(COMTEX) ADVANCED GAMING TECHNOLOGY, INC. UPDATE
ADVANCED GAMING TECHNOLOGY, INC. UPDATE
VANCOUVER, June 4 /CNW-PRN/ - Advanced Gaming Technology, Inc. (OTCBB:
''AGTI'') reports on the Company's progress to complete a financing
plan as well as a status report on negotiations that are underway for
licensing/royalty, distribution, and joint venture agreements.
Since March 1998, AGT's new management team has been in negotiations to
secure a financing plan that addresses the Company's current
liabilities, cash requirements to turn operations profitable, and
funding for completion of Partimax, a bi-directional handset for the
United Kingdom market and Sonic Bingo, a linked/progressive speed game
in a joint venture with Sega Gaming Technology, Inc. Management
expects to report on further developments in the near term.
The Company has also been in discussions with four other gaming
companies that have shown an interest in AGT's technology and in the
Company's next generation of products. It is management's objective
that these discussions culminate in licensing/royalty, distribution, or
joint venture agreements consistent with the Company's new business
strategy.
Contingent upon the immediate completion of its financing plan, and
based upon existing distribution and licensing agreements for Max Bingo
Systems, the Company continues to expect positive operational cash flow
by year end. If the Company is successful in its on-going negotiations
with other gaming companies, revenues and cash flow would be
significantly enhanced. Management believes one or more of these
negotiations will be finalised this year.
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 factors,
including but not limited to the contingencies noted above.
Advanced Gaming Technology, Inc. creates, designs, and markets patented
and proprietary gaming systems and software 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.
-0- 06/04/98 /CONTACT: Advanced Gaming
Technology, Inc. (604) 689-8841, fax (604) 689-2809, email
agti(at)direct.ca, www.advancedgaming.com/
(AGTI)
CO: Advanced Gaming Technology, Inc. ST: British Columbia IN: CNO
SU:
-30-
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