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Microcap & Penny Stocks : Advance Gaming Technologies Inc. (AGTI) -- Ignore unavailable to you. Want to Upgrade?

To: sigmass who wrote (1312)	2/27/1998 9:35:00 AM
From: Evan Dimmer	Read Replies (2) \| Respond to of 4539

Advanced Gaming Technology Inc. Announces Signing of Definitive Agreement With Bingo Technologies Corporation PR Newswire - February 27, 1998 09:30 AGTI %CNO %CPR %PDT V%PRN P%PRN Jump to first matched term VANCOUVER, Feb. 27 /PRNewswire/ -- Advanced Gaming Technology, Inc. (OTC-BB: AGTI) today announced the signing of the Definitive Agreement for its Financing, Royalty and Licensing Agreement (Agreement) with Bingo Technologies Corporation (BTC). In addition, the Company is finalizing a Purchase Agreement with BTC regarding existing halls, inventory and pending orders, whereby AGT will realize quantifiable gross benefits in 1998 of approximately US $5,000,000, including royalties, licensing fee and reduction of costs. The Company's initial phase of restructuring is complete with the finalization of this Agreement, coupled with the appointment of Mr. Tom Nieman as Chief Executive Officer (news release d/d 11 February 1998.) The BTC agreement represents AGT's first U.S. licensing agreement, affording several benefits to the Company: -- Injection of US $1,500,000 by way of a Licensing Fee; -- 15% royalty on gross revenues generated by BTC from leasing AGT's MAX(PLUS) and TurboMAX in the U.S; -- 25% commission on all orders generated by AGT; -- 40% reduction in overhead by assignment of the distribution centre in Denver and Cleveland marketing office; -- Elimination of capital expenditures required for installation and service of MAX(PLUS) and TurboMAX; -- Substantial market penetration of MAX(PLUS) and TurboMAX in the U.S. With finalization of the BTC Agreement, the Company will focus on: -- Introduction of PartiMAX, the first ever bi-directional handset for the United Kingdom's $1.5 billion bingo industry. A pilot programme will commence with the installation of PartiMAX in commercial clubs in the U.K. during the first half of this year; -- The completion of development and launch of Sonic Bingo, a fast-paced multi-site progressive game, in the U.S.; -- Development of Company's library of patented Prisms Technology, the first software game of which is Sonic Bingo plus five additional new games being designed for market introduction over the next 18 months; -- Entering into marketing and distribution agreements for the MAXLITE hand-held units for the U.S. market; -- Licensing of MAX(PLUS) and TurboMAX for markets outside the U.S; -- Complete the next phase of restructure which is expected to further reduce corporate overhead. Tom Nieman, Chief Executive Officer, states, "... with Management having completed the transaction with BTC, the Company is now set to launch PartiMAX and Sonic for 1998. We believe these new products have an opportunity to impact the world gaming market on behalf of AGT. We intend to have a revised business plan and financial projections presented at the next annual meeting of shareholders that reflects the Company's primary goal to create a positive operational cash flow. The Company would like to take this opportunity to recognize Mr. Robert C. Silzer, Sr. for his contribution to the Company over the past four years. Mr. Silzer has stepped down as Chief Executive Officer, effective February 15, 1998, however he will continue to serve as a Director. We wish him the very best in his new endeavours." 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 factions, including but not limited to the contingencies noted above. 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. /CONTACT: Advanced Gaming Technology, Inc., 614-689-8841/ (AGTI)