Hardrocker,
I appreciate your questions. I have a very good team of people that work for me, with regards to day to day operations. Most of my efforts lie in the area of legislative programs and strategic development. I do not limit my involvement in bingo to Texas. I spend a great deal of time on the internet doing research on gaming issues and on gaming companies, not just bingo companies. As such I have followed AGTI for a long time. I have read every press release and SEC filing they have made over the past two years. Please note, that I am not obsessed with AGTI, as I do this for a number of gaming companies. I discovered the SI forum approximately one year ago and on many evenings I tune in and catch up on the mood of you and the other AGTI shareholders. My motivation has nothing to do with trying to be a "savior" of anybody. I simply thought it would be interesting to provide some actual information (verifiable), so that those investors interested in accomplishing real due diligence could do so. I certainly realize that the rah rah types would not appreciate my posts. I have provided the thread some facts and some issues to ponder, certainly this is of greater value than a group I'm okay, you're okay session. So I represent the leading competitor, big deal. This doesn't affect the competitive market whatsoever. I'm also curious as to what makes someone such a fanatical shareholder. I'm quite sure that GMTC would love to have you. I am not here for truth, justice and the protection of the American way of life.
I hope that the information I provide is helpful, even if you only admit it privately, and allows you to analyze the opportunity with more information.
As to question number 2. Obviously I know a great deal about GMTC. The company has great products and a very full pipeline of new and upgrades. The company has significant revenues, profits and money in the bank. The management team is quite talented and experienced. Gary Held the VP of sales is the most experienced electronic bingo person in the country. The product development team has been assembled from among the best and the brightest in the industry. Conrad Granito, the President, was recruited from the Isleta Gaming facility and is among the most respected men in Native American gaming. Rich Fedor, the Chariman, cam from IGT the worlds largest Slot machine company and they have just recruited a new CEO. I suggest you read their prospectus, for more detailed biographies. GMTC does seem to have a problem in their corporate communications. Some of their press releases created great confusion and the GMTC stock price is significantly down from its IPO price. The Federal issue is with MGAM and their MegaMania game. GMTC was about to introduce its new Fast Action game; however decided to wait until the Feds and MGAM resolved their issues. Unfortunately, many people came away with the impression that the legal troubles involved GMTC, which is erroneous. Hopefully, GMTC will do a better job in the future in communicating its accomplishments and actions.
As to other competitors, FortuNet is a private company that has not been very active or aggressive other than in Texas. They have a few installs in OK and some in Nevada casino locations. There are between 20 - 25 FortuNet locations in TX (installed by K & B).
Bingo King is a public company (STUA - Stuart Entertainment), but is very hampered by to much debt. Bingo King lost in excess of $13 million last year and is not expected to be profitable during 1998. S & P just downgraded their debt rating.
BTC is a private company, so I am not privy to any financial data. I would assume that your AGTI sources could provide you better data on BTC.
As to patent lawsuits. I believe that all companies involved in Electronic Bingo are now involved in patent lawsuits. Yes GMTC is involved in a patent infringement suit with BTC and FortuNet. I would suggest reading the GMTC prospectus or their latest 10Q for more information regarding these lawsuits.
There are no problems in Texas that I am aware of, certainly business is good. I do know that K & B is currently under investigation by the Texas Lottery Commission, as two of their officers accepted 250,000 shares of AGTI stock each from AGTI. This is against the law in Texas.
I hope that I have answered your questions.
tgs59 |
