Advanced Gaming Technology Inc. Revises Effective Date of Plan.LAS VEGAS--(BUSINESS WIRE)--Aug. 4, 1999-- Advanced Gaming Technology Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:AGTI) today announced that the effective date of its Chapter 11 reorganization plan A scheme authorized by federal law and promulgated by the president whereby he or she alters the structure of federal agencies to promote government efficiency and economy through a transfer, consolidation, coordination, authorization, or abolition of functions. has been changed to Aug. 19, 1999. The company previously anticipated an effective date of Aug. 5, 1999. The delay is due to administrative issues with the 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 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 completed its reorganization effort on June 29, 1999, when the Bankruptcy Court in the District of Las Vegas confirmed the plan. The details of the plan were communicated in a release dated June 30, 1999. The plan authorizes the company to issue 25 million shares of new common stock. 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 at the close of business on Aug. 18, 1999, to receive one share of new common stock for each 66 shares currently owned. This news release contains certain 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 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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