Anchor Gaming and American International Entertainment Announce Distribution Agreement of Pegasus Remote Gaming Device
LAS VEGAS, Sept. 15 /PRNewswire/ -- Anchor Gaming (Nasdaq: SLOT - news) announced today a long term, exclusive North American distribution agreement. Under the terms of the agreement, Excel Designs, a wholly owned subsidiary of Atlantic International Entertainment (OTC Bulletin Board: AIEE - news), will grant Anchor Gaming the exclusive right to market and distribute Excel's remote gaming device interface known as Pegasus in the U.S. and Canada. Although Anchor Gaming will market the product on a recurring revenue basis, specific financial details were not disclosed.
Michael Rumbolz, Chief Executive Officer and President of Anchor Gaming commented, ``This distribution agreement gives our Gaming Machines and Systems division a new and exciting product for our North America customer base. The nature of the Pegasus product will allow casinos to offer gaming in non-traditional areas while offering players a new venue for information and entertainment.' Rumbolz continued, ``Our goal is to maintain our market leadership in the gaming technology sector and Pegasus is another step in helping us accomplish that goal.'
Richard Iamunno, Chief Executive and President of Atlantic International Entertainment added, ``Pegasus represents innovative and fun-to-play technology with all the accounting and marketing features of a traditional slot machine. We are excited that Anchor Gaming will use its financial strength and North American sales and marketing infrastructure to distribute and service the project.' Iamunno added, ``It's another excellent strategic fit for our company and the recurring revenue model conforms to the operating philosophy of both companies.'
Anchor Gaming is a diversified gaming technology company serving states, municipalities, and gaming programs around the world. Anchor Gaming develops and distributes unique proprietary games, manufactures and distributes gaming devices to casinos, operates two casinos in Colorado and one racetrack/casino in New Mexico, and operates gaming-machine routes in Nevada and Montana. Through its operating units AWI, VLC, and United Tote, Anchor Gaming supplies system software, equipment, and related services to on-line lotteries, video lotteries, casinos, and pari-mutuel organizations throughout the world. Presently, the Company's equipment and systems are in operation in the United States, Canada, Australia, Europe, South America, South Africa, and the Caribbean.
This press 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 any projections of earnings, revenues, 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 statement 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. Although the Company believes that the expectations reflected in any of its forward-looking statements will prove to be correct, actual results could differ materially from those projected or assumed in the Company's forward- looking statements. These risks and uncertainties include, but are not limited to: risks of proprietary games such as pressure from competitors; changes in economic conditions; obsolescence; declining popularity of existing games; failure of new game ideas or concepts to become popular; duplication by third parties and changes in interest rates as they relate to the wide-area progressive machine operations within the Company's joint venture with IGT; competition from other route and casino operators; competition from other technology providers with new proprietary technology; dependence on suppliers; changes in gaming regulations and taxes; changes in international currency and exchange rates; dependence upon key personnel; and other factors described from time to time in the Company's reports filed with the Securities and Exchange Commission, including Anchor's Form 10-K for the year ended June 30, 1998, Powerhouse's Form 10-K for the year ended December 31, 1998, and the Forms 10-Q for both companies for the past three fiscal quarters.
SOURCE: Anchor Gaming
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