Key Developments: Entertainment Gaming Asia Inc (EGT.PH)
1.86USD
3 Oct 2012
$0.07 (+3.50%)
$1.86
--
$2.10
$1.94
21,858
37,163
$5.00
$0.88
Latest Key Developments (Source: Significant Developments)
Entertainment Gaming Asia Inc To Sell Non-Gaming Manufacturing Operations In Australia
Entertainment Gaming Asia Inc announced that it plans to sell non-gaming manufacturing operations of wholly owned Dolphin Products subsidiary in Melbourne, Australia in a management-led buyout and relocate manufacturing operations for gaming chips and plaques to a high-tech and high-security facility in Hong Kong. These actions enable the Company to exit a non-core, legacy business and are expected to enhance the profitability of higher potential gaming chips and plaques division and better penetrate and service the growing Asian gaming markets. Dolphin Australia presently manufactures and sells a comprehensive suite of RFID and traditional gaming chips and plaques with security features as well as plastic components primarily for the automotive industry. Full Article
Entertainment Gaming Asia Inc. Announces Agreement to Increase Its Revenue Sharing Interest in Promising Slot Venue
Entertainment Gaming Asia Inc. announced that it entered into an agreement (the "Agreement") to increase its revenue sharing rights in San Pedro VIP Club, one of the Company`s best performing venues in its Philippine gaming participation operations. This Agreement, which furthers the Company`s strategy to improve returns and focus its assets on the highest-potential venues in the market, increases its revenue share of this venue`s net win to 35% and its control over the promotion and marketing strategies. Full Article
Entertainment Gaming Asia Inc. Announces Update On Civil Action Complaint
Entertainment Gaming Asia Inc. announced an update on a civil action complaint filed against the Company and certain of its current and former directors and officers on March 26, 2010 (as subsequently amended on May 28, 2010) by certain shareholders of the Company including Prime Mover Capital Partners L.P., Strata Fund L.P., Strata Fund Q.P. L.P., and Strata Offshore Fund, Ltd (collectively, the “Plaintiffs”) in the United States District Court for the Southern District of New York (the “Complaint”). The Complaint concerns various allegations of federal and state securities violations, breaches of fiduciary duty, negligent misrepresentation, and breaches of contract. The most current summary of the Complaint can be found in the Company's 2011 First Quarter Form 10-Q. On June 22, 2011, the district court in the Complaint ruled on the motions to dismiss filed by the Company and certain of its current and former officers and directors. The district court dismissed all of Prime Mover's claims and dismissed all of Strata's claims except for two breach-of-contract counts against the Company. All claims against the current and former officers and directors were dismissed. It is not known at this time whether or when the Plaintiffs may seek leave to amend their dismissed claims. The Company intends to continue to defend vigorously against the Complaint. Full Article
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