completion of the reorganization effort gives the company a much stronger balance sheet to support operations. The company expects to continue to pursue markets for its successful electronic bingo products. However, management expects to diversify operations by pursuing projects in the mainstream casino technology markets. A substantial cost reduction program has already been effectively implemented. Advanced Gaming Technology Inc. is located in Las Vegas. Investor relation inquiries should be made to Dan Scott at 702/227-6578. This news release contains certain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and other applicable securities laws. All statements other than statements of historical fact are "forward-looking statements" for purposes of these provisions, including, without limitation, any projections of earnings, revenue or other financial items; any statements of the plans, strategies and objectives of management for future operation; any statements concerning proposed new products, services or developments; any statements regarding future economic conditions or performance; statements of belief; and any statements of assumptions underlying any of the foregoing. Such forward-looking statements are subject to inherent risks and uncertainties and actual results could differ materially from those anticipated by the forward-looking statements. |
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