International Game Technology Announces Consummation of the Acquisition of Acres Gaming
October 27 2003 - 7:44PM
PR Newswire (US)
International Game Technology Announces Consummation of the
Acquisition of Acres Gaming RENO, Nev., Oct. 27
/PRNewswire-FirstCall/ -- International Game Technology and Acres
Gaming jointly announced today the filing of Articles of Merger
with the Nevada Secretary of State to consummate the previously
announced planned merger, pursuant to which Acres became a
wholly-owned subsidiary of IGT in a cash-for-stock merger. Pursuant
to the merger, stockholders of Acres will receive cash in an amount
equal to $11.50 per share of common stock. Acres Gaming stock
ceased to trade on the NASDAQ effective as of the close of trading
on Monday, October 27, 2003. Stock certificates of Acres now
represent only the right to receive $11.50 per share in cash. IGT's
paying agent, The Bank of New York, will distribute a Letter of
Transmittal to the stockholders of Acres with instructions on how
stockholders may receive their merger consideration. Questions
regarding how to surrender stock certificate(s), or to request
additional copies of the Letter of Transmittal, should be addressed
to The Bank of New York at (800) 507-9357. Acres is a software
development company serving the worldwide gaming industry. Acres
provides bonusing and cashless gaming products as well as a full
suite of integrated casino management systems via its Acres
Bonusing(TM), Acres Cashless, and Acres Advantage(TM) product
lines. Acres' patented technology enables casino operators to
increase patron loyalty by differentiating their properties in an
increasingly competitive environment. Acres' products provide the
tools that increase player enjoyment and satisfaction while
improving operational efficiency and property profitability.
Detailed descriptions of the promotions made available by Acres
Bonusing as well as other products offered by Acres, are available
at the company's Web site, http://www.acresgaming.com/ . Acres was
founded in 1992 and has offices in Las Vegas, Nevada and Corvallis,
Oregon. IGT ( http://www.igt.com/ ) is a world leader in the
design, development and manufacture of microprocessor-based gaming
and lottery products and software systems in all jurisdictions
where gaming and lotteries are legal. Statements in this release
which are not historical facts are "forward looking" statements
under the Private Securities Litigation Reform Act of 1995.
Although IGT believes that the expectations reflected in any of its
forward-looking statements are reasonable, actual results could
differ materially from those projected or assumed. IGT's future
financial condition and results of operations, as well as any
forward-looking statements, are subject to change and to inherent
known and unknown risks and uncertainties. IGT does not intend, and
undertakes no obligation, to update forward-looking statements to
reflect future events or circumstances. Information on risks and
factors that could affect IGT's business and financial results are
included in our public filings made with the Securities and
Exchange Commission. DATASOURCE: International Game Technology
CONTACT: Ed Rogich, IGT - VP Marketing, +1-702-896-8690, or Rich
Baldwin, IGT Investor Relations, +1-775-448-0110 Web site:
http://www.igt.com/
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