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EXHIBIT 99.1
FOR IMMEDIATE RELEASE
Monday, October 16, 2000
INNOVATIVE GAMING ANNOUNCES
THE INITIAL CLOSING OF THE MERGER WITH XERTAIN INC.
Reno, Nevada, October 13, 2000 -- Innovative Gaming Corporation of America
(NASDAQ-NM:IGCA-news) today announced that it has completed the initial closing
of the merger with Xertain Inc. The general terms of the initial closing
include the issuance and a mutual purchase of 14.9% of the respective
companies' common stock, the termination of the merger of the Company with
nMortgage, and the termination of the sale of the Company's gaming
manufacturing assets to Xertain, Inc. The final closing of the merger is
anticipated to occur in early 2001 subject to shareholder, regulatory and
various governmental agencies approval.
Roland Thomas CEO and Chairman of IGCA provided the following comments: "I am
very pleased with the progress of the merger process and that this initial and
important step has been accomplished in such a short period of time. The
Company's present products are experiencing excellent earnings and therefore
salability in the markets they are presently offered, and we are currently
expanding their presence and entering into further jurisdictions. The upcoming
Gaming Expo next week will provide a venue for access to most of our present
and potential customers and we will be there in force to feature our present
and future product lines and demonstrate the adaptability of our software
systems to accomplish our customer's requirements. The Company, through our
recent restructuring efforts, has entered into a new process of execution that
has been exhibited in the past few weeks through the accomplishment of these
processes, as well as in other strategic areas of the company.
Xertain is a private Delaware corporation headquartered in Las Vegas, Nevada,
with its primary business predicated on gaming related technologies, gaming
facility development and international high technology manufacturing. To
request further information; contact the company via email at [email protected].
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, the Company's liquidity, the timing of regulatory
approvals, 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, 1999. 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 by any sales 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.
SOURCE: Innovative Gaming Corporation of America
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