IGT Enters $76M. Agreement to Buy CyberviewInternational Game Technology has entered into an agreement with Cyberview Technology to purchase substantially all of the assets of the company for $76 million in cash.
The deal includes Cyberview cash on hand of approximately $17 million.
IGT also announced that concurrently with the closing of the asset purchase, it will enter into a license agreement with Cyberview that provides IGT access to certain Cyber-view patents and technology not included in the asset purchase, for a one-time license fee of $9 million.
The agreement is subject to Cyberview shareholder approval and certain other closing conditions and is expected to close in the third calendar quarter of 2008.
In the event that the transaction is successfully completed, the U.S. operations of Cyberview will be integrated with IGT in the United States, and its UK- based operation, which focuses on the development of the Cyberview business in markets outside of the United States, will be integrated with IGT-UK (Barcrest).
“This transaction is beneficial to all parties. Cyberview will be able to distribute substantial cash proceeds to its equityholders,” Cyberview Chief Executive Officer Seamus McGill said in a news release. “At the same time, IGT will be able to use these assets to expand and diversify its business opportunities.”
IGT Chief Operating Officer Steve Morro said the company is delighted to have reached the purchase agreement with Cyberview. “This purchase agreement, along with the patent license, will strengthen our core business and provide access to the fixed- odds betting market in the UK,” Morro said in the statement.
Paltronics Gets Missouri Gaming Supplier LicensePaltronics Inc., a manufacturer of casino gaming system solutions and display technology, has been granted its gaming supplier license in the state of Missouri.
This latest license in the Midwest further highlights Paltronics’ momentum and growing market share as it installs its One Link system product line at gaming properties throughout the region, according to company press materials. Paltronics has added more than 25 new One Link centralized systems linking more than 25,000 slot machines and an average of 200 displays per installation. In the Midwest alone, One Link Media now powers almost 10 new systems, and One Link Slot links an additional 5,000 plus games in locations including Casino Queen, Lumiere Place, Four Winds Casino, Catfish Bend Casino, MGM Grand Detroit, Blue Chip, and French Lick.
In the past month, Paltronics kicked off its installation of both One Link Media and One Link Slot at the new Horseshoe Hammond scheduled to be completed this year.
“We believe that the Missouri casinos exemplify the traditional 'locals market' whose customer are looking for new and exciting entertainment experiences,” said Angelo Palmisano, chief executive officer of Paltronics Inc. “Our Missouri license will allow Paltronics to offer our customers Random Rewards, our bonusing system that allows the operator to tailor customized programs that can address the entire operation while targeting marketing programs directed toward their loyalty programs.”
GLI Celebrates 20-Year Anniversary of Testing Contract With South DakotaTwenty years ago, when South Dakota was became the first state in the union to have a video lottery system, the state’s Lottery Commission turned to a new company for start-up consultation and video terminal/system testing and certification.
Soon after, the South Dakota Commission on Gaming was created to regulate casinos, and contracted with the same company for slot machine testing.
Gaming Laboratories International and the South Dakota Commission on Gaming recently celebrated their relationship by renewing their exclusive contract.
GLI exclusively tests a wide variety of electronic gaming equipment for the state, including slots, peripherals and, of course, VLTs.
GLI President James Maida said the company has enjoyed a wonderful relationship with the state of South Dakota for two decades. “They were our first champions, and we owe them a tremendous debt of gratitude for believing in our company and sharing our vision of how gaming could flourish under the protection of independent testing,” Maida said.
Larry Eliason, executive secretary for the South Dakota Commission on Gaming, said GLI has proven an invaluable part of our accomplishments in South Dakota from the beginning. “When we were first beginning, we needed to ensure our residents, and ourselves, that gaming could be conducted honestly and successfully, while protecting competition and public policy, and our relationship with GLI was and is key to achieving those goals,” Eliason said.