GAMMA INTERNATIONAL TO FINANCE UP TO $8 MILLION FOR VIDEO POKER TERMINALS IN LOUISIANA
GAMMA INTERNATIONAL TO FINANCE UP TO $8 MILLION FOR VIDEO POKER TERMINALS IN LOUISIANA BILLERICA,, Mass., Aug. 20 /PRNewswire/ -- Gamma International, Ltd. (NASDAQ: GAMM) today announced an agreement with Eagle Coin Company, Inc. of Bossier City, La., to finance up to $8 million for the purchase and installation by Eagle Coin of up to 1,000 video poker terminals in Louisiana over the next 12 months and additional terminals thereafter. In addition, Gamma has the option to acquire up to 49 percent of Eagle Coin. The State of Louisiana recently legalized video poker slot machines in bars, restaurants, hotels, truck stops and off-track betting parlors. Eagle Coin presently has firm contracts with local establishments to install and service 200 video poker terminals. Of that number, 69 video poker terminals have been delivered to establishments, of which, 41 are on-line and operating, and 23 more terminals are currently scheduled for delivery. In making the announcement, Robert K. Stern, chairman, said, "Our agreement with Eagle Coin establishes Gamma as a major participant in the video gaming industry. We expect our relationship with Eagle Coin to boost Gamma's net revenues during the fourth quarter of 1992 and during the next several years.
This agreement is consistent with
Gamma's long term strategy of becoming a significant presence in all major areas of the gaming industry, in addition to building upon its existing base in the Indian gaming business. As such, it represents one of our most significant commitments to date of the $50 million line of credit that Bennett Funding of Syracuse, N.Y. has provided to Gamma for the funding and working capital requirements of its expansion program."
Gamma International, Ltd. also produces and distributes innovative electronic keno, bingo and other video gaming systems and produces the nation's largest, high-stakes bingo games which are played simultaneously via Gamma's proprietary satellite network in independently operated bingo halls, primarily on Indian lands, and charity gaming halls located in 15 states and the District of Columbia. -0- 8/20/92 /CONTACT: Robert K. Stern of Gamma International, 401-331-5533, or John Swanson of Swanson Communications, 212-683-4890, for Gamma/ (GAMM) CO: Gamma International, Ltd.; Eagle Coin Company, Inc. ST: Massachusetts, Louisiana IN: CNO SU:
SH-SM -- NY004 -- 1598 08/20/92 09:13 EDT
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|Date:||Aug 20, 1992|
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