| Progressive Gaming International Files Registration Statement for Proposed Issuance of Common Stock |
Progressive Gaming International Corporation (Nasdaq:PGIC) (the Company) announced today that it has filed a registration statement on Form S-3 with the U.S. Securities and Exchange Commission for the proposed issuance of common stock. The shares in the offering are being offered by the Company and certain selling stockholders. The Company expects to use the proceeds from this potential offering, in conjunction with the potential strategic investment by International Game Technology (NYSE:IGT), to retire all of its remaining high yield debt, and for general working capital, general corporate purposes and strategic acquisitions which are intended to be accretive.
CIBC World Markets Corp. was selected by the Company's Board of Directors and management to act as lead underwriter and sole book-running manager for the proposed offering, with Think Equity Partners and Merriman Curhan Ford & Co selected as co-managers. A preliminary prospectus for the offering, when available, may be obtained from the offices of CIBC World Markets Corp., Attn: Prospectus Department 425 Lexington Avenue, 5th Floor, New York, N.Y. 10017, by fax at (212) 667-6303 or by email at useprospectus@us.cibc.com.
A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any State in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such State.
About Progressive Gaming International
Progressive Gaming International is a leading supplier of Integrated Casino Management Systems Software and Games for the gaming industry worldwide. The Company develops and distributes an expanding array of slot and table games, plus management and progressive jackpot software systems.
Source: Business Wire
Wednesday, 31 August 2005
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