LAS VEGAS, Oct. 3, 2011 (GLOBE NEWSWIRE) -- Galaxy Gaming, Inc. (OTCBB:GLXZ), announced today that it has acquired the casino table game assets and intellectual property portfolio of Prime Table Games LLC and Prime Table Games UK. Included in the $23,000,000 acquisition are over 20 different table games, including 21+3, Two-way Hold'em and Three Card Poker which are currently played on approximately 500 tables in 200 casinos in the United States, the United Kingdom and in the Caribbean. (Three Card Poker rights are limited to the British Isles.) The intellectual property portfolio includes 36 patents, 11 patents pending, 96 worldwide trademark and design registrations and 47 domain name registrations. Besides land-based casino table games, the acquisition, which is subject to customary regulatory approvals, includes video slot and internet gaming intellectual property. This transaction comprises the second largest acquisition in the table game industry after Mikohn Gaming's acquisition of Progressive Gaming in 1998 for $35 million.
"In the gaming industry, 'content is king' and I have long considered Derek Webb of Prime Table Games to be the premier designer of casino table games," commented Robert Saucier, Galaxy Gaming's Chief Executive Officer. "To combine his extensive game collection with ours, provides us with a truly comprehensive portfolio and a critical leading edge in our quest to be a major supplier of table games and table game technology to casinos worldwide."
As a result of the transaction, Galaxy Gaming's recurring revenue will nearly double beginning with the fourth quarter of 2011. The transaction also positions the Company as the number one provider of table games in the United Kingdom and further expands its presence in the Caribbean. "Our strategic focus is on building recurring revenues," declared Mr. Saucier. "This acquisition is 100% accretive and is exactly on target with that mission."
Derek Webb stated, "As a shareholder of Galaxy Gaming, I have witnessed their commitment to increasing their distribution network and developing of cutting edge technology associated with table games. I believe that more than any other company, they will be able to fully leverage these assets to their fullest extent."
Galaxy will be exhibiting several of these games and other products at the upcoming Global Gaming Expo (G2E) to be held October 3-5 at the Sands Expo Convention Center in Las Vegas (Booth #1617). "Coming on the heels of our announced acquisition of table games from Lakes Entertainment last week, this acquisition further adds to the excitement going into the world's largest gaming exposition," added Mr. Saucier. "After we catch our breath from exhibiting at G2E, we expect to schedule an investor conference call to provide our supporters with additional details and color on these recent events as well as recap our results from G2E."
About Galaxy Gaming
Headquartered in Las Vegas, Galaxy Gaming (www.galaxygaming.com) is the world's second largest developer, manufacturer and distributor of casino table games including Lucky Ladies, Texas Shootout, Emperor's Challenge, Deuces Wild and Triple Attack Blackjack. In addition, it develops innovative and enhanced electronic wagering platforms and systems such as its Bonus Jackpot System, its Inter-Casino Jackpot System and the TableMAX e-Table Gaming System. Galaxy Gaming distributes its products to casinos worldwide.
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