AGTI, someone is buying and holding.,.,. here is a little refresher.,.,
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ADVANCED GAMING TECHNOLOGY INC.
AND SEGA GAMING TECHNOLOGY INC.
Sign Letter of Understanding
VANCOUVER, Canada, March 25 /PRNewswire/ -- Advanced Gaming
Technology, Inc. (OTC Bulletin Board: AGTI), and SEGA Gaming
Technology, Inc. (SGT) Las Vegas, Nevada today announced the signing
of a Letter of Understanding whereby it was agreed:
-- AGT and SGT shall, by way of incorporation, form a new
company, to jointly develop and market innovative software
products to the gaming industry. The first such product will
be Sonic Bingo;
-- Sonic Bingo, as it has been designated during the design and
developmental stage thus far, is a fast-paced, progressive linked
speed bingo game for use in Class II bingo halls throughout North
America;
-- The new company shall license from Sega Gaming Technology, Inc. its
rights to use of the "SEGA" brand name, and it shall license from
Advanced Gaming Technology, Inc. its MAX Bingo System software,
Prisms patented game technology, and rights to use the "Sonic
Bingo" trademark;
-- Start-up capital has been contributed by both companies which will
facilitate incorporation and product development costs for Sonic
Bingo. Hereinafter, capital expenditures and revenues shall be shared
on a 50/50 basis. AGT and SGT, within terms of an earlier
preliminary agreement (May 1996), have already expended co-operative
funds towards development of ten (10) proto-types for Sonic Bingo.
AGT and SGT have employed Mr. James Hammer, previously Vice President Sales and Marketing for AGT, as Product
Manager for Sonic Bingo. Mr. Hammer brings extensive years of experience in Class II and Class III gaming as a corporate
executive.
The 1998 Business Plan for Sonic Bingo contemplates finalization of
the design and development of Sonic Bingo, followed by a pilot
programme with approximately one hundred (100) units linked between
multiple sites in the U.S. Sonic Bingo is targeted to be launched for
commercial use in late 1998, with the prospective market including
Class II bingo halls, and in Class III venues throughout North America.
Sega Gaming Technology, Inc. with approval by its Board of Directors,
has authorized a Purchase Programme of up to 5 million common
shares (approximately 5% of AGT's issued and outstanding shares) in
open market transactions as well as purchasing a portion by way of
private placement with AGT.
Doug Sanderson, CEO, Sega Gaming Technology, Inc., states, "...Sonic
Bingo is a game that we believe has the potential to bring a new level of
play to bingo halls on a world wide basis...we have been working on this
joint venture for a year...Sega looks forward to a long-term relationship
with AGT."
Tom Nieman, Chief Executive Officer of AGT comments, "...Sega
Gaming provides an important ingredient to development and launch of
Sonic Bingo...We believe SGT's international marketing skills and
strategic business relationships are a perfect fit for AGT's platform of
software technology. This Agreement is consistent with AGT's new
business strategy whereby the Company is exploiting its technology in
joint ventures as well as licensing and distribution agreements."
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
STATEMENTS. Certain matters contained herein regarding matters
that are not historical facts are forward-looking statements (as such
term is defined in the Private Securities Litigation Reform Act of
1995). Because such statements include risks and uncertainties, many of
which cannot be predicted with accuracy and some of which may not
even be anticipated, future events and actual results may differ
materially from those expressed or implied by such forward-looking
statements. Factors that could cause actual results to differ materially
include, but are not limited to, operating losses in recent periods; future
capital needs and uncertainty of additional financing; government
regulation; risk of low priced or penny stocks; trademark and patent
protection; competition; and technological innovation. The Company's
operations are subject to numerous risks associated with establishing any
new business, including unforeseen expenses, delays and complications.
Advanced Gaming Technology, Inc. creates, designs, 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- 03/25/98 /CONTACT: Advanced Gaming Technology Inc.,
604-689-8841/
(AGTI)
CO: Advanced Gaming Technology, Inc.; Sega Gaming Technology, Inc. |
