Key Developments For Gametech International Inc
Gametech International Inc (GMTC.O) (Consolidated Issue listed on NASDAQ Global Market)
Jury Renders Verdict In Favor Of GameTech International, Inc. In Lawsuit Against Trend Gaming Systems, LLC
GameTech International, Inc. announced that on November 12, 2009, a jury rendered a verdict in favor of GameTech International, Inc. and against Trend Gaming Systems, LLC, in a case tried before the United States District Court for the District of Arizona. The jury awarded GameTech $38,697 and $782,641 on its two claims against Trend. The Ninth Circuit Court of Appeals had previously ruled that GameTech is entitled to pre-judgment interest on the later figure, which represents funds that Trend had improperly withheld from GameTech in August and September of 2002. The final award of damages, however, is subject to court approval and entry of a judgment. GameTech also plans to petition the court for an award of legal fees and costs. The lawsuit, first filed by GameTech in March of 2001, concerned an agreement between GameTech and Trend for the distribution of GameTech's products in the state of Texas. GameTech initially sought a declaratory judgment that it was not in breach of its agreement with Trend, and later sought damages on claims that Trend had breached the distribution agreement and wrongfully withheld funds that were owed to GameTech. Trend asserted counterclaims against GameTech, alleging that GameTech had breached its contractual obligations and wrongfully terminated the distribution agreement.
GameTech International, Inc. And Lancaster Bingo Company Enter Into Distribution Partnership For Kentucky Market
GameTech International, Inc. announced that it has entered into a distributor agreement with Lancaster Bingo Company. With this agreement, Lancaster Bingo Company will market, sell and support GameTech products to bingo operators specifically in the Kentucky market.
GameTech International, Inc. Receives Nevada Gaming Commission License Approval
GameTech International, Inc. announced that the Nevada Gaming Commission unanimously and unconditionally awarded the Company with licenses for the manufacture and distribution of gaming devices within the State of Nevada. In addition the Company also secured unconditional licenses for the operation of Mobile Gaming Systems and operation of Interlinked Casino Systems within the State of Nevada.
GameTech International, Inc. Announces Extension Of Stock Buy Back
GameTech International, Inc. announced that its Board of Directors has authorized an extension until December 31, 2008 of the stock repurchase program. The stock repurchase program originally allowed for the repurchase of up to $5.0 million of the Company's common stock over a one year period and the extension will retain that original cumulative dollar limitation. Pursuant to the Company's previously announced stock repurchase plan, the Company has repurchased to date a total of 576,185 shares at a combined cost of approximately $3.6 million. This repurchase amount represents 4.6% of the fully diluted shares outstanding as of July 31, 2008.
GameTech International, Inc. Announces Debt Refinance And Purchase Of New Headquarters
GameTech International, Inc. announced that it has entered in to a $40 million syndicated credit facility with U.S. Bank N. A., as agent and participating lender, and Bank of the West, as the other participating lender. The credit facility is being used by GameTech to refinance existing corporate debt, purchase an existing 100,000 square foot facility in southwest Reno, Nevada, to construct additional improvements to the facility to enable it for use as GameTech's new Corporate Headquarters, and provide a credit line that may be used for general corporate purposes.
