Progressive Gaming International Corporation Enters into Patent License Agreement with Shuffle Master.LAS VEGAS -- Progressive Gaming International Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : PGIC PGIC Pacific Gateway International College (British Columbia) ) ("Progressive Gaming"), a leading provider of diversified content and technology products and services used in the gaming industry worldwide, announced today that it entered into a patent license agreement with Shuffle Master ("SHFL SHFL Schuylkill Haven Free Library (Schuylkill Haven, PA) "). The license applies to a portfolio of table game patents in the United States and several foreign countries. Progressive Gaming has agreed to provide SHFL a last license to use a group of its table patents. Progressive Gaming retains the right to utilize the patents for its existing and future games, and will continue to offer progressive, wireless and felt products covered by the patents. Games that Progressive Gaming plans to distribute include those like the recently launched country-wide linked progressive table game in Sweden based on its popular Caribbean Stud[R]. Progressive Gaming is on track to receive approval for a progressive version of its popular World Series of Poker The World Series of Poker is the largest set of poker tournaments in the world. It is held annually in Las Vegas, lasting just over a month. A bracelet is awarded to the winner of each of the fifty-plus events which include all the major varieties of poker. [R] Texas Hold 'em Texas hold 'em (also hold'em, holdem) is the most popular poker variant played in casinos in the United States.[1] Hold'em is a community card game where each player may use any combination of the five community cards and their own two hole cards Bonus[R] table game in Nevada and in GLI GLI Glider GLI Greater Louisville Inc. (Metro Chamber of Commerce in Louisville, KY) GLI Global Imager GLI Great Lakes Invitational (college hockey tournament) GLI Great Lakes Water Quality Initiative jurisdictions. Progressive Gaming believes that other applications, such as RFID (Radio Frequency IDentification) A data collection technology that uses electronic tags for storing data. The tag, also known as an "electronic label," "transponder" or "code plate," is made up of an RFID chip attached to an antenna. technology "always in play" progressives will be the next wave of popular table games. Progressive Gaming has previously licensed use of these patents to a number of other parties, including but not limited to TableMax, DEQ DEQ Abbreviation for the Incoterm "Delivered Ex Quay." , and Cantor Gaming. Russ McMeekin, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Progressive Gaming, stated, "Both parties believe that this is an important strategic agreement. We entered into a one-time license fee arrangement to ensure maximum value based on the life of some of the patents licensed. SHFL already enjoyed a limited license to some of the patents as the result of a previous agreement and this latest agreement will allow us to have SHFL as a prospective channel for our related table game products." About Progressive Gaming International Progressive Gaming International is a leading supplier of Integrated Casino Management Systems Software and Games for the gaming industry worldwide. The Company develops and distributes an expanding array of slot and table games, plus management and progressive jackpot software systems. The Company is unique in the industry in offering management, progressive systems and games as a modular yet integrated solution. There is a Progressive Gaming International product in virtually every casino in the world. For further information, visit www.progressivegaming.net 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. Statements under 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: This release contains forward-looking statements, including statements regarding activities expected to occur in connection with the use of Progressive Gaming's table progressive patent portfolio, expected timing of regulatory approvals for the Company's World Series of Poker[R] Texas Hold 'em Bonus[R] table game, and expectations for "always in play" progressives to be the next wave of popular table games. Such statements are subject to certain risks and uncertainties, and actual circumstances, events or results may differ materially from those projected in such forward-looking statements. Factors that could cause or contribute to differences include, but are not limited to, the risk that Progressive Gaming may not receive approval for use of the progressive version of the World Series of Poker[R] Texas Hold 'em Bonus table game when expected, or at all, or that such products will provide the benefits expected, the risk that demand for "always in play" progressives will not reach expected levels, the status of rights licensed from content providers, risks related to the Company's ability to enforce and develop its intellectual property rights, including rights licensed from third parties, the risk that patents or trademarks may exist of which the company is not aware, or that existing patents may provide benefits to third parties beyond those anticipated by the Company, relationships with casino operators, the overall industry environment, customer acceptance of the Company's new products, including those containing the World Series of Poker[R] brand, further approvals of regulatory authorities, adverse court rulings, production and/or quality control problems, the denial, suspension or revocation of privileged operating licenses by governmental authorities, competitive pressures and general economic conditions, the Company's ability to meet its capital requirements Capital requirements Financing required for the operation of a business, composed of long-term and working capital plus fixed assets. , as well as the Company's debt service obligations. For a discussion of these and other factors which may cause actual events or results to differ from those projected, please refer to the Company's most recent annual report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. and quarterly reports on Form 10-Q, as well as other subsequent filings with the Securities and Exchange Commission. The Company cautions readers not to place undue reliance on any forward-looking statements. The Company does not undertake, and specifically disclaims any obligation, to update or revise any forward-looking statements to reflect new circumstances or anticipated or unanticipated events or circumstances as they occur. |
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