LAS VEGAS, Dec. 24, 2002 (PRIMEZONE) -- Innovative Gaming Corporation of America (OTCBB:IGCA) today announced that Laus M. Abdo has resigned as Chief Executive Officer, President, Chief Financial Officer and Treasurer. Mr. Abdo has also resigned from the Company's Board of Directors. The Board has appointed Wayne W. Mills, Innovative's largest investor to replace Abdo as President and Chief Executive Officer of the Company and its wholly owned subsidiary, Innovative Gaming, Inc. Mr. Mills was also elected to the Board of Directors.
Tom Foley, Chairman of IGCA stated, "The Company has failed to meet the expectations of the Board of Directors. Time lines for increased revenues, as well as completion of significant engineering projects have remained unmet. Over the past several weeks, the Board has had discussions with Mr. Mills regarding a reevaluation of the Company's business plan and the potential for restructuring the Company."
Mills said, "I have been an investor in IGCA since its initial private placement in December of 1992 and was instrumental in taking the company public in May of 1993. Since that time the Company has had six CEO's with numerous business plans and spent well over $55 million. I have invested over $5 million and will personally oversee a shift in direction, possibly out of the gaming sector. It is clearly time to change the direction of this company."
"The major shareholders believe that it is time to consider exiting the gaming industry in favor of other business opportunities. Doing so may also provide the Company an opportunity to protect and enhance the position of our shareholders and creditors," stated Tom Foley.
Innovative Gaming Corporation of America, through its wholly owned operating subsidiary, Innovative Gaming, Inc., develops, manufactures and distributes fast playing, high-entertainment gaming machines. The Company distributes its products both directly to the gaming market and through licensed distributors.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Except for historical information, the forward looking matters discussed in this news release are subject to certain risks and uncertainties, including but not limited to issuance of additional convertible notes, the Company's liquidity and need to raise additional capital, as well as other risks indicated from time to time in the Company's filings with the Securities and Exchange Commission, such as the Company's Form 10K for the fiscal year ended December 31, 2001. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.
A registration statement relating to certain securities of the Company has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may or 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.
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