THE SANDS REGENT ANNOUNCES TERMINATION OF AGREEMENT TO ACQUIRE CMS INTERNATIONAL
THE SANDS REGENT ANNOUNCES TERMINATION OF AGREEMENT
TO ACQUIRE CMS INTERNATIONAL
RENO, Nev., July 17 /PRNewswire/ -- Sands Regent (NASDAQ: SNDS) and International Game Technology (NYSE: IGT) and three management shareholders of CMS International announced today the termination of negotiations on a proposed acquisition by The Sands Regent of CMS International, a subsidiary of International Game Technology. The previously announced agreement in principle was terminated due to the fact that several important conditions of closing could not be fulfilled in a timely manner.
The Sands Regent said it is still interested in enhancing its market position and will seek opportunities to expand to gaming markets outside of Nevada.
/CONTACT: David R. Wood of The Sands Regent, 702-348-2298, or G. Thomas Baker of IGT, 702-688-0110/
(SNDS IGT) CO: The Sands Regent; International Game Technology ST: Nevada IN: CNO SU: CH-AL -- LA018 -- 0487 07/17/92 19:37 EDT