News Release:
August 04, 1999 20:37
Advanced Gaming Technology Inc. Revises Effective Date of Plan
LAS VEGAS--(BUSINESS WIRE)--Aug. 4, 1999--Advanced Gaming Technology Inc. (OTC BB:AGTI) today announced that the effective date of its Chapter 11 reorganization plan has been changed to Aug. 19, 1999.
The company previously anticipated an effective date of Aug. 5, 1999. The delay is due to administrative issues with the bankruptcy court in Las Vegas.
The company completed its reorganization effort on June 29, 1999, when the Bankruptcy Court in the District of Las Vegas confirmed the plan. The details of the plan were communicated in a release dated June 30, 1999.
The plan authorizes the company to issue 25 million shares of new common stock. Unsecured creditors holding allowed claims will be issued 1.88 shares of new common stock for each $1 of allowed claim. Based on current estimates, the company expects shareholders of record at the close of business on Aug. 18, 1999, to receive one share of new common stock for each 66 shares currently owned.
This news release contains certain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and other applicable securities laws. All statements other than statements of historical fact are "forward-looking statements" for purposes of these provisions, including, without limitation, any projections of earnings, revenue or other financial items; any statements of the plans, strategies and objectives of management for future operation; any statements concerning proposed new products, services or developments; any statements regarding future economic conditions or performance; statements of belief; and any statements of assumptions underlying any of the foregoing. Such forward-looking statements are subject to inherent risks and uncertainties and actual results could differ materially from those anticipated by the forward-looking statements.
CONTACT: Advanced Gaming Technology Inc., Las Vegas
Dan Scott, 702/227-6578 |
