Shuffle Master (SHFL) has purchased the patents underlying some of the technology utilized by GPIC and MIKN.
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December 06, 2004 04:58 PM US Eastern Timezone
Shuffle Master, Inc. Purchases RFID Patents
LAS VEGAS--(BUSINESS WIRE)--Dec. 6, 2004--Shuffle Master, Inc. (NASDAQ National Market: SHFL) announced today that it has purchased two patents owned by ENPAT, Inc., U. S. patent numbers 5,735,742 and 5,651,548, which relate to the use of RFID technology at gaming tables and throughout a casino. Under the terms of the agreement, Shuffle Master has agreed to pay ENPAT $12.5 million in cash, with an initial payment of $2.4 million and the balance to be paid over a three-year period. Shuffle Master previously announced on October 21, 2004 that it had entered into an option and exclusivity agreement with ENPAT for the purchase of the aforementioned RFID patents.
Also under the terms of the agreement, Mikohn Gaming Corporation's (NASDAQ National Market: MIKN) obligations under its non-exclusive license agreement for certain uses of these patents at gaming tables will be owed directly to Shuffle Master as licensor. Similarly, Gaming Partners International Corporation, (NASDAQ National Market: GPIC), will retain its exclusive license for the use of these patents in the manufacture and sale of RFID gaming chips and readers.
Paul Meyer, President and Chief Operating Officer commented, "The purchase of these patents demonstrates our commitment to bring reliable and integrated RFID technology to market for the benefit of our casino customers. This transaction is another example of our ability to capitalize on our balance sheet strength to acquire intellectual property that will enable us to both develop and protect future products."
Shuffle Master, Inc. is a gaming supply company specializing in providing its casino customers Utility Products, including automatic card shufflers, to improve their productivity and security, and Entertainment Products, including proprietary table games and Table Master(TM) games to expand their gaming entertainment content. The Company is included in the S&P Smallcap 600 Index. Information about the Company and its products can be found on the Internet at www.shufflemaster.com.
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