Thanks Evan: Here is the whole release in text:
Advanced Gaming Technology Announces it Has Entered
into A Letter Of Intent With A Private Developer
PR Newswire - December 09, 1997 10:06
AGTI %CNO %JVN V%PRN P%PRN
Jump to first matched term
DENVER, Dec. 9 /PRNewswire/ -- Today, Advanced Gaming Technology. Inc.
(OTC Bulletin Board: AGTI) announced that it has entered into a Letter of
Intent (LOI) with a private developer currently engaged in real estate
development in Branson, Missouri, to joint venture the Company's 170 acre
holdings in Branson, Missouri.
There are several steps outlined in the LOI, and after completion of
satisfactory due diligence, and conceptualization of an overall phased
development plan, a definitive agreement will be entered into. It is expected
that this definitive agreement will be in place by January 31, 1998.
The salient points of the LOI calls for the following:
-- the joint venture partner will be responsible for over-seeing the
entire development; as well as arranging any and all necessary
financing, including replacement of certain financing placed on the
property by the Company;
-- advancement of a mutually agreed upon sum of money to the Company,
which is expected to be in the region of US $1 million;
-- the percentage equity participation shall be on a mutually agreeable
arrangement between the Company and the joint venture partner.
The LOI forms the basis of an agreement which, if successfully consummated
into a definitive agreement, the Company shall have achieved its goal of
capitalizing on this property as well as divesting itself of a non-core asset.
Information provided herein by AGT contains, and from time to time AGT may
disseminate materials and make statements which may contain "forward-looking"
information, as that term is defined by the Private Securities Litigation
Reform Act of 1995 (the "PSLRA"). These cautionary statements are being made
pursuant to the provisions of the PSLRA and with the intention of obtaining
the benefits of the "safe harbour" provisions of the PSLRA. AGT cautions
investors that any forward-looking statements made by AGT are not guarantees
of future performance and that actual results may differ materially from those
in the forward-looking statements as a result of various actions, including
but not limited to the contingencies noted above.
Advanced Gaming Technology, Inc. designs, manufactures, markets and
services patented and proprietary gaming systems, including technologically
advanced electronic bingo systems. The Company is a major supplier of
electronic gaming systems, offering increased play potential and revenue to
gaming operators. Its stock trades under the symbol AGTI on the NASD
Electronic Bulletin Board.
SOURCE Advanced Gaming Technology, Inc.
/CONTACT: Chris Sargent, AGT Investor Relations, 604-689-8841/
(AGTI) |
