Alliance Gaming Announces Appointment of New CFO and Additional EBITDA Enhancements.Business Editors & Gaming Writers LAS VEGAS--(BUSINESS WIRE)--March 20, 2000 Alliance Gaming Alliance Gaming NYSE: AGI is a Las Vegas, Nevada based manufacturer of slot machines and casino management software. History On June 18, 1996 merged with Bally Gaming International. Corp. (Nasdaq:ALLY) today announced that Robert L. Saxton has been elected chief financial officer and treasurer of the company. Saxton joined Alliance in 1982 and has held several senior financial and operations management Operations management is an area of business that is concerned with the production of goods and services, and involves the responsibility of ensuring that business operations are efficient and effective. positions with the company. He is currently a senior vice president of Alliance and president of both the Casino Group and the company's Louisiana Route Operations, positions he will continue to hold. Saxton was responsible for the initial development of both the Louisiana Route and the Rainbow Casino in Vicksburg, and subsequent management of their operations along with the Rail City Casino in Sparks, Nev. Scott D. Schweinfurth has resigned from the position of CFO See Chief Financial Officer. and from the company to pursue other interests. Schweinfurth had joined the company at the time of the acquisition of Bally Gaming International Inc. in 1996 and had served in several capacities, most recently as the managing director of Bally Wulff. "We certainly appreciate the hard work and dedication that Scott gave to the company over the years, and we wish him well in his new endeavors," stated Robert Miodunski, the company's chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. . "I look forward to working with Robert Saxton Robert Saxton (born 1953 in London) is a British composer. Biography After early advice and encouragement from Benjamin Britten, Robert Saxton took private composition lessons with Elisabeth Lutyens. in his added role with the company," continued Miodunski. "Robert's 18 years of financial and operational experience with the company will be a great asset as we continue to implement the strategic initiatives of the company." The company also announced that it has taken additional steps to reduce the cost structure at its Bally Gaming and Systems business unit. The company will take a charge of approximately $1.0 million in the March 2000 quarter, which is estimated to result in annual cost savings of approximately $2.2 million. The cost reductions are primarily for personnel and related costs. The total estimated favorable annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become impact from the restructuring at Bally Gaming, Wulff and the corporate office since November is estimated to exceed $10 million. Miodunski stated, "These latest reductions are a result of the ongoing process of evaluating and flattening the organization structure to improve efficiency and be more responsive to the marketplace." Alliance Gaming is a diversified gaming company with headquarters 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 is engaged primarily in the design, manufacture and distribution of advanced gaming devices and systems worldwide, is the nation's largest gaming machine route operator, and owns and operates two casinos. Additional information about the company can be found on the Alliance Gaming Web site at: http://www.ally.com. This news release may contain "forward-looking" statements within the meaning of the Securities Act of 1933, as amended, and is subject to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. created thereby. Such information involves important risks and uncertainties that could significantly affect the results in the future and, accordingly, such results may differ from those expressed in any forward-looking statements. Future operating results may be adversely affected as a result of a number of risks detailed from time to time in the company's filings with the Securities and Exchange Commission. |
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