THIS IS WHY!!!
Advanced Gaming Technology, Inc. Announces Negotiations to Acquire a
Manufacturer and Distributor of Electronic Bingo Gaming Devices
DENVER, Colo., Aug. 29 /PRNewswire/ -- Advanced Gaming Technology, Inc. (Nasdaq Bulletin Board: AGTI) announced
today that it is in negotiations to acquire an established manufacturer and distributor of electronic bingo gaming devices, (one of
AGT's significant competitors). AGT management believes that the proposed acquisition will provide AGT with a substantial
business complementary to AGT's technology and plans, including giving AGT access to a substantial number of bingo gaming
halls in which the technology of the company to be acquired is already used. Robert Silzer, the Chairman and CEO of AGT,
stated that the ``acquisition would instantly catapult AGT into a formidable company by providing it with a subsidiary with
significant profits.'' The two companies have executed a non-binding letter of intent which contemplates acquisition by AGT of
all of the stock of the company to be acquired for 25,000,000 restricted shares of AGT common stock payable at the closing.
The letter of intent also provides for the issuance of additional restricted shares of a new class of AGT convertible preferred
stock, the number of shares to be based upon the price of AGT common stock at varying points over a 30 month period, with
the shareholders of the acquired company to receive an aggregate of US $67,000,000 of AGT stock based upon future prices.
The acquisition is subject to approval by AGT's board of directors, final documentation, due diligence, approval by AGT
shareholders of the proposed convertible preferred stock contemplated by the letter of intent, and other contingencies.
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