Shuffle Master Enters Into Letter of Intent for Purchase of Progressive Gaming's Worldwide Table Game Division Assets
biz.yahoo.com
Thursday July 12, 7:01 am ET
Shuffle Master Also Expected to License Progressive Gaming's Table Game Progressive System Technology
LAS VEGAS--(BUSINESS WIRE)--Shuffle Master Inc. (NASDAQ:SHFL) and Progressive Gaming International Corporation (NASDAQ:PGIC) jointly announced today that they have entered into a non-binding letter of intent, which contains an exclusivity period, for the sale of Progressive's worldwide Table Game division assets to Shuffle Master. The transaction, which is expected to close on or before August 31, 2007, is contingent upon the completion, during the exclusivity period, of a definitive agreement, final due diligence and other customary closing conditions.
Upon completion of the transaction, Shuffle Master, the world's leading provider of specialty table games, would own the worldwide rights and contracts for all of Progressive's proprietary table game titles including Caribbean Stud® and Texas Hold 'Em® Bonus Poker.
In addition, the companies are expected to negotiate a technology license whereby Shuffle Master will integrate Progressive's Casinolink® Jackpot System's(TM) ("CJS") progressive jackpot system module for use with certain versions of Shuffle Master's progressive proprietary table games. The CJS module generates jackpot awards and heightened player awareness and play levels in the same manner as slot machine progressive systems. |
