Printer Friendly

IDC HOLDINGS COMPLETES PURCHASE OF PROFESSIONAL VIDEO ASSOCIATION, INC. -- SECURES FIVE-YEAR PURCHASE AGREEMENT FOR 5,000 UNITS

 MINNEAPOLIS, Minn., Sept. 9 /PRNewswire/ -- IDC Holdings, Ltd. (IDC), announced today that it has closed on the acquisition of Professional Video Association, Inc. (PVA), of Boston. PVA is a 10-year-old company that has developed, copyrighted, and patented a high-tech electronic video poker system used in tournament format. Under the provisions of an agreement and plan of reorganization, PVA is now a wholly owned subsidiary of IDC.
 In addition, PVA announced that it has secured a five-year agreement for the purchase of a minimum of 1,000 units per year. The aggregate value of the agreement is estimated at $15-20 million over five years, subject to accessories or other add-ons. PVA's customer is a company that dominates race track and off-track betting parlors in Maine and has additional operations in New Hampshire and Vermont. Shipments should commence within 30 days.
 PVA's video poker system is the only known video poker system believed not to be a "gambling device" in violation of the federal Johnson Act. Because of a ruling by the U.S. District Court for the Western District of Pennsylvania, the game should not be classified as Class I, II or III under the Indian Gaming Regulatory Act. Under that ruling, the United States government has been judicially precluded from instituting legal action relating to PVA's machines.
 Jack Hearon, PVA's CEO, stated, "Our marketing program presents the PVA video poker system as an exciting, legal, and highly profitable alternative to traditional video poker. We focus on educating licensees, dealers, regulators, and a broad spectrum of location owners regarding our tournament format."
 In the future, PVA's video poker system may be established nationally on Indian reservations and in casinos, private clubs, restaurants, lounges, race tracks, chain stores, country clubs, and a variety of other locations.
 IDC Holdings, Ltd., is a Minneapolis-based holding company with subsidiaries engaged in the gaming industry, biotechnology, food and advertising specialties.
 -0- 9/9/93
 /CONTACT: Gene Nelson, president, or Tom de Petra, V.P. communications, IDC Holdings, 612-541-1100/


CO: IDC Holdings, Ltd.; Professional Video Association, Inc. ST: Minnesota, Boston IN: CNO SU: TNM

DB-PB -- MN013 -- 0536 09/09/93 17:46 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Sep 9, 1993
Words:356
Previous Article:MTA ADDS 40 BUSES TO 25 HEAVILY TRAVELED BUS LINES TO EASE OVERCROWDING AND IMPROVE SERVICE QUALITY
Next Article:SEPTEMBER 9, 1993, USDA CROP REPORT REACTION PROVIDED BY: MINNEAPOLIS GRAIN EXCHANGE
Topics:

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters