Advanced Gaming Technology Inc. Reduces Debt by $2 Million.Business Editors LAS VEGAS--(BUSINESS WIRE)--May 2, 2000 Advanced Gaming Technology Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:ADVI) has reduced its long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. by $1.75 million by eliminating a first mortgage obligation on property owned by the company in Branson, Mo. As a result of the move, the company has returned 170 acres of land to the first mortgage holder. Monthly debt service requirements have been reduced by approximately $30,000 per month. The Branson land was a non-producing asset of the company. The Branson real estate market has been soft due to overbuilding in the early 1990's. The land did not fit with the company's post reorganization strategic plan. Efforts to develop a bingo bingo Game of chance played with cards having a grid of numbered squares corresponding to numbered balls drawn at random. When a number on the card is drawn, the players cover that number (should they have it); the game is won by covering a certain number of squares in a row facility on the property were slowed by the depressed market Depressed market Market in which supply overwhelms demand, leading to weak and lower prices. . The move improves the company's balance sheet and preserves cash flow to enable the company to concentrate on marketing efforts. The company continues to market the Max Lite electronic bingo systems. Management is currently seeking a national distribution contract for the marketing rights to the system. The company is also pursuing new technology and investments. A 22 percent interest was acquired during 1999 in the global Internet travel provider TravelSwitch.com. TravelSwitch.com provides room reservations for the 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. market from the Web address www.777lasvegas.com. The site is able to offer deep discounts on rooms due to wholesale arrangements with Las Vegas hotels. The corporate offices of Advanced Gaming Technology are located in Las Vegas. Except for historical information contained herein, certain matters set forth in this news release are or may be "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 that are subject to substantial risks and uncertainties, including government regulation, taxation, competition, market risks, customer attendance, volatile customer spending patterns, general economic conditions and other risks detailed in the company's Securities and Exchange Commission filings and reports. Actual results may be materially different from those expressed or implied by these "forward-looking statements." |
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