LAS VEGAS, April 22, 2003 (PRIMEZONE) -- Innovative Gaming Corporation of America, (OTCBB:IGCA), a developer and manufacturer of fast playing, highly interactive gaming machines, today announced that the Company's Chairman, Tom Foley has also accepted the position of Chief Executive Officer. Tom replaces Wayne Mills, who stepped in as interim CEO in December, 2002.
Mr. Mills stated: "It was my intention to spend only the time necessary to evaluate the best course for the Company on behalf of the shareholders, restructure as necessary and reposition the Company to take full advantage of its intellectual property portfolio. I am very pleased with the dramatic reduction in debt and preparations implemented. Speaking as the Company's largest stockholder, I can say that I am more optimistic about my investment than I have been in a very long time."
Tom Foley stated: "I assume this role after seeing the tremendous progress over the past four months. I am encouraged and enthusiastic about the Company's future as we continue to further refine our plan that will allow this company to succeed from solid results. The Company continues on an aggressive plan to shed non-core assets and build value through strategic efforts and affiliations."
Mr. Foley has served as the Company's Chairman since 2001 and has been found suitable for a gaming license by the Nevada Gaming Commission. He was also the former Vice Chairman of the National Indian Gaming Commission.
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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