Multimedia Games Completes Acquisition of PokerTek
October 01 2014 - 3:01PM
Business Wire
Multimedia Games Holding Company, Inc. (NASDAQ: MGAM)
(“Multimedia Games” or the “Company”) announced today that it
completed the previously announced acquisition of PokerTek, Inc.
(NASDAQ: PTEK) (“PokerTek”), a developer and distributor of
electronic table games (“eTables”), for total consideration of
approximately $13.5 million.
“We are pleased to complete the acquisition of PokerTek, thereby
adding eTables to our product portfolio,” said Patrick Ramsey,
Chief Executive Officer of Multimedia Games. “With eTables
representing a growing component of the gaming floor mix, this
transaction represents an attractive entry point to further
diversify our product, revenue and geographic base.”
About Multimedia Games Holding Company, Inc.
Through its wholly owned subsidiary, Multimedia Games, Inc.,
Multimedia Games Holding Company, Inc. (“Multimedia Games”)
develops and distributes gaming technology. The company is a
creator and supplier of comprehensive systems, content and
electronic gaming units for Native American and commercial casinos.
Revenue is derived from gaming units in operation on
revenue-sharing arrangements as well as from the sale of gaming
units and systems that feature proprietary game content and game
themes licensed from others. Multimedia Games also supplies the
central determinant system for the video lottery terminals (“VLTs”)
installed at racetracks in the State of New York. The company is
focused on pursuing market expansion and new product development
for commercial and tribal casinos and VLT markets. Please visit
www.multimediagames.com, twitter.com/MultimediaGames or
facebook.com/MultimediaGames, where Multimedia Games discloses
important information about the company, its sales, and its
business.
Cautionary Language
This press release contains forward-looking statements based on
Multimedia Games' current expectations and projections, which are
intended to qualify for the safe harbor from liability established
by the Private Securities Litigation Reform Act of 1995. The words
“believe”, “expect”, “continue”, “intend”, “plan”, “seek”,
“estimate", “project”, “may”, “should”, or the negative or other
variations thereof or comparable terminology as they relate to
Multimedia Games and our products, plans, and markets are intended
to identify such forward-looking statements. These forward-looking
statements include, but are not limited to, expectations regarding
our future installed base and win per day; expectations regarding
our financial performance and financial flexibility; expectations
regarding the effect of the acquisition of PokerTek on our
performance; expectations regarding customers’ preferences and
demands for future gaming offerings; expectations regarding our
product portfolio; expectations regarding shareholder value;
expectations regarding market entry and expansion; expectations
regarding tax rates; expectations regarding the share repurchase
program; management’s plans and objectives for future operations;
expectations regarding future investments; expenditures and product
development; business prospects; anticipated sales performance;
industry trends; market conditions; and other statements that are
not historical facts. All forward-looking statements are based on
current expectations and projections of future events.
These forward-looking statements reflect the current views,
models, and assumptions of Multimedia Games, and are subject to
various risks and uncertainties that cannot be predicted or
qualified and could cause actual results of Multimedia Games’
performance to differ materially from those expressed or implied by
such forward looking statements. These risks and uncertainties
include, but are not limited to, the ability of Multimedia Games to
increase our future installed base and win per day; improve our
financial performance and financial flexibility; successfully
integrate PokerTek into our existing business; successfully
implement our product portfolio; increase shareholder value;
successfully enter new markets and expand in current markets; grow
our revenue, gaming operations or game sales businesses; garner new
market share; secure new licenses and game approvals in new and
current jurisdictions; successfully develop or place proprietary
product such as premium games and the TournEvent slot tournament
system; comply with regulations; or have our games met with
approval by customers or players. Please refer to our most recent
annual report on Form 10-K for our fiscal year ended September 30,
2013, and subsequent filings with the Securities and Exchange
Commission for a further discussion of risks and uncertainties. All
forward-looking statements made herein are qualified by these
cautionary statements and there can be no assurance that the actual
results, events or developments referenced herein will occur or be
realized. Readers are cautioned that all forward-looking statements
speak only to the facts and circumstances present as of the date of
this press release. Multimedia Games expressly disclaims any
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or
otherwise.
Multimedia Games Holding Company, Inc.Adam Chibib,
512-334-7500Chief Financial OfficerorJCIRRichard Land / James
Leahy212-835-8500mgam@jcir.com
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