Continuation of Releases:
ADVANCED GAMING TECHNOLOGY, INC. SIGNS DEFINITIVE
LEASING AND SERVICE AGENCY AGREEMENT WITH EDWARD
THOMPSON GROUP
VANCOUVER, Oct. 17 /CNW/ - Advanced Gaming Technology Inc. (``AGTI'') is
pleased to announce that a definitive Leasing and Service Agency Agreement has
been executed with Edward Thompson Group (ET).
AGTI's responsibilities include the engineering, manufacturing, design
and development of a wireless electronic hand held unit for the U.K. -
PartiMAX.
ET will be responsible for, among other things, payment of all costs
relating to marketing, leasing, installation, training, customer service,
repair service, warranty and maintenance service of PartiMAX and for all
administration and collection costs. ET will also be responsible for
obtaining all necessary approvals of PartiMAX for the United Kingdom.
AGTI is enthusiastic about its entry into the UK bingo market,
particularly with a knowledgeable and experienced partner.
Established in 1867, the Edward Thompson Group, a privately held company,
headquartered in Sunderland, England, with 750 employees, has been producing
bingo tickets since 1957 and is the leading manufacturer and supplier of bingo
paper and related products in the U.K. ET supplies over 45 countries
world-wide with products from their own paper mill and are continually helping
governments and entrepreneurs develop the game of bingo to an internationally
diverse playing public.
According to industry statistics, regular bingo players in Great Britain
number some 2.8 million, typically falling in the C(2)D demographic profile,
of whom 80% of the players are women. The average age of all players is under
50 and 94% of the players play once a week or more. In addition, 2/3 of all
players belong to more than one club.
There are some 970 licensed bingo clubs in the United Kingdom with a
turnover of over Pounds Sterling 800 million (excluding VAT and the
Government's 10% gaming duty). It has been estimated that on cash bingo
alone, the spend per head is probably in the region of Pounds Sterling 7.70 to
Pounds Sterling 10 per person per session, depending where you are in the
country.
The Company estimates a potential placement of between 50 to 200 handsets
per targeted bingo club in the initial introductory phase of PartiMAX.
Revenues will be shared equally between the parties.
Both the parties to the Agreement are putting the launching of the
PartiMAX system on fast-track so as to have this AGTI product introduced, in
proto-type form, at the International Casino Exhibition Show to be held in
London, England, in late January 1997.
For further information: Advanced Gaming Technology, Inc. (604) 689-8841
14:17e 17-OCT-96
ADVANCED GAMING TECHNOLOGY, INC. ANNOUNCES A CAPITAL
INJECTION OF $1 MILLION DOLLARS, FROM FORTUNE
ENTERTAINMENT CORPORATION, AS PART OF A $5.725 MILLION
DOLLAR NON-DILUTIVE CONTRACT
VANCOUVER, Nov. 7 /CNW/ - ADVANCED GAMING TECHNOLOGY, INC. (OTC-AGTI),
announced today that they have entered into a contract with FORTUNE
ENTERTAINMENT CORPORATION (FEC) whereby FEC will inject up to $5.725 million
dollars, non-dilutive, into AGTI over the next twelve months. To date, AGTI
has received a total of $1 million dollars from FEC towards the fulfillment of
this contract.
FEC is a private corporation that actively seeks participating interests
in international gaming projects. After following the research and development
phases of AGTI, FEC has elected to invest into various international ventures
of the company.
This association with FEC will expedite AGTI's program for the funding
and launching of its product line. In addition, the contract will assist the
company in achieving its growth and earnings goals for fiscal 1997.
In order to prevent dilution of the stock, this agreement allows for FEC
to earn participating interest in the company's various international
projects, excluding AGTI's North American MAX BINGO systems, with no exchange
of AGTI shares.
As part of the contract, FEC will also be required to assume its
proportionate share of liabilities in each of the respective ventures.
For further information: Advanced Gaming Technology, Inc. (604) 689-8841
09:04e 07-NOV-96 |
