Advance Gaming Technologies Inc. (AGTI) Message Board

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Microcap & Penny Stocks : Advance Gaming Technologies Inc. (AGTI)

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To: Chief who wrote (3852)	8/27/1998 1:30:00 PM
From: T2001	Read Replies (1) of 4539

I have been lurking this thread and tough I would post this news release T2001 Advanced Gaming Technology Inc. Announces Appointment of Daniel H. Scott Business Wire - August 27, 1998 13:22 LAS VEGAS--(BUSINESS WIRE)--Aug. 27, 1998--Advanced Gaming Technology Inc. (OTC BB:AGTI) Thursday announced that Daniel H. Scott has been appointed chairman of the board, president and chief operating officer of the company. Scott replaces Thomas Nieman, who resigned to pursue other opportunities. Scott is a 15-year veteran of the gaming industry in Las Vegas. He recently served two years as senior vice president and chief financial officer for MGM Grand Hotel. He was also vice president and treasurer during a 12-year tenure at Caesars Palace. During his career, Scott has been instrumental in the development and implementation of new technology in gaming. He is the inventor of record on several gaming patents and patent applications. Scott's first priority will be to reorganize the company. Advanced Gaming, effective Thursday, filed a petition for reorganization in Las Vegas pursuant to Chapter 11 of the U.S. Bankruptcy Code. The company has retained the firm of Levene, Neale, Bender and Rankin L.L.P. of Los Angeles to represent the company during the reorganization process. The company is currently burdened with a debt structure and a shortage of working capital, which requires a formal reorganization and a new plan of business. The company incurred a loss in excess of $9 million in its most recent fiscal year ended Dec. 31, 1997. The company's accumulated loss since inception is $33 million. In this regard, the company has already made significant cost reductions as part of its new reorganization strategy. Advanced Gaming Technology designs and markets patented and proprietary gaming systems including technologically advanced electronic bingo systems. Its stock trades under the symbol AGTI on the NASD electronic bulletin board. CONTACT: Advanced Gaming Technology Inc. 604/689-8841 agti@direct.ca (e-mail) www.advancedgaming.com (Web site)

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