LAS VEGAS, Mar. 4, 2003 (PRIMEZONE) -- Innovative Gaming Corporation of America (OTCBB:IGCA), a developer and manufacturer of fast playing, highly interactive gaming machines, today announced that it has entered into a definitive agreement with GET USA, Inc. ("GET"), with offices in Sydney, Las Vegas and London, to license the IGCA's Linux-based operating system in exchange for the settlement of $475,000 in development expenses and hard costs owed to GET as part of the proposed merger agreement with GET that was terminated in August 2002.
Wayne Mills, interim CEO of IGCA stated, "My mission since taking over as CEO has been very clear. Streamline the company's operations, significantly reduce operating overhead and work with our creditors and investors to improve our balance sheet. This agreement with GET is just one of the steps we have taken. We have also:
-- Negotiated substantial discounts on an additional $200,000+
in payables.
-- Consolidated two facilities into one.
-- Reduced overhead by eliminating over 25 positions at the Company.
Mills added, "The progress at the company has exceeded my expectations. Thanks to the commitment and extra efforts from our current employees, especially Loren Piel, our Executive Vice President and General Counsel, and John VanHoove and Jack Deremer, our sales team, we have reduced expenses while meeting our internal sales goals. We have a lot more work to do but I am becoming an optimistic shareholder again."
About Innovative Gaming
Innovative Gaming Corporation of America, through its wholly owned operating subsidiary, Innovative Gaming, Inc., develops, manufactures and distributes fast playing, highly interactive gaming machines. The company distributes its products both directly to the gaming market and through licensed distributors. For more information, visit www.igca.com or call 702-614-7199.
Forward Looking Statements
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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