Progressive Gaming and Shuffle Master Sign an Extension to September 7, 2007 for the Exclusivity Agreement Related to the Expected Sale of the Table Game Division.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. -- 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") announced today that the legal work necessary to close the contemplated sale of its worldwide Table Game Division assets to Shuffle Master has not yet been completed. As a result, Shuffle Master and Progressive have mutually agreed to extend the exclusivity period to September 7, 2007. As previously announced on July 12, 2007, the transaction is the subject of a non-binding letter of intent and is contingent upon Adj. 1. contingent upon - determined by conditions or circumstances that follow; "arms sales contingent on the approval of congress" contingent on, dependant on, dependant upon, dependent on, dependent upon, depending on, contingent the completion, during the exclusivity period, of definitive agreements, final due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. and other customary closing conditions. Upon closing the transaction, Progressive will have transitioned itself to a company with a sole focus on providing advanced systems for the gaming industry with a recurring revenue business model and streamlined cost structure. Progressive Gaming intends to use cash proceeds from the anticipated sale of its Table Games Division to repay debt and for working capital purposes. About Progressive Gaming International Corporation[R] Progressive Gaming is a leading supplier of integrated casino and jackpot management system solutions for the gaming industry worldwide. This technology is widely used to enhance casino operations and drive greater revenues for existing product as well as our own proprietary table games. Progressive Gaming is unique in the industry in offering casino management and progressive systems in a modular yet integrated solution. Products include multiple forms of regulated wagering wa·ger n. 1. a. An agreement under which each bettor pledges a certain amount to the other depending on the outcome of an unsettled matter. b. A matter bet on; a gamble. 2. solutions in wired, wireless and mobile formats. There are Progressive Gaming products in over 1,000 casinos throughout 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. Other than an exclusivity agreement, Progressive Gaming and Shuffle Master have not yet entered into definitive agreements regarding the transactions described in this press release. The specific terms and conditions of the transactions, and the prospective relationship between Progressive Gaming and Shuffle Master, will be determined in the definitive agreements. This release contains 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. , including statements regarding the activities expected to occur in connection with and benefits that could result from the planned sale of Progressive Gaming's worldwide Table Game Division. 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 definitive documentation for the transaction may not be completed when expected, or at all, the risk that such definitive documentation may not contain terms and conditions as favorable to Progressive Gaming as anticipated in this release, the risk that the sale of Progressive Gaming's worldwide Table Game Division may not be completed when expected, or at all, risks related to the inability to obtain, or meet conditions imposed for, approvals required for the transaction, including approval by Progressive Gaming's lenders, risks related to any uncertainty surrounding the transaction, the risk that the anticipated benefits of the transaction may not materialize to the extent expected, or at all, risks related to delays in the approval, introduction, installation and customer acceptance of new products, the risk that Progressive Gaming may not successfully resolve any outstanding legal matters, risks related to the integration of VirtGame's and EndX's technology with Progressive Gaming's products, the status of rights licensed from content providers, risks related to the Progressive Gaming's ability to enforce and develop its intellectual property rights, including rights licensed from third parties, the risk that patents may exist of which Progressive Gaming is not aware, or that existing patents may provide benefits to third parties beyond those anticipated by Progressive Gaming, Progressive Gaming'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. , relationships with casino operators, the overall industry environment, customer acceptance of Progressive Gaming's new products, further approvals of regulatory authorities Noun 1. regulatory authority - a governmental agency that regulates businesses in the public interest regulatory agency administrative body, administrative unit - a unit with administrative responsibilities , adverse court rulings, production and/or quality control problems, the denial, suspension or revocation The recall of some power or authority that has been granted. Revocation by the act of a party is intentional and voluntary, such as when a person cancels a Power of Attorney that he has given or a will that he has written. of privileged operating licenses by governmental authorities, competitive pressures and general economic conditions as well as Progressive Gaming'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 Progressive Gaming'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 Form 10-Q See 10-Q. , as well as other subsequent filings with the Securities and Exchange Commission. Progressive Gaming cautions readers not to place undue reliance on any forward-looking statements. Progressive Gaming 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. Casinolink is a registered trademark of Progressive Gaming International Corporation. (c)2006 Progressive Gaming International Corporation[R]. All rights reserved. |
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