LAS VEGAS, Oct. 7 /PRNewswire-FirstCall/ -- International Game
Technology's (NYSE: IGT) wholly owned subsidiary, IGT, and Las Vegas
Gaming, Inc. announced today that they have entered into substantive
business and investment agreements.
The parties have entered into agreements to create a business
relationship going forward. LVGI has agreed to create applications for
IGT's server-based gaming systems, and IGT has agreed to assist LVGI in
those efforts. IGT has also agreed to make an investment in Las Vegas
Gaming, Inc. (LVGI) of $11.5 million.
Las Vegas Gaming has committed to roll out all future software
applications on IGT's server-based software delivery vehicles -- sb(TM)
NexGen(R) and sb(TM) Service Window(R) -- prior to or in conjunction with
the launch of those applications on LVGI's award-winning PlayerVision(R)
software delivery system. Through this process, LVGI can become a certified
sb(TM) software developer and will commit a great deal of its efforts to
creating innovative applications for the IGT platforms.
Las Vegas Gaming President and Chief Executive Officer Jon Berkley
commented, "We look forward to working with IGT to create innovative
software solutions that dramatically enhance the player experience.
Combined, we will offer the gaming operator a path to move forward with
software applications that can either be delivered with the robustness of
the IGT sb(TM) network or by retrofitting existing machines through
PlayerVision(R). This combination will drive more rapid adoption of these
ground-breaking technologies."
Rich Schneider, IGT's Senior Vice President of Network Systems, added,
"We are delighted to have reached this win-win agreement with Las Vegas
Gaming. This alliance demonstrates our continued commitment to the
advancement of IGT's server-based initiative. LVGI has proven to be one of
the first-to-market innovators in software on the gaming floor. Working
with them to achieve the promise of the networked gaming floor of the
future will prove to be a great arrangement for both companies, but first
and foremost this arrangement will act as a catalyst for growth within the
gaming industry through more compelling technologies for the player."
IGT and LVGI also announced that they have settled their lawsuit by
dismissing all claims.
International Game Technology (http://www.IGT.com) is a global company
specializing in the design, development, manufacturing, distribution, and
sales of computerized gaming machines and network systems products.
LVGI is a gaming industry innovator in gaming software application
development, content and delivery. LVGI's patent-pending PlayerVision(R)
technology is a platform for delivering software applications to existing
gaming devices. LVGI is also the licensed operator of the Super Bonanza
Bingo(R) progressive and The Million Dollar Ticket(R) games, as well as the
highly acclaimed linked and progressive keno game, Nevada Numbers(R).
Statements in this release that are not historical facts are "forward
looking" statements under the Private Securities Litigation Reform Act of
1995. Although IGT and LVGI believe that the expectations reflected in any
of its forward-looking statements are reasonable, actual results could
differ materially from those projected or assumed. Such forward-looking
statements are subject to change and to inherent known and unknown risks
and uncertainties. IGT and LVGI do not intend, and undertake no obligation,
to update forward-looking statements to reflect future events or
circumstances.
Information on risks and factors that could affect IGT's and LVGI's
business and financial results are included in their public filings made
with the Securities and Exchange Commission.
SOURCE International Game Technology
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Related links:
http://www.IGT.com
http://www.lvgi.com
CONTACT:
Patrick Cavanaugh, VP, Investor Relations of
International Game Technology, 1-866-296-4232; or Mallory Hank of
Las Vegas Gaming, Inc., +1-702-871-7111
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